_________::::___#447 - July 19, 2007________________
FRAUDBARON.com
The Anti-Fraud Professionals'
Source for Fraud News
#447 Updated: 7/19/07 12:38 p.m.

Five-Year Anniversary of the President's Corporate Fraud Task Force
In the year 2006 alone, 98 years after the FBI’s formation, the Bureau
investigated 490 corporate fraud cases resulting in 171 indictments, 124
convictions, $14 million dollars in fines, and $62 million dollars in seizures.  FBI
press release.

DEFENDANTS PLEAD GUILTY TO $826 MILLION MBC SECURITIES FRAUD
MBC sold investment interests in viatical and life settlements through an
international network of sales agents.  MBC’s sales agents and marketing
materials fraudulently induced investor participation in MBC’s offering by promising
investors “safe” investments in “secure” life insurance policies. Instead, MBC’s
viatical and life settlement were speculative investments fraught with undisclosed
risks.   FBI press release.

Lakewood woman named in investment fraud case
Fields is accused of selling timeshare investments in Resort Holdings International,
which also has been known as Yucatan Resorts, Avalon Resort, Majesty Travel,
World Phantasy Tours and Galaxy Property Management. Fields told potential
investors the company owned four- and five-star resort properties, mostly in
Cancun, according to the complaint.   Full story, bizjournals.com

Jail imposed in embezzlement case
Sandpoint Police said Spurgeon took money from computerized cash dispensers
and covered her tracks by falsifying bank records. The graft apparently went
unnoticed until she contacted Sandpoint attorney Bruce Greene and said she
wanted to turn herself in.   Full story, freep.com

U.S. seeks $110 mln in Italian corruption proceeds
To help Italy, the U.S. Justice Department is trying to seize $110 million that it
says was allegedly laundered through U.S. bank accounts and came from court
awards won after an Italian businessman bribed Italian judges, officials said on
Monday.   Full story, reuters.com

2 convicted of fraud schemes in Wayne Co.
Leroy Adams of Detroit was sentenced last week in Wayne County Circuit Court to
3-14 years in prison on 15 counts of property and document fraud for fraudulently
procuring titles to properties and taking $250,000 in mortgages under false
pretenses. Adams is a repeat offender who was previously charged with running
a property-fraud scam.   Full story, freep.com

Lessons learned from white-collar felons
Bankers, lawyers and business executives whom Hank Shea has prosecuted seem
to agree: That first intentional misstep, however small, can lead to far worse
conduct.   Full speech, stthomas.edu

Former Montana gubernatorial candidate gets 10 years in prison for securities
fraud
Former Montana gubernatorial candidate Patrick Davison was sentenced Friday to
10 years in federal prison for orchestrating a Ponzi scheme that authorities say
bilked investors out of $6.8 million.  Full story, kansascity.com