Xiang Dong Yu, a 47-year-old ex-Ford employee from Beijing, has been charged with theft of trade secrets, attempted theft of trade secrets, and unauthorized access to a protected computer for his role in stealing more than 4,000 pages of documents from Ford Motor Co. Yu planned to use the documents to secure a job at a Chinese car company but was instead arrested.
Yu was arrested upon stepping off a flight from China at Chicago’s O’Hare International Airport and the attorney representing the man has yet to comment on the situation. According to the indictment, Yu worked for Ford from 1997 …read more

Bernard Madoff was recently sentenced to 150 years in prison for committing the largest case of investment fraud ever perpetrated by a single person. However, his accountant, David Friehling, has maintained that he is innocent of any wrongdoing, despite the fact that he is the only other person besides Madoff to be charged in the multi-billion dollar fraud case.
 
The prosecution in the case has alleged that Friehling was responsible for verifying the transactions at Madoff’s fraudulent investment firm, but that he also failed to realize that Madoff was committing false transactions. This lack of oversight allowed Madoff to swindle millions …read more

Relief is on the way for the victims of Beazer Homes USA Inc.’s alleged mortgage fraud against those who had federally-insured mortgage loans for its homes. According to the Justice Department’s announcement today, Beazer will pay $53 million as part of the settlement, with $5 million going to the federal government and $48 million to victimized homeowners.
 
Atlanta-based Beazer made the settlement with North Carolina prosecutors so that it would not be held otherwise accountable for mortgage and accounting fraud, including the manipulation of company earnings. Prosecutors argued that Beazer made loans to buyers despite income requirements and then tried to …read more

Bernard Madoff is responsible for committing what has been referred to as the largest investment fraud ever perpetrated by a single person, so large that it is taking a long time to account for each individual victim and loss. In spite of this, prosecutors urge the judge in charge of the case to go ahead and sentence Madoff for his crimes.
 
The records of the activities of Madoff’s firm go all the way back to 1979 and much of it still needs to be entered into a computer, meaning that the exact amount of money that Madoff swindled out of investors …read more