Investors in an unregulated oil scheme have alleged negligence in a lawsuit that they hope will establish the principle that “introducers” who informally endorse investments can be held responsible

http://www.ft.com/intl/cms/s/0/31bdc458-c74b-11e4-8e1f-00144feab7de.html#axzz3UFFEetSI

March 11, 2015 12:29 pm

Lawsuit targets investment ‘introducers’

Judith Evans

Investors in an unregulated oil scheme have alleged negligence in a lawsuit that they hope will establish the principle that “introducers” who informally endorse investments can be held responsible. Continue reading

Advertisements

A Split Over Protecting Investors; The Labor Department is moving ahead of the SEC on broker rules; The financial industry is resisting attempts to require brokers to put clients’ interests ahead of their own

http://www.bloomberg.com/news/articles/2015-03-12/on-broker-rules-sec-falls-behind-labor-department

A Split Over Protecting Investors; The Labor Department is moving ahead of the SEC on broker rules

byDave MichaelsRobert Schmidt

1:23 AM SGT
March 13, 2015

The Obama administration wants the Department of Labor, which oversees employee savings plans such as 401(k)s, to propose sweeping regulations that would curb conflicts of interest among brokers who handle investments for people saving for retirement. The Securities and Exchange Commission has long considered imposing similar rules on all brokers but so far shows no sign of enacting them. Continue reading

‘Catch Me If You Can’ Con Man Says Technology Aids Fraud

http://www.bloomberg.com/news/articles/2015-03-13/-catch-me-if-you-can-con-man-says-technology-makes-fraud-easier

‘Catch Me If You Can’ Con Man Says Technology Aids Fraud

bySuzi Ring

March 13, 2015

(Bloomberg) — Technology makes it a lot easier to cheat today, according to reformed con artist Frank Abagnale. The man who made $2.5 million in the 1960s as a teenager faking identities as an airline pilot, lawyer and doctor now works with the FBI and others on cybercrime. He even had a role in the investigation into last year’s JPMorgan Chase & Co. hack, he said in an interview this week near Trafalgar Square in London. Continue reading

Prosecutors raid POSCO E&C over alleged slush funds accumulated by exaggerating the amount the South Korean company needed to pay local subcontractors in Vietnam

http://www.koreatimes.co.kr/www/news/biz/2015/03/123_175158.html

Updated : 2015-03-13 12:18

Prosecutors raid POSCO E&C over alleged slush funds

Prosecutors raided the office of POSCO Engineering & Construction Co. on Friday in connection with allegations of slush funds created by its executives and employees.
Late last month, the construction arm of South Korea’s top steelmaker POSCO said two executives and about 10 employees in charge of construction projects in Vietnam were reprimanded in July for operating illegal slush funds worth about 10 billion won (US$8.9 million).
The money, which had been accumulated by exaggerating the amount the South Korean company needed to pay local subcontractors in Vietnam, was later given out as monthly rebates to contractors from 2009 to 2012, it said.
During a parliamentary interpellation session on Feb. 26, Prime Minister Lee Wan-koo ordered a thorough investigation into the case. (Yonhap)

[Flashback] In rare sign of dissent, investor calls for change at Hyundai Motor; Hyundai Motor Chairman Chung Mong Koo indicted in 2006 for embezzlement and misappropriation of corporate funds to create a $110m “slush fund”; Accounting fraud uncovered at Hyundai Merchant

http://www.wsj.com/articles/SB114775648308553990

http://www.ft.com/intl/cms/s/0/ecd7b056-4f5a-11d9-86b3-00000e2511c8.html#axzz3UEqnNfxu

http://www.reuters.com/article/2007/02/05/us-hyundai-chairman-chronology-idUSSP25001420070205

Posted by Padma LAU Heng Ee, Year 4 undergrad at the School of Business, Singapore Management University

Hyundai Case Shakes Korea

Indictment of Chairman Sharpens Debate Over ‘Chaebol’ Model

JATHON SAPSFORD in Tokyo, and GORDON FAIRCLOUGH and

LINA YOON in Seoul Staff Reporters of THE WALL STREET JOURNAL

Updated May 17, 2006 12:01 a.m. ET

The indictment of one of South Korea’s most respected industrialists brings to a boil tensions that have simmered for years between the country’s secretive corporations and regulators seeking to raise standards of corporate governance.

In Seoul yesterday, South Korea’s Supreme Prosecutor’s Office indicted Hyundai Motor Co. Chairman Chung Mong Koo on charges of embezzlement and misappropriation of corporate funds. Senior Prosecutor Chae Dong Wook said Mr. Chung created a 103.4 billion won ($110 million) “slush fund” that was used to pay for influence among government bureaucrats, financial-industry executives and possibly politicians. Continue reading

[Flashback] Accounting Fraud, Family In-Fighting and Succession Transitioning: Lotte Chairman’s Brother Probed Over Stock Trading

http://www.koreatimes.co.kr/www/common/printpreview.asp?categoryCode=117&newsIdx=58990

Posted by Joel CHUA Yong Sheng, Year 3 undergrad at the School of Business, Singapore Management University

Lotte Chairman’s Brother Probed Over Stock Trading

By Bae Ji-sook

Staff Reporter
Shin Joon-ho, the younger brother of Lotte Group Chairman Shin Kyuk-ho, was questioned as a “person of interest” in connection with allegations that he made profits illegally during stock trading. Continue reading