Ceo, Fraud | featured news

Former Enron CEO Jeffrey Skilling, who is serving a 24-year prison term for his role in the energy giant's epic collapse, could get out of prison early under an agreement being discussed by his attorneys and the Justice Department, CNBC has learned. Skilling, who was convicted in 2006 of conspiracy, fraud and insider trading, has served just over six years.

A prominent futures-industry executive, Russell Wasendorf Sr., was sentenced to 50 years in prison on Thursday for embezzling from his clients and defrauding banks over nearly two decades.

The son of the disgraced chief of Peregrine Financial said he has been personally and financially devastated by his father's fraud, which brought down the firm and left investors facing tens of millions of dollars in losses.

Peregrine Financial Group's former chief executive embezzled more than $215 million from customers of his now-defunct futures brokerage, U.S. prosecutors said in court documents filed on Tuesday.

Timothy S. Durham, the onetime chief executive officer of National Lampoon (NLMP) Inc., was sentenced to 50 years in prison for defrauding investors in an unrelated company he partly controlled. “I found no sincere remorse,” U.S. District Judge Jane Magnus-Stinson in Indianapolis said today before imposing punishment on Durham, 50. She said the former Fair Finance Co. CEO exhibited deceit, greed and arrogance.

Hewlett Packard Co rebuffed a request by former Autonomy Chief Executive Mike Lynch to detail accusations of accounting fraud leveled against the British software company and its former executives, and challenged Lynch to submit to questions under penalty of perjury.

The chief of Full Tilt Poker surrendered to authorities on Monday and pleaded not guilty to charges of illegal gambling and that the online poker operator defrauded its players.

Oswald Gruebel, the chief executive of UBS, has dismissed calls for his resignation as politically motivated, even as the Swiss banking giant raised its estimated loss by a rogue trader to $2.3 billion.

Alibaba.com CEO David Wei resigned after an internal investigation found that more than 2,300 sellers on the e-commerce site were committing fraud, sometimes with the help of Alibaba.com sales staff.

The former chief executive of Park Avenue Bank pleaded guilty to charges that he attempted to defraud the Troubled Asset Relief Program.