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Welcome to Corporate Scandals Exposed

We are the Internet's primary source for corporate scandals and business scams, providing you, the consumer, with corporate scandal news, facts and stories.

Beijing Olympics Tickets Scalped Online

Despite facing 15 days in jail, fines, and detentions scalpers continue to sell tickets for the Beijing Games. Some are up to 10X their origional price.

Major Airlines Management Clash With Workers

Hundreds of flight attendants, mechanics, ground workers and other employees are seething their bonuses being paid to managers

UBS Executives Cash in Just Before Crash

Executives at UBS cashed in over $21m of holdings in securities just prior to the market collapse.

Chairman and Chief Executive call Microsoft's Actions Stupefying

Buckle to the pressure of Microsoft or will can they hold out to only sell a part of the company.

Livent Inc. Accused of Ordering Fraudulent Manipulations

A former controller at Livent Inc. has come forward saying his job was to Manipulate the company's books and financial records.

Mark Lay to Pay $212 Million and Serve 12 Years in Prison

Mark Lay an investment advisor with the Ohio Bureau of Worker's Compensation. Lay is estimated to have cost Ohio over $216 Million over a high-risk hedge fund which was set up in Bermuda.

UnitedHealth Group Inc. to Pay $895 million

UnitedHealth Group will axe 4,000 jobs in an attempt to save enough
cash to settle a $895 million Employee Retirement Income Security Act settlement.

Microsoft Ordered to Pay Alcatel-Lucent over $500 Million

Microsoft has been accused of infringing on two Alcatel-Lucent patents
and has been ordered to pay over over $500 Million in compensation.

Siemens ex-CFO Accused of Taking Bribe

Heinz-Joachim Neubuerger former CFO of Siemens is accused of accepting bribes and the company is being investigated on over 2 billion dollars worth of suspect payments.

How Far Can Airliners Push Customers Before They Crack

US Airlines are raising fares, adding new fees, and pushing customers to the breaking point. Can the large US airlines even survive the fuel crisis?

American Airlines to Charge $15 for Checking Luggage

Your first checked bag with American Airlines will now cost you at least $15. While other hiden fees may be applied to oversized bags, reservation help and more.

Oil Hits $127 a Barrel and is Still Rising!

Yet OPEC ministers all agree that global oil supplies are enough to meet the demand and refuse to increase world supply

Upwards of 350,000 IRS Tax rebate Cheques Sent With Incorrect Amount

More then 350,000 tax cheques were mailed without the $300 per child rebate payment. The tax agency blames a combination of computer and human error.

$17 million for 9 months of work isn't bad at all!

The Pep Boys provided former CEO Jeffrey Rachor a package worth over 17 million last month.

Worlds Largest Money Manager Under Investigation for Tax Evasion

The Department of Justice is investigating USB AG for potentially helping its clients commit various acts of tax evasion.

George Clooney Clothing Line Pulled

Two people are under investigation for trying to sell counterfeit George Clooney clothing and accessories.

Mortgage Fraud Investigations Surge

The FBI says there has been a large surge in mortgage fraud investigations in recent months and the trend is expected to continue.

Samsung Group Chairman Lee Kun-Hee Indicted for Tax Evasion

Prosecutors indicted Samsung chairman Lee Kun-Hee for breach of trust and tax exasion this week. Lee Kun-Hee then hinted he may step down as chairman.

Is the US Economy at a Turning Point?

According to Federal Chairman Ben Bernanke the worst is yet to come. Our economy is so complex that a failure in one area can have unforeseen consequences in many others.

AIG Set to Sue Former CEO

American International Group Inc. filed a motion against Maurice Greenberg for a breach of duty. The AIG suit seeks to gain control of 290 million AIG shares from Starr International.

CVS Caremark Set to payout $37 Million in Fraud claims

CVS Caremark will pay more then $37 Million to settle fraud claims in almost 23 different states. The largest pharmacy chain in the US billed Medicaid programs for more then they needed.

Can The Business World Handle Another Worldcom or Enron?

Five ex-executives from National Century Financial Enterprises were convicted yesterday of securities fraud, money laundering, and conspiracy.
The fraud scandal is estimated to have cost the company $1.9 Billion.

More Then 44,000 Signup for a Share of the Voixx Settlent

More then 44,000 people who blame Vioxx for their heart attacks or strokes signed up for a share of the $4.85 billion settlement over the Voixx painkiller.

MF Global Trader Looses $141.5 Million

A rouge trader working at MF Global Ltd. lost over $140 Million this week trading wheat. MF Global Ltd. immediately fired the rouge trader.

Conrad Black is Asking For a Delay of His Jail Sentence

Conrad Black asked a judge for an emergencey delay of his jail sentence. The delay, if granted will ensure his appeal is decided before Conrad Black spends any time behind bars.

British Airways and Virgin Atlantic Agree to Settle Price-Fixing Case

It is being reported that both British Airways and Virgin Atlantic will pay upward of US$200 Million to settle claims of price fixing. Customers who traveled with the airlines between 2004-2006 may be eligible for a partial refund.

French Trader Scandal and Jail Time

Jerome Kerviel was sent to jail as investigations continued into his multi-billion dollar bank scam which cost the Societe Generale bank heavy losses.

Merck and Co. to Settle Claims for $671 Million

Claims that Merck and Co. overcharged for four drugs, two of which were Vioxx and Zocor. Drug companies are suppoesd to report their lowest prices for their products to try to avoid such as scam.

French Trader Scandal, Scam and Fraud all-in-one

It was discovered last week that a French trader Scamed the second largest bank in Fraance, Societe Generale for $7.1 Billion!

Former CEO of Brocade Communications Systems Inc. Sentenced

Brocade Communications Systems Inc. former CEO was sentenced to 21 months in jail for attempting to tamper with the companies stock options. Gregory Reyes was also fined $15 million.

Samsung Group Accused of Bribing Influential Figures

Prosecutors raided the headquarters of the Samsung Group Tuesday
seeking evidence that Samsung set up a fund aimed at bribing officials.

Warren Buffett and the AIG Scandal

Warren Buffett is named as a potential witness by Prosecutors as some believe he was involved. Up to now Warren Buffett has not been charged with any crime.

Conrad Black fined $125,000 US and sentenced to 6.5 years in Jail

Conrad Black was sentenced yesterday to 6 1/2 years in Jail and ordered to pay a $125,000 US fine. On top of this he is forced to forfeit $6.1 Million.

Kenneth Lay's Widow Claims Her Husband Was Innocient

Linda Lay “denies any criminal activity on the part of Kenneth L. Lay, including his alleged participation in securities, fraud, wire fraud, conspiracy or money laundering.

Lawsuit Filed Against Ericsson Making For False & Misleading Statements

A class action lawsuit has been filed on behalf of investors against Ericsson, a telecom equipment maker. The company is accused of making false and misleading statements.

Wal-Mart Wanted Tax Documents Sealed From Public View

Wal-Mart filed a motion last month to have future filings in a tax dispute case sealed from public view. The case was denied yesterday.

Embezzle $7 Million and Go To Jail

Angela Timmons, age 45, who embezzled $7 million from the company she worked for was sentenced to almost 7 years in prision and ordered to payback the money she stole.

Less U.S. Bankruptcies = More Foreclosures

In 2005 A bankruptcy code was revised that no longer lets people declare bankruptcy to get away from credit card bills. This new code is helping drive foreclosures to new records.

Class-Action Lawsuits Filed Against Merrill Lynch

Class-action lawsuits were filed this week on behalf of shareholders against Merrill Lynch, officers, and directors in the wake of the companies $8-Billion blunder.

US Mortgage Industry In Desperate State

Over 2 million homeowners are behind on their mortgages. Another 2 million borrowers have tarnished, or dangerous, credit and will see their payments rise before the end of next year.

Ian Thow Stole Millions to Fund Jets, Yachts and Mansions

Then senior vice-president with Berkshire Investment Group Inc.,
Ian Thow is alleged to have cashed in on the elderly for over $32 million.

SEC To Investigate Angelo Mozilo, CEO of Countrywide Financial

The US Securities and Exchange Commission (SEC) is set to investigate
the CEO of Countrywide Financial Angelo Mozilo, for allegedly dumping stock just months before the US mortgage crisis pummeled the market .

CIBC Lawsuit

Two separate law firms are beginning a class action lawsuit against CIBC for its alleged failure to pay proper over time wages to employees.

Oscar Wyatt Jr. Submits Guilty Plea in Oil-For-Food Lawsuit

On Monday Oscar Wyatt Jr. pleaded guilty on charges that he paid millions of dollars to Iraqi officials to illegally win contracts connected to the United Nations oil-for-food program.

U.S. Interest Rates Will Be Lowered Again By January

Bond traders, say the Federal Reserve will lower interest rates again before the end of the year as the economy comes to a grinding hault. Latest data show unexpected job losses, a drop in retail sales and no relief in sight for the housing market scandal.

The Intel Corp. Investigation Is Over

The Intel Corp. investigation is over as Antitrust investigators in South Korea wrapped up a two-year probe into Intel Corp.'s activities in the country.

Southwestern Resources Corp. Suing Former CEO

John Paterson Former CEO of Southwestern Resources Corp. is being sued by the company for fraud and illegal insider trading. In the meantime there has been a class-action lawsuit against the mining company and its former CEO since July.

NovaStar Set to Fire 37% of staff

NovaStar Financial a US mortgage lender announced it is set to fire 500 employees while it ceases to offer home loans through brokers.
This comes as a direct result of the US housing market crisis.

Penny Stock Spam Scam

Over a half a billion e-mails were sent in the past few days aimed at
getting unsuspecting investors to pump their money into Prime Time Group Inc. stock. As a result the stock nearly doubled in less then a week.

Home Depot Inc. Fires 4

Home Depot Inc. fired 4 of its managers for kickbacks they received totaling as much as $1 Million