_________::::___#413 - May 11, 2007________________
FRAUDBARON.com
The Anti-Fraud Professionals'
Source for Fraud News
#413 Updated: 5/11/07 10:06 a.m.

McAfee Ex-CFO Convicted of Fraud
Scheme caused the company to overstate revenue by more than $470 million and
understate losses by approximately $330 million between 1998 and 2000.  Full
story, CFO.com

Housing probe funding doubled
The county will spend $178,000 to investigate abuse of the controversial federal
government-subsidized housing program that many local residents say has
contributed to rising crime rates and declining property values.  Full story, LA Daily
News

Penthouse settles accounting fraud case with SEC
The settlement resolves the SEC's accusations that the company used an
unauthorized electronic signature of Bob Guccione, the magazine's former chief
executive officer, to meet Sarbanes-Oxley law certification requirements in its
2003 first-quarter report.  Full story, Reuters

Olympian Riddick Convicted in Bank Fraud
Olympian Steve Riddick was convicted Thursday of conspiracy, bank fraud and
money laundering in a scheme with others to steal money from banks by cashing
counterfeit checks for hundreds of thousands of dollars.  Full story, Houston
Chronicle

DEARBORN MAN PLEADS GUILTY IN $20 MILLION MORTGAGE FRAUD
Each of the loan packages submitted to a mortgage lender was fraudulent in one
or more of the following ways: the purpose of the loan was not to buy or
refinance a residence; the borrower described on the application was not the true
borrower; the description of the borrower's employment was false; documents
purporting to substantiate the borrower's employment (W-2 Forms, check stubs)
were bogus; the appraisal was inflated and forged; title to the property was not
free and clear, and the title company purporting to guarantee clear title (Taylor
Title, Downriver Title, or Tri-County Title) was merely a name used by Khalil and an
associate. Full story, FBI