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We are the Internet's primary source for corporate scandals and business scams, providing you, the consumer, with corporate scandal news, facts and stories.


Russell Wasendorf Sr.'s $100 Million Scam

Wasendorf admitted to playing a big role in the $100 million scandal which has rocked the financial world. Wasendorf said he has taken more then $100 million of his customers funds.

Read More..September 18, 2012

Big Businesses Pay No Income Tax

More than 24 of the largest companies in the US paid little or no income tax in the past number of years, thanks to a law allowing them to increase their deductions.

Read More..April 9, 2012

Taxpayers Foot Another Bill

The pension in the US is underfunded by #3 Trillion...That's Trillion with a "T". Some estimate public pensions are the largest % of these, underfunded by more than 75%.

Read More..March 17, 2012

Bear Stearns Managers Pay $1 Million

Bear Stearns managers agree to pay over a million to settle a suit from market regulators.

Read More..February 14, 2012

$7 Billion ponzi Scam

SEC is set to rule on 5 former executives of the Stanford Group. They are accued of running a $7 Billion ponzi scam.

Read More..January 10, 2012

Bank of America Discrimination Case

Bank of America is set to pay over $330 Million in a lawsuit that it discriminated against homebuyers. The charges alleged that BOA charged higher interest rates to select minority groups.

Read More..January 2, 2012

$500 Million Fraudster on the Run

Wanted by numerous international agencies and accused of numerous scandals and frauds David Spargo has taken refuge in Spain and there's no sign he's leaving.

Read More..December 8, 2011

Olympus Corp Scandal

$687 Million was paid to a US firm for a advising Olympus. This payment was actually an attempt to cover-up losses from Olympus previous investments.

Read More..November 27, 2011

Merck Paying $950 Million to Settle

Merck is paying $950 Million to settle criminal charges alleging it marketed its Vioxx drug for use which was unapproved and finally withdrawn from sales in 2004.

Read More..November 23, 2011

Employees Disciplined in Madoff Scandal Case

8 employees disciplined for their role in the Madoff scandal which shook the business world. Should they have been fired? The SEC doesn't think so.

Read More..November 13, 2011

Bail at $10 Million

Rajat Gupta will have to pony up $10 million in order to secure bail for charges of insider tranding. Rajat was a director at Goldman Sachs and is pleading not guilty, of course!

Read More..October 30, 2011

Nicholas Cosmo Sentenced to 25 Years

Nicholas Cosmo was sentenced to 25 years in prison this week and fined almost $180 Million. Cosmo was the head of a major financing and loan scam which swindled thousands of people out of their life savings.

Read More..October 16, 2011

Bank of America to Charge for Debit Card Use

The CEO of Bank of America, Brian Moynihan, says a $5 fee per month for debit card useage is necessary, in order for banks to keep making the billions in profit they are accustomed to.

Read More..October 10, 2011

SEC Starting to Probe Banks

The SEC is starting a probe of banks and their involvement in the US mortgage crisis. Charges include fraud and not meeting underwriting standards.

Read More..September 29, 2011

Former Employee of Goldman Charged

A former employee of Goldman Sachs was charged today with insider trading. Allegations are the employee made almost $60, 000 in the scam.

Read More..September 21, 2011

The SEC Days Are Numbered

RIs accused of conflicts of interest being ineffective and obsolete the SEC s days are indeed numbered. Who will be the new watchdog?

Read More..September 05, 2011

Former Governor of Texas Becomes Millionaire While in Office

Rick Perry made a fortune while in public office through land sales. How is this not a conflict of interest? Will anyone be investigating?

Read More..August 21, 2011

Another US Bank Closes

This is the 64th bank to close this year in the US. Due in a large part to the ongoing financial crisis the bank had over a billion $ in total assets and deposits.

Read More..August 14 2011

Timothy Durham Scam?

Information is spreading about the so called, Timothy Durham Scam. New inforamtion sugests this scam may actually be larger in scale then the Madoff Scandal.

Read More..July 31, 2011

Phone Hacking Scandal Arrest

Murdoch newspaper head, Rebekah Brooks was arrested in the phone hacking scandal or scam which is one of the largest news stories in the UK this year.

Read More..July 15, 2011

Paying $8.5 Billion!

The bank of America is going to pay $8.5 Billion to people who lost their investments in mortgage securities.

Read More..June 30, 2011

Goldman Sachs Ongoing Investigation

The case against Goldman Sachs, who are widely seen as one of the largest players in the recent financial crisis, is still being put together. Will authorities be able to make a case for securities fraud?

Read More..June 5, 2011

Addiction To Tobacco Easy to Quit, Says CEO

CEO, Louis Camilleri of Philip Morris International says that cigarettes are not that hard to quit. Louis made the statement at the annual shareholders meeting.

Read More..May 15, 2011

St. Jude Medical Gets $2.3 Billion

St. Jude Medical founder Yongning Zou, was found guilty of stealing company secrets. The result, a $2.3 Billion settlement.

Read More..April 26, 2011

CEO Pay Increases 1500%

The salary of JP Morgan CEO Jamie Dimon increased 1500%, to almost $21 Million last year (2010). The prior year his salary had been a mere $1.3 Million.

Read More..April 10, 2011

Morgan Stanley Under Investigation

Morgan Stanley is being investigated on allegations they overcharged soldiers and issued foreclosure notices on their homes without the authority to do so.

Read More..March 13, 2011

Another Insider Trading Investigation

US Federal authorities are looking into charges of destroying documents, and digital documents in an insider trading scam involving hedge fund managers. The managers are thought to have profited more then $30 Million from the scam.

Read More..February 13, 2011

Victims of Bernard Madoff Sue the Government of the U.S.

The victims of Bernard Madoff are taking the US Government to court over charges the SEC was negligent in the detection of the Madoff Scam.

Read More..January 25, 2011

Federal Judge Delays Stanford Trial

Allen Stanford is said to have defrauded investors of more than $7Billion in an illegal pyramid scam. Stanford has suffered many health issues since being sent to jail in 2009.

Read More..January 9, 2011

Austrian Banker Sued in Madoff Case

Austrian banker Sonja Kohn is being sued by the trustees who lost billions in the Madoff fraud, for over $19 Billion. Spokespeople label Kohn the mastermind behind the Madoff Fraud.

Read More..December 12, 2010

Lawsuit Filed By Madoff Victims

Seems now the entire Madoff family is being targeted in a number of lawsuits being filed by the victims of this fraud. It is reported the suit is seeking $69 Million in damages and lost funds.

Read More..November 28, 2010

Bernard Madoff Effects Still Being Felt

Two former employees of Bernard Madoff were arrested this week in relation to a new ponzi scheme. Jo Ann Crupi and Annette Bongiorno worked closely with Madoff at his ponzi scam until here we eventually arrested.

Read More..November 21, 2010

What is The Federal Reserve Trying To Do ?

The US Federal Reserve says it isn't trying to start inflation with its latest $600 Billion bond purchase plan. However the results of this bond plan may be just that. So what are they really trying to do?

Read More..November 7 , 2010

US Still Won't Fix Housing Crisis

The US refuses to fix its housing crisis by turning a blind eye to the markets which caused the trouble in the first place. What does this mean for the rest of us?

Read More..October 17, 2010

25 More Pay Raises

Citigroup gives its top 25 executives pay raises totaling million in cash and stock options.

Read More..September 26, 2010

HP Sues Ex CEO

HP is suing the CEO it fired last month for taking accepting a position with Oracle. This has to be the height of ridiculousness.

Read More..September 08, 2010

Paul Allen Sues Internet Companies

In what is becoming the joke of the online world, Paul Allen Sued Google, Apple and many others in a lawsuit. Can he actually get away with it?

Read More..August 31, 2010

Apple Manager to Face Charges of Fraud

An Apple Inc. manager has been indicted on charges of taking kickbacks relating to the sale of Apple IPhones and IPods.

Read More..August 22, 2010

Hewlett-Packard Co. CEO gets $28 Million to Leave Co.

Mark Hurd of HP is being offered $28 Million to leave the company after allegations of sexual harassment lead to an investigation and found he falsified expense claims.

Read More..August 7, 2010

$1.6 Billion of Bailout Money Used as Bonuses

17 banks count themselves among the ones which paid their executives enormous sums of bailout cash. How could this be allowed to happen?

Read More..July 25, 2010

AIG Pays a $725 Million Settlement

How many times can AIG make news? We'll they're in it again with an announced $725 million settlement for their investors related to their ongoing fraud allegations.

Read More..July 18, 2010

Executives Nailed Over How Company Made Cash

One of Goldman Sachs top men told a panel he had no issues or regrets about the cash they earned by predicting the US housing market crash.

Read More..July 4, 2010

Pyramid Scam Haulted

A large pyramid scam which targeted US government officials was stopped by US law enforcement. Over the years it is estimated this scam has cost some 260 people.

Read More..June 27, 2010

Scott Rothstein Gets 50 Years!

In Florida, lawyer Scott Rothstein was sentenced to 50 years in prison for being the driving force behind a $ billion Ponzi Scam. Rothstein was behind a set of false document creation which was aimed at providing investors with false information.

Read More..June 13, 2010

DOW Tumbles and Stocks Fall

With one day left the Dow is poised to have its worst May in almost 70 years. What is happening and what can we do about it? THe answer rests in Europe and fears over the Euro

Read More..May 30, 2010

The Banks Are in Hot Water Again

Financial advisors, traders, and 16 companies are said to have placed secret calls to wall street banks giving inside information on contract results.

Read More..May 18, 2010

Wal-Mart to Pay $28 Milion

Wal-Mart has agreed to pay $27.6 million to settle charges that it dumped hazardous waste throughout California. More allegations are pending and the company may have to settle even more charges.

Read More..May 4, 2010

Goldman Sachs & Co. Lawsuits Just the Beginning

How many companies bet against the economy before the housing market crash. Apparently there were many. Why are we only finding this out now after it's already too late.

Read More..April 19, 2010

Is the Federal Reserve To Blame

Is the Federal Reserve to blame for the US Financial Crisis? If not who is responsible? Greenspan tries to defend his policies but comes up short.

Read More..April 8, 2010

Firms Named in Wal Street Scam

More them 10 firms were named this week as co conspirators in a financial scandal aimed at lowering interest rates to US government inevstments.

Read More..March 28, 2010

Banking Watchdog Executives Grab Bonuses

During the bailout in the U.S. banking watchdog executives grabbed large bonuses as well. Begging the question how can these people regulate this industry?

Read More..March 21, 2010

Raising Cash to Pay Back Taxpayers

After massive CEO salaries and benefits, AIG has begun a fundraising campaign to pay back the bailout money it received from taxpayers.

Read More..March 08, 2010

Soaring Drug Costs

Drug companies are showing record profits as drug prices continue to rise. Those in need are often on the hook for hundreds of thousands of dollars per year.

Read More..February 22, 2010

Weight Watchers & Jenny Craig Due Battle

Weight Watchers & Jenny Craig settle their differences over an ad campaign run by Jenny Craig which made false scientific claims regarding weight loss.

Read More..February 7, 2010

AT&T Pays $18 Million to Settle Lawsuit

AT&T is paying claims in the amount of $18 Million to settle charges it charged unusually high and unfair rates to its customers.

Read More..January 27, 2010

Secrets Stolen at Starwood Resorts

Executives at 44 Starwood resorts worldwide are being accued of stealing secrets and committing corporate espionage.

Read More..January 18, 2010

Bank of America to Face New Charges

After Billions of dollars were paid to top company executives of Merrill Lynch the Bank of America is now accused of attempting to cover it up.

Read More..January 11, 2010