Meetings & Information




*****************************
****************************************************
MUST READ:
GET THE FACTS!






Showing posts with label fraud. Show all posts
Showing posts with label fraud. Show all posts

Thursday, November 10, 2016

Andrew Caspersen ’99 sentenced four years in prison for securities fraud





News & Notes: Andrew Caspersen ’99 sentenced four years in prison for securities fraud

Casperson defrauded investors using an elaborate Ponzi scheme; he encouraged victims to invest their money with him, promising high returns, but instead used the money to fund his lavish lifestyle and gambling addiction.
Caspersen was arrested on March 26, 2016, at LaGuardia Airport after returning from a family vacation in Florida with wife Christina Frank Caspersen ’02 and their two children. On July 6, Caspersen, a former partner and managing director at investment bank PJT Partners’ Park Hill Group, pleaded guilty to one charge of security fraud and one charge of wire fraud.
Among others, victims of Caspersen’s Ponzi scheme included his mother and two brothers, the parents of his former girlfriend, Catherine MacRae ’00, who was killed in the 9/11 terrorist attacks, and acquaintance James McIntyre ’99. The Moore Charitable Foundation, the charitable arm of venerable hedge fund manager Louis Bacon’s firm Moore Capital Management, was defrauded out of $25 million. Caspersen lost most of the money he gathered in risky stock trading.
“Caspersen allegedly put on a shameful charade – creating fake email addresses, setting up misleading domain names, and inventing fictional financiers,” Manhattan U.S. Attorney Preet Bharara said in a press statement.
The four-year sentence is notably light, as federal prosecutors had sought to sentence Caspersen to 15 years in prison, arguing his fraud would have continued were he not arrested. The maximum prison term on each of the two counts is 20 years. Rakoff is known to be opposed to federal sentencing guidelines, which encourage long prison terms and lack of consideration of mitigating circumstances.
“No purpose will be served by letting him rot in prison for years on end,” Rakoff said during the sentencing.
Caspersen’s light sentence was due to his legal team, led by Paul Shechtman, arguing that his mental health issues caused him to commit his crime. Shechtman claimed that Caspersen’s gambling addiction began during his undergraduate years at the University.  In an uncommon move, Rakoff allowed Yale University School of Medicine psychiatry professor Dr. Marc Potenza to testify that Caspersen’s fraud was due to a gambling addiction. Caspersen told Rakoff that he has suffered from depression and alcoholism and that he spent 16 days in the hospital for mental health issues following his March arrest.
Caspersen graduated from the University with a degree in economics and a thesis entitled “The Future of the NYSE Specialist” before enrolling at Harvard Law School.


Saturday, September 3, 2016

Former South Amherst clerk gets prison, probation for $677,000 theft






Former South Amherst clerk gets prison, probation for $677,000 theft














ELYRIA — South Amherst residents were so angry about former village Clerk/Treasurer Kim Green’s theft of $677,000 in village funds that some considered desecrating her parents’ graves, Mayor Dave Leshinski said shortly before Green was led out of the courtroom in handcuffs Thursday.
“You are not welcome in this town. People wanted to desecrate your parents’ graves,” Leshinski said, adding that he had discouraged that or following through on other threats against Green and her property.
Green, 54, hung her head through most of the hearing before county Common Pleas Judge James Miraldi, who sentenced her to six months in the Lorain County Jail with work release privileges so she can earn money to make partial restitution to the village.
Miraldi, who also placed Green on five years of probation, warned her that if she didn’t behave and work to repay the money she stole, he would send her to prison for six years.
Based on money and winning Ohio Lottery tickets seized by investigators, the sale of her family’s home and a monthly payment plan that Green and her husband, former Village Councilman John Green, have agreed to, she will pay back more than $100,000 over the next five years, defense attorney Jack Bradley said.
John Green wasn’t charged in connection with the money his wife stole from the village, and police have previously said they hadn’t found any evidence linking him to her crimes.
Kim Green was appointed clerk/treasurer in 2010 and won a full term in 2012. She resigned in April 2015 and pleaded guilty earlier this year to charges of theft, theft in office and tampering with records.
On Thursday, Green blamed a gambling addiction for her decision to take the village’s money, which prosecutors said she spent on herself and Ohio Lottery tickets, many of which she purchased at the gas station in the village where she also worked.
Ohio Auditor Dave Yost has said it appeared Green wrote checks to herself and then cashed them. An internal investigation by Yost’s office determined the checks Green wrote to herself should have set off alarms among his staff and two of his workers were fired over the matter. A third was demoted.
Leshinski told Green the money she stole was “used for your own personal pleasure and gratification” without thinking about the impact on the village.
“The theft has left the people bewildered, upset and very angry,” he said.
Green said she is now receiving therapy, is a member of a Gamblers Anonymous group in Cuyahoga County and working to create a chapter of the organization in Lorain County.
Green said she wanted to take responsibility for her actions.
“I am so sorry,” she told Miraldi. “Three words that mean so much and, in my case, not enough.”
Green said she hadn’t realized she was depressed and suffering from an addiction to gambling until it was too late.
“I have broken a trust I worked my whole life to earn,” she said.
Leshinski and Village Councilwoman Donna Houck both said that the missing money had harmed the village. Houck also expressed skepticism that Green would make good on her pledge to repay all the money she stole.
Bradley said Green is earning $9 an hour at her current job, but is hoping for a raise to $10 per hour soon.




Thursday, September 1, 2016

More Than $100M Defrauded by Australians to Gamble


BROADCAST ON LINK

Wednesday, 31st August 2016 at 10:28 am
Probono Icon

More Than $100M Defrauded by Australians to Gamble





A new report into fraud has found more than $100 million has been stolen in the last five years in Australia by people needing to satisfy their gambling addiction, and the report authors believe the finding is just the tip of the iceberg.

The report, Gambling Motivated Fraud in Australia 2011-2016, by Warfield and Associates said the impact on the lives of the fraudsters, their families and the people and organisations they defrauded, was profound.  
“The impact has included people losing their jobs, having court orders issued requiring them to repay the stolen money, losing their homes and businesses having to close down. Some attempted suicide,” the report said.
“Carers have stolen from those who rely on and trust them. Bank staff have raided their customers’ accounts. Lawyers and accountants have thieved from their clients. Those giving their time to associations and other Not for Profits have abused their positions. Family has stolen from family and friends from friends.”
Online gambling is now a booming industry, and banks allow Australians to use their credit cards to fund the practice. Not for Podcast follows a group of responsible investors, consumer rights advocates and financial counsellors who are campaigning to get the major banks to cut the credit.


Report author Brett Warfield told Pro Bono Australia News: “Businesses have been particularly hit hard with 148 new cases of employees who stole from their employers to feed their gambling addiction and this includes some Not for Profit organisations.
“This is consistent with the two previous research studies that show a strong correlation between problem gambling and employee fraud.
“The research clearly shows that there is a strong correlation between poker machines being the main influence on women who steal to satisfy their gambling addiction.”
In particular Warfield said this latest study found a greater increase in the theft of cash and Not for Profits were particularly vulnerable.
“While there had been noted cases of fraud against large charitable organisations there was an increasing incidence of fraud at sporting organisations when people who held honorary roles had access to cash and cheques,” Warfield said.
“This is where cash is being transported… physical cash theft has been a problem more so this time than in the last two surveys.
“There are certainly a number of Not for Profits in there and they range from the organisations that are working on behalf of other people to provide services… including some of the large charities.
“But there have also been the NFPs such as the sporting associations. We have had quite a few of those… where people in an honorary role such as a treasurer or president etc who weren’t full-time employees, who were doing it for of the love of the sport or whatever it is, and they were defrauding and they had access to the cheques or cash or funds transferred and taking thousands of dollars away from the association.”
Warfield said that in some NFPs the controls weren’t always as effective “because you don’t have the number of people doing the finance or operational functions and so it reduces the internal controls and overseeing supervision”.
He said the 260 cases they identified during the study were just the tip of the iceberg in estimating the full extent of fraud where the proceeds were used for gambling.
“There’s a multiplying effect where it could be many many more times the $100 million estimated in the report.
“Offences may never be detected by employers, government welfare agencies, ASIC, the ATO or other organisations.Even if the offences are detected, the offence may not be reported to the police or relevant prosecuting authorities.
“This may be due to a lack of interest, compassion for the alleged offender, or because of a poor likelihood of recoverability of assets, or the thefts may be resolved privately by offering the offender the opportunity to repay money stolen. The potential impact on an organisation’s reputation or brand may also be a consideration for failing to report a matter to the police or relevant prosecuting authorities.
fraud file
“It really only shows a small proportion of what the problem is because of the limitations of getting access to all of the court records around the country.
“An example in one case we looked at was where one of the judges said in his sentencing remarks, ‘This is the fourth person today in my court-room that has stolen to gamble.’
“[This is] one little example of how many times it has come through and a number of magistrates and judges make similar comments… so it’s a multiplier. It is many, many times the hundred million dollars.”
The report found poker machines were the big drawcard for women and for the cases where the courts provided the mode of gambling.
“I think it was 60 out of 70 fraud cases were women and they were poker machine related,” Warfield said.
“When they get hooked on the poker machines it definitely increases the chances that they will steal to continue that addiction… for men they will gamble on everything, there is no real area, and they don’t seem to be hooked on poker machines like women.”
Warfield said the report aimed to raise awareness so people could try to identify these signs earlier on whether they were an employer, family member or a NFP and they could realise it was a major concern and they needed to prevent it from happening.



Saturday, March 5, 2016

Casinos Asked to Help Fight Money Laundering






Casinos Asked to Help Fight Money Laundering

Sunday, November 8, 2015

Woman hits $8 million jackpot, casino claims slot machine malfunctioned




Woman hits $8 million jackpot, casino claims slot machine malfunctioned



FILE - In this May 24, 2012 file photo, patrons play the slot machines at Harrah’s Casino in Chester, Pa. The odds are long on Northeast’s casino projects hitting financial expectations. A review of tax data in the last several ... more >




An Oregon woman landed on the $8 million jackpot while playing the slot machine at a Lucky Eagle Casino, but walked away empty-handed when the casino told her the machine malfunctioned.
Veronica Castillo, a mortgage loan officer from Beaverton, Oregon, took her mother to the casino in Rochester, Washington, last weekend. She was elated when she put $100 in one of the slot machines and hit the jackpot — or so she thought.
“I was very excited, happy,” she told a local CBS News affiliate. “Then I couldn’t believe it.”
The casino staff told Ms. Castillo that she hadn’t won the $8 million because the machine malfunctioned.
“They shut off the machine, took it away, printed out a ticket and gave me $80,” she said.
The casino machines all have a sticker on them informing players that a machine malfunction voids all pays and plays, CBS reported.
“To me, it’s cheating, may even be fraudulent,” Ms. Castillo said. “My first thought was, how many people has this happened to? They think they won, then going away empty-handed.”
She is working to get an attorney to claim her winnings.
Casino CEO John Setterstrom, who has been with the casino since before it opened in 1995, told CBS this has never happened there before. He said he is working to get answers from the manufacturer and wants to keep Ms. Castillo as a customer.



Saturday, September 5, 2015

Gambling Addiction = Crme



Slot machine cracker stole £600 of diet pills after failed Sevenoaks gambling spree

Read more: http://www.sevenoakschronicle.co.uk/Court-gives-gambling-addict-chance/story-27722503-detail/story.html#ixzz3kuFjOU6E 




A SERIAL shoplifter and gambling addict – who travels the country in search of a particular model of slot machine – has narrowly avoided jail after stealing diet pills worth more than £600 from a Sevenoaks shop.
Brogan Wake was sentenced to 35 days in prison, suspended for one year, after pleading guilty to the theft from Boots during an appearance at Sevenoaks Magistrates' Court on Friday.
The 24-year-old, who has been gambling since he was 18, was told he had been given his "last chance" following the incident, which saw him take goods worth £614.91 from the store.
Wake entered the High Street shop at about 11am on May 26, and proceeded to take the diet pills out of their packaging before placing the empty boxes back on the shelves.
He put the pills in his jacket, paid for some other items and left the shop.
Debbie Jones, prosecuting, said Wake had also stolen goods including sun cream and bronzers from Wilkinsons and Savers in Spalding, as well as being convicted for shoplifting at Southampton Magistrates' Court in January, adding he had been given a community order from a south-east London court.
In his defence, Andrew Main told the court Wake had studied the type of slot machine he targeted with a friend, who had one in his house, but that his early successes had become harder to repeat.
"He thought it could be a way to earn a living and it seemed so easy," Mr Main said. "But over the years the software has changed and now it is harder to win, but it has become an addiction like heroin or alcohol."
Mr Main said Wake, of Kingsbridge Road, Poole, was a member of Gamblers Anonymous, but that so far it had not worked for him, although he found it reassuring to see he was not the only person with a problem like his.
"How does he rationalise his shoplifting? He hates it and he hates himself for doing it," Mr Main added.
"He can see the way he is going and accepts it entirely but this is his last chance saloon – he has to stop stealing and he wants that more than anything."
Before the hearing, Wake, who is soon to have an operation to remove a tumour on his neck, was interviewed by probation officer Laura Hooper, who referred to the 24-year-old as a "very engaging fellow who I could have spoken to all day".
And she said Wake was not in different locations with the intention of shoplifting, but for hunting the machines he had learned to play.
"When he goes out he takes a float of £500-£2,000," she said. "And on the occasions he loses, he sometimes needs to raise money to get home – when he doesn't win the panic sets in, as he has bills to pay or needs to get his next float together.
"That's when he shoplifts, taking small items with a high commercial value which are easy to sell – he doesn't consciously target those products."
Chairman of the bench Jessica McQueen gave Wake the suspended sentence, which included a rehabilitation activity requirement of 40 days. She also ordered compensation of £614.91 be paid for the goods from Boots, which were not returned, together with court costs of £85, a criminal court charge of £180 and a victim surcharge of £80.
"There's not much more we can say – this really is your last chance," she said. "If this happens again, with more shoplifting, another bench will have no alternative to custody.
"You have had chances given to you now you have to step up and do it yourself."


Read more: http://www.sevenoakschronicle.co.uk/Court-gives-gambling-addict-chance/story-27722503-detail/story.html#ixzz3kuGTynh8 



Gambling addict bank worker sentenced to 28 months for £300,000 cash fraud

04/09/2015
Mark Cooney has been sentenced to 28 months' imprisonment at Plymouth Crown Court after admitting fraud worth nearly £300,000.
While working for Halifax and then later for Lloyds Bank, Cooney gained access to a number of accounts including two vulnerable, elderly victims and regularly withdrew money. His crimes were uncovered when audit checks revealed the irregular payments and that Cooney had been destroying documentation in an attempt to cover his tracks. In total Cooney stole £276,622.66 from six victims.
Kathy Taylor, District Crown Prosecutor for CPS South West said: "As a bank employee Mark Cooney was trusted by his victims. They expected him to deal with them fairly and honestly but targeted them because he thought he could take advantage of them. His gambling addiction led him to commit ever greater fraud meaning he could no longer cover his tracks and he must now face the consequences of his crimes.
"We will now seek to recover the money stolen under the Proceeds of Crime Act."
Background information
Cooney targeted one victim while working at Halifax between April 2013 and September 2014.
He targeted another 5 victims during his time at Lloyds Bank between September 2014 and March 2015.
Details below:

 Bank Fraud amount
 Customer 1 Halifax £133,410.13
 Customer 2  Lloyds £114,861.55
 Customer 3  Lloyds £15,000
 Customer 4  Lloyds £10,326.78
 Customer 5  Lloyds £3,007.70
 Customer 6  Lloyds £16.50
 Total £276,622.66


http://www.cps.gov.uk/news/latest_news/gambling_addict_bank_worker_sentenced_to_28_months_for_300k_cash_fraud/


osted: 10:00 p.m. Friday, Sept. 4, 2015

Records show pattern of lies, theft by Tecumseh superintendent


Records show pattern of lies, theft by Tecumseh superintendent photo
Former Tecumseh Superintendent Brad Martin looks back at his wife after he was sentenced in Clark County Common Pleas Court on Thursday. Bill Lackey/Staff

Staff Writer

NEW CARLISLE — 
Numerous Tecumseh Local Schools leaders and staff members found money missing from the district as far back as July 2013, but the thefts weren’t reported to sheriff’s deputies, according to investigation and school records obtained by the Springfield News-Sun.
Many employees also noted unusual behavior by former Superintendent Brad Martin but mostly dismissed the incidents, interviews with detectives show.
To read the complete story, see an interactive timeline and view some of the sheriff’s records, go here:http://projects.springfieldnewssun.com/reports/pattern-of-deceit/

Continuing coverage
In tomorrow’s Springfield News-Sun we dig further into the investigation records revealing new details about the gambling addiction Brad Martin admitted to in court. The same week he was sentenced to six months in jail for stealing to fuel his habit, the state announced a new campaign to combat the growing trend of problem gambling in Ohio.
By the numbers
$2,400: Stolen from athletic department, which former Tecumseh Superintendent Brad Martin blamed on a janitor.
$3,500: Stolen from craft show including door sales, booth sales and raffle money.
$9,600: Cost of the special state audit that Martin must pay the district back.
$48,000: Total restitution ordered to be paid to Tecumseh and several school support groups.
Unmatched coverage
The Springfield News-Sun has dug into the thefts at Tecumseh Local School District since former Superintendent Brad Martin was placed on leave in December. Since then, I-Team Reporter Katie Wedell has reviewed more than 1,000 pages of documents and interviewed dozens of community members, school leaders, deputies and experts on gambling addiction to bring our readers the most in-depth coverage of this important story.


Friday, September 4, 2015

New Mexico Secretary Of State Accused Of Blowing Campaign Money At Casinos



Crazy Gambling Story: New Mexico Secretary Of State Accused Of Blowing Campaign Money At Casinos

Dianna Duran Hit With Charges Last Week



Duran
A 26-page criminal complaint filed on Aug. 28 against New Mexico’s Secretary of State alleges a slew of crimes including fraud, embezzlement and money laundering, with hundreds of thousands of dollars from her personal bank accounts being withdrawn, and then lost, at casinos since 2013.
Republican Dianna Duran, who has been in office since 2010 and has made $85,000 a year, allegedly electronically withdrew $147,641 in cash at seven casinos in 2013, and $282,806.96 from eight casinos in 2014, according to documents obtained byCourthouseNews.com.
The New Mexico Attorney General has accused her of stealing campaign money for personal use.
The other charges for the high-ranking politician are ethics violations, conspiracy, computer access with the intent to defraud or embezzle, tampering with public records, identity theft, filing a false campaign report and violating political campaign law.
Lawmakers in New Mexico are currently calling for her resignation and/or impeachment.