On December 11, 2008, FBI agents arrested Bernard L. Madoff for orchestrating the largest Ponzi scheme in history, worth approximately $65 billion and affecting 37,000 victims across 136 countries. Madoff, former chairman of the Nasdaq Stock Market, confessed to his sons on December 9 that his …
Bernie MadoffFederal Bureau of InvestigationSecurities and Exchange Commission (SEC)Harry Markopolosfraudregulatory-capturesecponzi-schemefinancial-crime+3 more
Former lobbyist Jack Abramoff was sentenced to 48 months in federal prison and ordered to pay $23,134,695 in restitution for his role in the massive congressional corruption scandal. This Washington D.C. sentencing was for conspiracy to commit honest services fraud, honest services fraud involving …
Jack AbramoffMichael ScanlonNative American TribesU.S. District CourtDepartment of Justice+4 morecorruptionlobbyingabramoffsentencingrestitution+2 more
General Dynamics Armament and Technical Products agreed to pay $4,058,750 to settle federal fraud charges that it defectively manufactured or failed to properly test components for Navy aircraft and submarines, then fraudulently billed the government despite knowing the equipment did not meet …
General DynamicsBenton J. CampbellDefense Criminal Investigative ServiceNavydefense-contractorsfraudgeneral-dynamicssubmarinesdepartment-of-justice
Bank of America completed its acquisition of Countrywide Financial on July 1, 2008, purchasing the nation’s largest mortgage lender for approximately $4 billion in a Federal Reserve-approved transaction that would ultimately cost Bank of America and its shareholders at least $50 billion in …
Angelo MoziloCountrywide FinancialBank of AmericaSecurities and Exchange Commission (SEC)Department of Justice+1 morefinancial-crisisregulatory-capturepredatory-lendingfraudaccountability-crisis+1 more
Lobbyist Jack Abramoff pleaded guilty to federal corruption charges, exposing one of the largest congressional corruption scandals in modern U.S. history. Abramoff and partner Michael Scanlon defrauded Native American tribes of 5 million through inflated lobbying fees and secret kickbacks. The …
Jack AbramoffMichael ScanlonBob NeyTom DeLaySteven Griles+2 morecorruptionlobbyingabramoffcongressbribery+1 more
On November 7, 2005, financial analyst Harry Markopolos submitted his third and most detailed complaint to the SEC, a report entitled ‘The World’s Largest Hedge Fund is a Fraud,’ outlining approximately 30 red flags indicating that Bernie Madoff was operating a Ponzi scheme, which …
Harry MarkopolosSecurities and Exchange Commission (SEC)Bernie Madofffraudregulatory-capturesecponzi-schemefinancial-crime+3 more
Donald Trump formally launched “Trump University” on May 23, 2005, a real estate training program that operated without proper academic licensing or accreditation. The enterprise, incorporated in 2004 with Trump owning 93% of the company, conducted three- and five-day seminars marketed …
Donald TrumpMichael Sextontrump universityfraudconsumer protectioneducation fraudbusiness ethics
Jack Abramoff orchestrated a complex lobbying scheme involving the Tigua tribe’s Speaking Rock Casino, first helping to lobby for its closure through Texas legislation, and then charging the tribe $4.2 million to allegedly reopen the casino. The case exemplifies Abramoff’s fraudulent …
Jack AbramoffMichael ScanlonTigua TribeRalph ReedTexas Legislatureabramofftigua-tribetexas-gamblingdouble-dealingfraud+1 more
Federal regulators seize Lincoln Savings and Loan, ending Charles Keating’s systematic fraud scheme that ultimately costs taxpayers $2.3 billion—one of the costliest S&L failures in American history. The seizure comes after years of regulatory delays caused by political interference from …
Charles KeatingFederal Home Loan Bank BoardResolution Trust CorporationLincoln Savings and LoanKeating Five Senatorscharles-keatinglincoln-savingss&l-crisisfraudseizure+1 more
Silverado Savings and Loan collapses with losses exceeding $1 billion to taxpayers, exposing serious conflicts of interest involving Neil Bush, son of Vice President-elect George H.W. Bush. Neil Bush served on Silverado’s board of directors from 1985-1988, during which he approved over $130 …
Neil BushGeorge H.W. BushSilverado Savings and LoanFederal Deposit Insurance CorporationGood International+1 moreneil-bushsilverados&l-crisisconflict-of-interestfraud+1 more
Charles Keating, through American Continental Corporation, purchases Lincoln Savings and Loan for $51 million. Exploiting the deregulated environment created by Garn-St Germain, Keating rapidly expands Lincoln’s assets from $1.1 billion to $5.5 billion over four years through high-risk real …
Charles KeatingAmerican Continental CorporationLincoln Savings and LoanKeating Five SenatorsFederal Home Loan Bank Boardcharles-keatinglincoln-savingsfraudkeating-fiveregulatory-capture+1 more
Veterans Bureau Director Charles Forbes resigned from Paris after President Harding confronted him at the White House, allegedly grabbing him by the throat and shouting “You double-crossing bastard!” Forbes had embezzled money, accepted bribes, and sold nearly 7 million dollars of …
Charles ForbesWarren G. HardingCharles F. Cramerexecutive-corruptioninstitutional-capturefraudsystematic-corruption