Article Archive — Fraud
Equipment Finance Inc. Fraud
The Makings of Great Theatre
Who knows what evil lurks in the hearts of men? When Equipment Finance was acquired by Sterling Financial in March 2002, the specialty lender was hailed as a “well managed company with exceptional profitability and sound credit quality.” What eventually developed was a drama fraught with deception and collusion that would lead to the collapse and subsequent sale of a $3.3 billion community bank six years later.
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Arrow Trucking Fraud
A Company's Tangled Demise
As forensic accountants work to piece together what’s left of the company, and fleet lessors comb the country for missing trucks, the three executives blamed for orchestrating the multi-million factoring fraud that brought Tulsa-based transportation firm Arrow Trucking Co. to its knees are busy pointing fingers at each other. Using court records, press reports and the statements of those involved, the Monitor attempts to untangle the convoluted mess that was Arrow Trucking.
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Anatomy of a Sting: Agents to Close Books on Months-Long Fraud Investigation
Capping a drama that reads more like a Hollywood script than a case of white-collar crime, federal agents in California closed a months-long undercover operation in November, pulling the lid off what prosecutors say was a nationwide lease-fraud racket.
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Strategic Partners International Fraud
Political Fundraiser Implicated in Sale/Leaseback Scam
In August, a federal grand jury filed numerous charges including money laundering, bankruptcy fraud and obstruction of justice against Alan B. Fabian, the founder of Strategic Partners International and a former co-chair to Republican presidential hopeful Mitt Romney’s election committee, in the latest fraud scandal to hit the news.
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Le-Nature’s Fraud & Bankruptcy Case Stumbles On
Question: What do bid tampering, an equipment ownership dispute and a $1 million model train set have in common? Answer: They’re all part of the continuing saga of Le-Nature’s bankruptcy case. Le-Nature’s was forced into bankruptcy in October 2006 amid charges of massive fraud perpetrated by its senior executives. Noted turnaround firm Kroll Zolfo Cooper [...]
Read more...Date Posted October 1, 2007
Massive Fraud Threatens to Bring Down Sterling Financial Corporation
When Pennsylvania’s Sterling Financial Corporation announced on April 30 that it would restate its earnings for the past two years and was postponing its 2007 annual shareholder meeting, there was little to suggest the magnitude of what would follow.
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Fraud, An Ever Present Danger
Prevention, Detection & the Tools to Manage It
This article addresses corporate fraud and malfeasance as a given in today’s business finance environment. Not that it is prevalent in every corporate financing transaction, or even in a majority or them — but when it is present in a company being financed or its management team, it is both costly and disruptive to the victim. The costs can be measured as real costs, opportunity costs and even brand dislocation or wasting.
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