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Tag: financial fraud

With Terrorism And Other Crimes, Chicago’s FBI Struggles to Find Resources to Combat Violent Crime in Chicago

Robert Holley

Steve Neavling
ticklethewire.com

As the FBI’s Chicago office continues to make terrorism a top priority, the bureau is facing pressure to help quell violence in Chicago, the Chicago Tribune reports.

But Robert Holley, the special agent in charge in Chicago, said his office lacks the staff to adequately combat violent crime. In addition to terrorism, his 850 agents, analysts and support staff,  also are tied up investigating cyberattacks, financial fraud, political corruption and bank robberies. About half of the 850 are actually agents.

Holley pointed out that budget problems mean a hiring freeze.

“We will go after the worst of the worst, and we will go after the gang leadership. That has to be our focus,” said the 18-year FBI veteran, who has met with Chicago police Superintendent Garry McCarthy and plans to speak with Mayor Rahm Emanuel next month. “(But) if I put more resources on violent crime, I’d have to take away from other things… I’m not prepared to accept that risk right now.”

 

Why Aren’t the Bankers in Trouble?

By Danny Fenster
ticklethewire.com

In the wake of the financial sector’s meltdown, many were on the hunt for the blood of bankers. But convictions for wrongdoing on Wall Street have been remarkably scarce in the aftermath of the industry’s collapse–no small part of why Occupy Wall Street protestors have gathered in lower Manhattan.

A Wall Street Journal blog explains why prosecutions in the financial sector have been so slow to surface. Federal agent’s “hopes slowly gave way to frustration over how to prove criminal intent,” the blog post notes, citing former deputy assistant director of the FBI David Cardona.

Much of the Justice Department’s criminal investigations “hinge on disclosure” Cardona told the Journal. “What does adequate disclosure mean? And those are really technical arguments that sometimes get lost with a jury.”

Many of the FBI’s criminal probes into financial wrongdoing have gone nowhere, according to the Journal, including probes into top financial firms like AIG, Goldman Sachs and Washington Mutual. After a jury acquitted Bear Stearns in 2009, US officials have been wary of trying crimes in which a jury may decide losses were due to bad judgement or the market rather than actual criminality.

“Thus, cases that turn on technical issues such as disclosure are being left for civil-enforcement actions.”

To read more click here.

 

Hedge Funder Employees Charged in FBI Sting; Agent Pretended to Represent Major Fund

By Danny Fenster
ticklethewire.com

Hard to believe there is corruption in the hedge fund industry, aye?

An FBI sting has resulted in charges against 11 people with ties to hedge fund companies, plus two “finders,”  the finance website FINalternatives.com.

An FBI agent posed as a representative of a major hedge fund, operating from an office in suburban Boston the bureau set up. The agent offered a $5 million investments to mircocap companies, publicly traded companies which tend to have more risk and volatility, in exchange for a 50 percent kickback.

The SEC suspended trading for the companies involved, which include Augrid Global Holdings, Comcan International, First Global Financial Corp., MicroHoldings US, Outfront Companies, Symbollon Pharmaceuticals and ZipGlobal Holdings.

To read more click here.

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Civic, Corporate Leader Arrested for Financial Fraud

By Danny Fenster
ticklethewire.com
 

A corporate leader and former member of the executive committee of the Oakland Metropolitan Chamber of Commerce’s board of directors was arrested by the FBI agents, the Berkeley Daily Planet reported on Tuesday.

Todd Hansen, former president of global advertising firm Posterscope and of Clear Channel Outdoors San Francisco division, has been charged with orchestrating a financial fraud  to enrich himself by inflating company earnings.

Hansen and a former colleague at Posterscope, “are accused of engaging in a five-year, $19.75 million accounting fraud scheme to make it appear that the Company was meeting certain performance targets when it was not, so that they could receive higher salary increases, bonuses, and stock options,” according to the FBI. Hansen boosted his income by $1.1 million a year for his five years at the company. He is also accused of mishandling company funds for personal purchases.

To read more click here.

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