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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Sunday, June 30, 2013

More on Goldman Sachs's Guy, Jon Corzine

Below is further information on the case against Jon Corzine; however, shouldn't Corzine be facing criminal charges (under Sarbanes-Oxley) for stealing money from customers' accounts and for signing off on the company's financial reports ?  "Failure" is not the word I would use:  it is stealing and lying about stealing that should be prosecuted.  MF Global didn't "fail;" the executives in charge acted illegally and probably criminally.
CFTC charges Corzine, Assistant treasurer in MF Global failure
By Reuters
. . . .
 The Commodity Futures Trading Commission said on Thursday it will seek in a civil case to ban Corzine and former Assistant Treasurer Edith O'Brien from the industry, and also seek penalties against the two.
. . . .
But another lawyer, asking to speak anonymously, said there was little in the complaint that pointed to fraud, reducing chances of any criminal charges.

But U.S. Representative Michael Grimm, a New York Republican, urged prosecutors to bring criminal charges against Corzine, saying there was growing proof that he had committed perjury in his testimony before lawmakers.

The CFTC also sought an order for Corzine and O'Brien to disgorge any salaries or bonuses, or trading profits, that they had received from any unlawful actions.

Read the whole article here


wheresthefreemarket said...

Know anyone that voted for Obama?...send them this....Hudson is a Democrat leaning economist.

Michael Hudson Shreds Obama’s Orwellian Speech on Middle Class Prosperity

MH: Obama did not mention the role of debt in this, increasing the cost of labor and the financial overhead of its employers.

In this speech it is as if he thinks that telling people that he knows how squeezed they are means that he wants to solve their problems.Rather, their squeeze is the profit of his backers.

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