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Conceptually, fraudulent trading is similar to a fraudulent conveyance, [2] but the key distinction is that an application to have a transaction set aside as a fraudulent conveyance usually requires to the third party beneficiary to disgorge the benefit of the conveyance to undo the loss to the company's assets, whereas a court order in ...
Theranos Inc. (/ ˈ θ ɛr. ə n. oʊ s /) was an American privately held corporation [5] that was touted as a breakthrough health technology company. Founded in 2003 by then 19-year-old Elizabeth Holmes, Theranos raised more than US$700 million from venture capitalists and private investors, resulting in a $9 billion valuation at its peak in 2013 and 2014.
After becoming a public company in August 2005, it was revealed that Phillip R. Bennett, the company's CEO and chairman, had concealed $430m of bad debts. Its underwriters were Credit Suisse First Boston, Goldman Sachs, and Bank of America Corp. The company entered Chapter 11 and Bennett was sentenced to 16 years in prison. Bear Stearns: United ...
Misappropriation of assets – often called defalcation or employee fraud – occurs when an employee steals a company's asset, whether those assets are of monetary or physical nature. Typically, assets stolen are cash, or cash equivalents, and company data or intellectual property. [5]
Authorities charged Fatburger owner Fat Brands and Chairman Andy Wiederhorn of running a scheme that netted him $47 million in bogus loans from the company.
The fraudsters might issue a company announcement, initiate discussions on social media, or use promotional material (such as spam emails and texts) stating that the company is under new ...
The company must also pay a fine of $55 million into the CFPB's victims relief fund. "Cash App created the conditions for fraud to proliferate on its popular payment platform," CFPB Director Rohit ...
Insurance fraud refers to any intentional act committed to deceive or mislead an insurance company during the application or claims process, or the wrongful denial of a legitimate claim by an insurance company. It occurs when a claimant knowingly attempts to obtain a benefit or advantage they are not entitled to receive, or when an insurer ...