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Federal White Collar Crime

January 16, 2009

White-Collar Fraud Expected to Increase as Recessionary Economy Continues

An economic recession necessitates many changes in the home, in the marketplace, and in Government. For corporate executives, however, the profitability targets of their respective corporations do not change. According to a recent article in Business Week, recessionary times create incentives for corporate execs to cheat, or commit fraud in order to create the perception that they are continuing to meet corporate goals for their shareholders; not meeting revenue and earning targets would likely result in the firing of the executive. The article cites to data from the National White Collar...

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Posted in: Federal White Collar Crime

September 11, 2008

Corruption Trial for Pennsylvania State Senator Begins This Week

Pennsylvania State Senator Vincent Fumo, a member of the Pennsylvania Senate since 1978, will stand trial starting this week on corruption charges. Fumo was indicted nearly a year and a half ago on 139-counts of corruption and related offenses, including but not limited to conspiring to defraud the Senate, conspiring to defraud a South Philadelphia non-profit organization, conspiring to defraud Philadelphia’s Independence Seaport Museum, obstruction of justice, and tax violations. The U.S. Attorney’s office alleges that the fraudulent activities for which Fumo is accused totaled $3.5...

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Posted in: Federal White Collar Crime

September 4, 2008

Prosecutors Given New Guidelines for Investigating White Collar Crime

On the same day that the United States Court of Appeals upheld the dismissal charges against 13 former KPMG executives due to a finding that their constitutional rights had been violated, the United States Justice Department announced new guidelines for the prosecution of white collar crime. In the KPMG case, federal prosecutors would not allow KPMG to pay the legal fees of its executives. This was just one of the many tactics used in the past by federal prosecutors to compel cooperation from corporations and its individuals. The department faced criticism from corporations, attorney...

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Posted in: Federal White Collar Crime, Money Laundering and Racketeering (RICO)

July 17, 2008

Philadelphia and New York City Defrauded of Thousands of Dollars

Richard Gottfried, an ex-convict, concealed his criminal past in order to obtain employment as a court-appointed sentencing consultant in both Philadelphia and New York City. He advertised himself as a mitigation specialist, offering his services to criminal defense lawyers, promising to help gather information that would benefit defendants at sentencing hearings. In doing so, he was able to cheat the Philadelphia Court system out of nearly $400,000 and New York City Courts out of $60,000. Gottfried admitted to the Philadelphia scheme, but pled not guilty in New York, to charges of grand...

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Posted in: Federal White Collar Crime

July 9, 2008

Mortgage Fraud Increase Leads to FBI Crackdown

The late 1990’s saw the beginning of a housing boom, brought on by Federal programs which made buying a home easier through government-sponsored loan programs; such as Fannie Mae and Freddie Mac. This led to a sharp appreciation in housing values throughout the country; however it also led to a growing rate of mortgage fraud. Mortgage fraud continues to top the list of white-collar crimes throughout the country, and is considered a major factor in the bursting real-estate bubble we see today. Even now that the...

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