by Laura Gunderson, The Oregonian
Tuesday April 07, 2009, 5:58 PM
The FBI has accused a Roseburg-based fishing boat manufacturer of fraudulently swelling its inventory figures in an attempt to squeeze millions out of a Wells Fargo credit line.
According to an FBI affidavit and search warrant, North River Boats Inc. and its affiliated retail outlets have been accused of wire fraud.
Brian Brush, the company’s president and owner who bought the company in 1997, could not be reached for comment Tuesday.
Taraneh Foster, a North River spokeswoman, said that though the two companies are owned by Brush and share a headquarters, they are separate entities. She said the manufacturing arm, North River Boats Inc., “had no ties to Wells Fargo” and is operating normally.
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April 8 (Bloomberg) — India’s Central Bureau of Investigation filed charges against Satyam Computer Services Ltd.’s disgraced founder Ramalinga Raju for his role in the country’s biggest corporate accounting fraud case.
The charges include criminal conspiracy and falsification of accounts, and carry a maximum penalty of life in prison, CBI Deputy Inspector General V.V. Lakshmi Narayana said by phone yesterday. Raju’s brother and former managing director, Rama Raju, and two partners at PricewaterhouseCoopers LLP’s Indian affiliate were among nine people charged in the case, he said.
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NEWARK, N.J. - A New Jersey man has pleaded guilty in a mortgage fraud and property-flipping scheme involving rental properties in Paterson.
At his plea hearing Tuesday in federal court in Newark, 47-year-old Renford Davis of Paterson admitted conspiring with several co-defendants by recruiting borrowers to purchase two- and three-family homes in Paterson and providing false verifications to help them qualify for mortgage loans.
Prosecutors say Davis and others received substantial portions of the fraudulent loan proceeds after the closings.
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NEW YORK (AP) — Prosecutors have unveiled a beefed up indictment against a New York lawyer suspected of bilking hedge funds out of about $700 million.
The indictment released Tuesday in federal court in Manhattan accuses Marc Dreier with money laundering, among other charges. Dreier was already charged with conspiracy to commit securities and wire fraud, securities fraud and wire fraud.
Until December, he had led a law firm with 250 attorneys and celebrity clients. He was arrested after hedge funds complained he was stealing from them.
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