fraud

ZeekRewards: A $600 Million Ponzi Scheme Born in a N.C. Town

The SEC says Paul Burks ran a $600 million Ponzi scheme -- one of the biggest in U.S. history -- that attracted 1 million investors, including nearly 50,000 in North Carolina.

Is That Charity Street Canvasser Legit?

Most people wouldn't give their wallet to a stranger, but many people give charity street canvassers their personal and financial information. And that's not always wise.

Tax Cheat Whistleblowers Get Their Rewards Trimmed

The IRS still wants your help catching tax cheats, and they're still willing to pay for it. But thanks to the sequester, being a whistleblower won't be quite as rewarding.

Free Puppies and Other Scams That Tug at Your Heartstrings

Con artists and scammers know no limits when it comes to using our big hearts against us. Here are some of the most appalling scams, schemes, and ploys being used today, and tips on how avoid becoming a victim.

4 Things Identity Thieves Don't Want You To Know

More than 11.6 million people in the U.S. reported having their identity stolen in 2011, 13 percent more than in 2010, and those numbers are likely to rise further. But you can avoid being a victim: Here are four things identity thieves don't want you to know.

S&P Expects U.S. Lawsuit Over Its Mortgage Ratings

The U.S. government is expected to file civil charges against Standard & Poor's Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis.

Forget the Taxman: You're Working to Pay Your Doctor

Recently, Forbes contributor Chris Conover took an interesting angle on the issue of health care in America by calculating the health care costs of the average worker. According to his figures, they add up to $8,953 per year -- the equivalent of 58 days of work.

New York Woman Charged with Lying to FBI About Newtown Scheme

A New York City woman who used her Facebook page to dupe donors into contributing to a "funeral fund" for one of the children killed in the Sandy Hook Elementary School massacre was charged with lying to the FBI, court documents showed.

A Look at Back at Bank Scandals Since the Financial Crisis

Even before the LIBOR scandal hit, the financial industry's image was already badly tarnished by its leading role in causing the global financial crisis and recession. Here's a look at some of the low points for banking and bankers since the start of the financial crisis.

12 Holiday Cyber Scams to Watch Out For

As more consumers pick up their smartphones and tablets to go holiday shopping, cyber crooks are trying just about everything to dupe them out of their hard-earned money. To keep you protected, we asked an online security expert to list the season's hottest scams and how to avoid them.

Insider Trading at Playboy: The Case Against Christie Hefner's Husband Revealed

Christie Hefner, daughter of Hugh Hefner, was in control of Playboy Enterprises for two decades as its CEO. What she wasn't in control of was her husband, William Marovitz, who was secretly trading Playboy stock based on inside information. A new report by Bloomberg reveals the details of his transgressions for the first time.

Entrepreneur of the Year Allegedly Stole $40 Million From Investors

A Miami businessman whom Ernst & Young once named "Entrepreneur of the Year" has been accused of swindling $40 million from investors, including some NBA stars, to support a lavish lifestyle. Venezuelan-born Claudio Osorio, 54, was arrested Friday and charged with 23 counts of fraud and money laundering .

Travelers Study Reveals Offline Methods Are Top Causes for Identity Fraud Claims

MoneyGram Agrees to Pay $100 Million to Settle Scam Charges

MoneyGram said Friday that it has agreed to set up a $100 million compensation fund as part of a settlement of government allegations of fraud through money-transfer scams from 2003 to 2009.

Paul Ceglia Arrested: Accused of Trying to Cheat Zuckerberg, Facebook

A businessman who claimed in a lawsuit that Facebook founder Mark Zuckerberg had promised him half ownership in the then-fledgling company when he was still at Harvard was arrested Friday on fraud charges.

JPMorgan Hit With Fraud Lawsuit Over Bear Stearns Securities

The New York attorney general's office has hit JPMorgan Chase & Co. with a civil lawsuit, alleging that investment bank Bear Stearns -- prior to its collapse and subsequent sale to JPMorgan in 2008 -- perpetrated massive fraud in deals involving billions in residential mortgage-backed securities.

Six-Figure Scams Targeting Seniors On the Rise

Older Americans are under more financial pressure than ever. Unfortunately, scam artists are taking advantage of the sometimes desperate needs of seniors to boost their income, and victims have lost huge portions of their life savings as a result.

Robo-Signing Is Back: Credit Card Bank Suits Rely on Flawed Docs

Robo-signing isn't just for mortgages anymore. Credit card banks suing their customers for what they're allegedly owed are showing up to most court hearings with flawed and improper documents, incomplete records, and cookie-cutter testimony.

Wall Street Professionals Admit: Yes, Lots of Us Are Corrupt

Is Wall Street playing fast and loose with the rules? Responses vary depending on whom you ask. But ask the folks who work in the financial services industry and you'll get a surprisingly clear answer: "Yes."

8 Signs Your Identity Has Been Compromised

While frequent data breaches may have desensitized some consumers to identity theft, it's still important to pay attention to early warning signs your info is being used illegally.

Avoiding Job Scams: How Not to Fall Victim to the Con Artists

Scams are appallingly common online these days, and among the more despicable ploys are those that aim to take advantage of desperate job-seekers. Our friends at the Better Business Bureau have some advice on how not to get conned.

Chinese Businessman Makes Up a Fake U.S. Bank -- and 'Buys' It

In a China awash with fake iPhones, pirated DVDs and knockoff Louis Vuitton bags, rice trader Lin Chunping took fakery to a whole new level: He invented a U.S. bank and claimed he bought it.

How Offshoring Customer Service Puts Your Financial Data at Risk

Would you trust a stranger to keep your financial secrets? That's exactly what customers do every time they call a bank and talk with a customer service rep. But how much oversight can a bank really have when those reps are in another country?

Report: Suspect Billings at 2,600 Drugstores

A pharmacy in Kansas billed Medicare for more than 1,000 prescriptions each for two patients in a single year, part of a pattern of questionable billings at 2,600 drugstores nationwide uncovered by federal investigators in a report Thursday.

How Getting Robbed by Bernie Madoff Led Her to a Happier Life

Geneen Roth and her husband Matt were ripped off by Bernie Madoff -- victims of his now-notorious Ponzi scheme. Her first reactions when she found out were panic, terror, self-blame and rage. But her struggle to deal with the financial catastrophe led her to see another side of life.

5 U.S. Businesses That Ought to Be Ashamed of Themselves

In contrast to the many U.S. companies we should view with pride, some have behaved in ways that are downright evil. For their exploitative behaviors, these companies (and one whole industry) have earned their seats on the corporate netherworld's board of shame.