Canada’s system for fighting investment fraud is too fractured to work efficiently, concludes a sweeping report released Monday.
Creating a national agency to centralize reporting and enforcement of crimes — which range from Ponzi schemes to pump-and-dump stock scams — is among the recommendations of the 55-page report by the Foundation for the Advancement of Investor Rights (FAIR Canada).
Working through a long list of legal problems, JPMorgan Chase is starting the new year with another steep payout to the government.
The bank plans to reach as soon as this week roughly US$2 billion in criminal and civil settlements with federal authorities who suspect that it ignored signs of Bernard L. Madoff’s Ponzi scheme, according to people briefed on the case.
NEW YORK: Irwin Lipkin, one of Bernard Madoff's longest-serving employees, was sentenced to six months in prison on Wednesday for falsifying records that helped the imprisoned fraudster carry out his multibillion-dollar Ponzi scheme. The sentencing before U.S. District Judge Laura Taylor Swain in Manhattan marked the end of the criminal prosecutions stemming from the fraud, more than six years after Madoff's arrest sent shockwaves through Wall Street. Lipkin, 77, was the Madoff firm's controller from 1964 to 1998.
This decision may raise questions as to whether the Canadian justice system as a whole is equipped to deal with complex fraud cases of this nature and magnitude
The acquittal in January of three former Nortel Networks’ executives on fraud charges prompted questions inside the RCMP about the force’s ability to tackle future white-collar investigations.