Like other massive departments of the federal government, the United States Department of Justice has been materially affected in recent years by budget cuts that have resulted in a curbing of resources, hiring freezes and other restrictions.
Certain Wisconsin securities brokerage companies and investors might likely be interested in recent developments occurring in New York State that are focused on information disclosure relating to assets and the timing with which such data is supplied and acted upon.
There’s more to come,” says a leading federal attorney with the U.S. Department of Justice in reference to prosecutorial scrutiny of banks across the country for activities that allegedly promote money laundering.
The concept of securities fraud can be confusing for Wisconsin readers who do not have a working knowledge of securities regulations. But in reality, the crime of securities fraud is fairly straightforward. Basically, fraud occurs when a person or company makes a false statement about the value of the company's stock or health and that statement induces others to rely on that information in order to make financial moves.
A Milwaukee woman has been charged with felony theft after allegedly embezzling more than $1 million from the healthcare company at which she worked. Police claim over a nine year stretch the payroll specialist manipulated employee accounts for financial gain. The company called the alleged ploy a "sophisticated process," but no facts detailing how the alleged crime was actually committed have emerged. Police further claim the stolen money was used for gambling purposes, and casino records allegedly back up their claim.
Two Milwaukee auto repair shop owners are in hot water after allegedly defrauding customers who paid for auto emissions tests. Police claim the owners were charging customers whose vehicles failed the test for repair, but, after accepting payment, the owners allegedly failed to repair the car and instead hooked a clean vehicle to the testing machine to falsely show the customer's car passed. Police further claim the investigation was launched when a built-in security system in the testing equipment alerted the Department of Motor Vehicles of irregularities. The two accused men now face fraud charges, one a misdemeanor, the other a felony.
Three men from another state are facing charges related to a reported attempt to purchase cell phones using fraudulent account information. According to a report, Verizon Wireless stores were told about attempts by some people trying to purchase cell phones after gaining access to accounts using stolen information. The people would discover Social Security numbers of account holders and have themselves listed as authorized individuals on those breached accounts.
A former Milwaukee Bucks basketball player was convicted this week of four counts of federal wire fraud. Prosecutors alleged that Tate George carried out a Ponzi scheme from 2005 to 2011, and will now face sentencing early next year. According to a report, he could face 20 years in prison and a $250,000 fine for each count.
A man who shot a person accused of trying to rob an Aldi store has himself been arrested. However, the man was never charged with a crime for shooting the alleged robber, or carrying a gun, as he had a concealed-carry permit. The man, who became a face for gun rights after he became the first concealed-carry permit holder to shoot an alleged robber in Wisconsin, was arrested for tax fraud.
On August 14, a business man in the medical industry pleaded not guilty in Milwaukee County Circuit Court. He had waived his right to a preliminary hearing, and the judge scheduled his next appearance in court for just over one month from now, on September 19.