White Collar Crime

Find the latest news on a full range of frauds committed by business professionals and government officials, including mortgage fraud, securities fraud and heath care fraud.

Sep 21, 2010

A former IBM executive was recently sentenced to six months in prison after pleading guilty to securities fraud and playing a role in what prosecutors called the largest hedge fund insider trading case in history, the Associated Press reports.

In addition to the prison sentence, 54-year-old Robert Moffat was ordered to pay a $50,000 fine by U.S. District Court Judge Deborah A. Batts.

Sep 2, 2010

A civil lawsuit has been filed by federal regulators against 15 former directors and officers of WesCorp, a wholesale credit union that failed after accumulating $6.9 billion in investment losses last year, the Wall Street Journal reports.

The lawsuit, filed recently in U.S. District Court in Los Angeles, claims the WesCorp officials acted negligently in investing too much of the credit union's assets in mortgage-backed securities. The complaint was filed by the institution's conservator, the National Credit Union Administration.