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Posts Tagged ‘5m’

HSBC boss Geoghegan hands £4m bonus to charity but top 5 bankers share £38m

March 2nd, 2010

Before You Invest

• Michael Geoghegan refuses rise in salary
• Bank reports 24% fall in pretax profit for 2009 to $7bn
• HSBC’s highest-paid banker gets £10m bonus

Five bankers at HSBC shared a bonus bonanza of more than £38m last year, even as the bank tried to demonstrate it was heeding public concern about City pay through a decision by its chief executive Michael Geoghegan to hand his £4m bonus to charity .

As the bank reported a 24% fall in pretax profit for 2009 to $7bn (£4.63bn), the bank’s annual report showed that the company had intended to hand the chief executive a pay rise “in light of the international competition position and the increased responsibilities”.

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Posted in Finance Fraud

Tags: 1m, 3m, 4m, 5m, 7m, 9m, Annual Report, Bonanza, Charities, Chief Executive, Competition Position, Executive Director, Gulliver, International Competition, Investment Bank, Michael Geoghegan, Pretax Profit, Public Concern, Report Showed That, Report Suggests That

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$15.8m fine for spam – theaustralian.news.com.au – 24 Oct 09

October 28th, 2009

Before You Invest

THE operators of a mobile phone text scam that preyed on the desperate and dateless were yesterday slammed with $15.8million in fines for breaching anti-spam laws.

The fine, from Queensland’s Federal Court, makes the operators — who posted fake personals profiles on dating websites to harvest mobile phone numbers and lure men to pay up to $5 per message for SMS sex chat services — the recipients of Australia’s largest spam penalty.

It trumped the West Australian Federal Court’s October 2006 imposition of $5.5m in fines against email marketing company Clarity1, of which $1m was levied against managing director Wayne Mansfield.

It was also the first time the Australian Communications and Media Authority had taken legal action over SMS spam.

By Andrew Colley

Posted in Finance Fraud

Tags: 1m, 5m, 8m, Anti Spam, Australian Communications, Chat Services, Colley, Dating Websites, Imposition, Managing Director, Marketing Company, Mobile Phone Numbers, News Com Au, Profiles, Queensland, Sex Chat, Sms Chat, Sms Spam, Spam Laws, Theaustralian

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Former Morgan Stanley employee admits $2.5m theft

July 14th, 2009

Before You Invest

A former vice president of Morgan Stanley is to plead guilty to charges of stealing $2.5 million from the company.

According to Bloomberg, defense attorney Larry Ferdella stated Richard Garaventa Jr has submitted a letter accepting responsibility for the theft.

He is said to have written 50 checks to a company he set up between 2001 and 2008 in order to accrue the money, which he then spent on jewelry, cars and traveling.

The prosecution has recommended a prison sentence of between two and six years and Acting State Supreme Court Justice Gregory Carro said that Mr Garaventa’s $500,000 property may be repossessed, stating: “The defendant was living a lifestyle he couldn’t afford. He should no longer live that lifestyle and that includes that house.”

Mr Garaventa is expected to return to court on July 21st and could also be ordered to pay restitution of $250,000.

Posted in Finance Fraud

Tags: 5 Million, 5m, Bloomberg, Carro, Checks, Defendant, Defense Attorney, Former Vice President, Garaventa, Jewelry, July 21st, Lifestyle, Morgan Stanley, Prison Sentence, Prosecution, Restitution, S 500, Six Years, State Supreme Court, Supreme Court Justice

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London gang made £3.5m from card cloning scheme

April 11th, 2009

Before You Invest

A five-man gang based in south London stole £3.5 million ($5.1 million) in 11 days after turning a council flat into a card cloning factory, a court has heard.

Prosecutor Ben Fitzgerald told Southwark crown court that the defendants began the alleged fraud when Barclaycard took on the credit card division of Morgan Stanley in 2008, This is London reports.

Between September 28th and October 8th, he argued, they stole £3.5 million in a worldwide spree, including £645,000 worth of goods in Britain alone.

Police who raided the flat in question found fake cards and counterfeiting equipment, as well as a type of software linked to the manufacture of the clone payment cards.

Four of the alleged gang – Khi-San Voong, Qiu Yeu, Qiang Xue and Dauy Chung – all deny conspiracy to defraud.

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Posted in Finance Fraud

Tags: 5 Million, 5m, Apacs, Caixa, Card Cloning, Card Fraud, Crown Court, Defendant, Fake Cards, Fitzgerald, London Reports, Man Gang, Morgan Stanley, Payment Cards, Payments Association, Prosecutor, Qiang Xue, South London, Spree, Yeu

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Fr Francis Guinan, 66, was found guilty of second-degree grand theft of more than $20,000 up to $8m might have disappeared over a period of 20 years

February 24th, 2009

Before You Invest

Fr Francis Guinan, 66, was found guilty of second-degree grand theft of more than $20,000 ($13,800) but less than $100,000 (£69,000). Fr Guinan denied the charges, but another accused priest, Fr John Skehan, 81, had abandoned a not guilty plea. Fr Guinan faces up to 15 years in jail and will be sentenced on 25 March.

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Posted in Finance Fraud

Tags: 5m, Associated Press, Catholic Church, Closing Arguments, Defence Lawyer, Fr Francis, Francis Guinan, Guilt, Guilty Plea, John Skehan, Palm Beach, Parishioners, Priests, Prosecution, Prosecutor, Richard Barlow, Slush Fund, St Vincent Ferrer, Statute Of Limitations, West Palm Beach

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Former Morgan Stanley VP indicted over $2.5m embezzlement

February 21st, 2009

Before You Invest

A former vice-president at the Wall Street investment bank Morgan Stanley has been arrested and charged with embezzling more than $2.5 million from the firm.

According to the Associated Press, Richard Garaventa Jr pleaded not guilty in a Manhattan court to charges including grand larceny.

Prosecutors say Mr Garaventa was authorized to request or approve checks from one of the bank’s in-house accounts to cover certain corporate expenses.

Between September 5th 2001 and December 24th 2008, he is alleged to have used this position to authorize the release of over $2.5 million, which he misappropriated to buy luxury items including Mercedes and Lexus cars, jewelry and holidays.

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