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FRAUDBARON.com
The Anti-Fraud Professionals'
Source for Fraud News
#462 Updated: 8/24/07 10:05 a.m.

Auditor: N.C. A&T had corruption, fraud
Fayetteville State’s troubles mostly stem from poor management, ineffective leadership,
poor training and poor accountability, Hackley said. At N.C. A&T, there was corruption that
has led to several arrests.   Full story, fayobserver.com

Men indicted on securities fraud
Clifford Palm, 55, of Citrus Heights, and Robert Koppel, 78, of Roseville, were two of eight
people indicted Wednesday in connection with a scheme to defraud 500 investors in 20
states for more than $25 million, according to U.S. Attorney McGregor Scott.  Full story,
bizjournals.com

Investors, company reach settlement in fraud lawsuit
The jury on Tuesday awarded $1.66 million in actual damage to the seven investors. Torres,
who used his influence as the president of the Moraga Chamber of Commerce to bilk
acquaintances out of more than $6 million between 1998 to 2004. He convinced them to
purchase phony municipal bonds.   Full story, mercurynews.com

Man gets four years in jail for embezzlement
A federal district court judge in Hartford ordered a Litchfield man to serve four years in a
federal penitentiary for mail fraud for embezzling his in-laws' retirement fund he managed
for two years.  Full story, registercitizen.com

Emeryville man pleads guilty in investment scam
Garza had owned and operated the Garza & Associates tax and bookkeeping service, and
also did consulting and worked as a loan broker for high-end loans. In pleading guilty, he
admitted that from mid-1999 through late 2001, he schemed to solicit money from Bay Area
clients to invest in a Denver fiber-optics company called Aerie Networks, but instead used
the money himself.  Full story, insidebayarea.com

Two charged in $2 million scam
Two Minnesota executives of a real estate closing firm have been charged with stealing
more than $2 million in home mortgage loans by routing $370 million in loans to the wrong
bank account.  Full story, startribune.com

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