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.
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.
It may be hard to tell from reading the business pages of your local newspaper, but the F.B.I. assures us that crime fell last year.
Never mind that Conrad Black started his six-year prison sentence for fraud, an oil-services company was blamed for corrupting Senator Ted Stevens of Alaska, and Bernard Madoff said he fleeced investors of $50 billion with his Guinness-worthy Ponzi scheme.