SEC hits ITT Educational, execs with fraud charges
The Securities and Exchange Commission is suing ITT Educational Services Inc. and its top two executives for fraud, the agency announced Tuesday.
Fraud
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Judge, attorney credited for robust recovery for victims of securities fraud
The more than 90 investors who lost $9.7 million in a securities fraud perpetrated by Fishers hedge fund manager Keenan Hauke will recover about 33 percent of their losses – a far better outcome than is typical in cases of its kind.
3 brothers plead guilty to massive biofuels scam
Three brothers have pleaded guilty to participating in a biofuels scam that federal investigators are calling “one of the largest tax and securities fraud schemes in Indiana history."
Ex-Valpo attorney pleads guilty to wire fraud, money laundering
Former Valparaiso lawyer Clark Holesinger will plead guilty to federal wire fraud and money-laundering charges accusing him of stealing $2 million, according to an information announced Friday in the U.S. District Court for the Northern District of Indiana.
SEC: Indy-based Veros’ farm loans defrauded 80 of $15 million
The Securities and Exchange Commission has filed a federal lawsuit against Indianapolis-based Veros Partners Inc. and multiple related co-defendants. The SEC alleges the financial advisers defrauded 80 farm-loan investors of $15 million in 2013 and 2014, using those proceeds to repay earlier investors.
Questions exist as to whether fiduciary duty was breached
There is sufficient evidence to create genuine issues of material fact as to whether a shareholder breached its fiduciary duty owed to other shareholders and whether it committed constructive fraud by remaining silent about two businesses’ financial states, the Indiana Court of Appeals ruled Tuesday.
Justices: Fisherman is off the hook in grouper-tossing case
A Florida fisherman convicted of tossing undersized grouper off his boat is off the hook after a divided Supreme Court ruled Wednesday that he should not have been ensnared by a law targeting accounting fraud.
BGBC: Don’t get duped. Test your fraud skills
Do you think you are too smart to be duped by a fraudster? Have you been paying attention to our fraud articles? The Association of Certified Fraud Examiners estimates that the typical organization loses 5 percent of its annual revenue to fraud. Test your knowledge on fraud by taking this 10-question quiz.
COA finds double-jeopardy violations in conviction of former secretary of state
Former Indiana Secretary of State Charlie White, convicted of voter fraud and removed from office, had three of his six convictions overturned by the Indiana Court of Appeals Dec. 29 and will have to serve his sentence of one year of electronic home monitoring.
COA finds woman owes friend $800 more for unauthorized use of his money
The Indiana Court of Appeals affirmed that a woman improperly spent her friend’s money on repairs to a property he conveyed to her but found the trial court miscalculated how much she owes.
Conour victim settles suit naming Doehrman
Victims of convicted fraudster and former attorney William Conour have settled a lawsuit that named a one-time Conour associate as a defendant.
Court hears ex-Indiana elections chief’s appeal
An attorney for former Secretary of State Charlie White faced tough questioning Tuesday from Indiana's three-judge appeals court during White's latest bid to overturn the voter fraud convictions that forced him from office.
Appeal hearing set for ex-Indiana elections chief
The Indiana appeals court is set to take up former Secretary of State Charlie White's fight to overturn the voter fraud conviction that forced him from office.
Ex-prosecutor helps Ball State avert future fraud
A former federal prosecutor and a CPA firm are evaluating Ball State University's internal financial controls and investment portfolio as they create a plan to prevent a repeat of two investment scams that cost the university more than $13 million.
Government’s legal error requires another look at convictions
The United States government conceded on appeal that its treatment of vehicle titles and license plates as “property” from the perspective of Indiana in order to convict defendants of conspiracy to commit mail or wire fraud was a legal error. The 7th Circuit Court of Appeals reversed the convictions but did not foreclose the possibility of retrial.
OneAmerica pays $800K over fraud orchestrated by ex-employee
OneAmerica Securities Inc. has agreed to pay the state $805,000 to settle allegations it failed to supervise a former employee who helped orchestrate an $8.9 million Ponzi scheme in Ohio, Kentucky and southeastern Indiana.
Summary judgment inappropriate in light of pending discovery
Noting a pending discovery may still turn up answers, the Indiana Court of Appeals overturned a summary judgment and allowed a feud between former business partners to continue.
Midwest rappers, others charged with fraud
Members of an Indiana-based rap group called RACK Boyz and other suspects from Illinois made hundreds of thousands of dollars in a bank fraud scheme that included wooing participants through social media and Internet videos, federal and state authorities said Wednesday.
7th Circuit reverses 2 special conditions with bank fraud conviction
The government conceded that a man convicted for using fraudulently produced credit cards should not be subjected to suspicionless searches and seizures by authorities, so the 7th Circuit Court of Appeals reversed that condition of his supervised release.
Judges affirm Indiana retailer owes Levi’s $315,000 after violating policies
An Indiana company that operates a website selling jeans must pay Levi Strauss North America more than $315,000 after the company violated Levi’s Internet policies for distributors.