_________::::___#491 - October 16, 2007________________
FRAUDBARON.com
The Anti-Fraud Professionals'
Source for Fraud News
#491 Updated: 10/16/07 6:36 a.m.

Mortgage fraud ringleader pleads guilty
The three-year investigation by the attorney general's office began when victims filed
complaints about incomplete or substandard construction work being performed by
construction companies affiliated with Almeida. Almeida and his associates secured
mortgages for these homeowners to finance the home repair projects by submitting
fraudulent documents to Argent Mortgage Co., a wholesale "sub-prime" mortgage
company, the release said.  Full story, bizjournals.com

SEC's Nortel Fine Won't Help Investors, Atkins Says
The U.S. Securities and Exchange Commission's most vocal critic of company fines dismissed
a $35 million penalty imposed on Nortel Networks Corp. as a ``public relations gesture.''  
Full story, bloomberg.com

Don't give business managers free rein
Many business owners get taken by an employee who lies, cheats or steals. The same
optimism that leads us to launch a business propels us into easy trust of both those who
deserve it and those who don't. Further, embezzlers often fool employers because they act
like model employees.   Full story, adn.com

Man who posed as female caregiver charged with embezzlement
Detectives say Penina Tawake, 31, of Sacramento, stole more than $24,000 from the
woman since he was hired in May. They allege he spent some of the money on a car and a
trip to Hawaii.   Full story, mercurynews.com

Iran Faces Warning Over Money Laundering
An international financial watchdog said Friday that it was worried about Iran's lack of
comprehensive measures to fight terror financing and money laundering.   Full story,
ap.google.com

Ernst & Young Embroiled in Whistleblower Case
Ernst & Young has been named by a law firm that has filed a submission with the Internal
Revenue Service's Whistleblower Office, claiming that one of the accounting firm's Fortune
500 clients improperly reduced its taxes by $1 billion through a series of transactions.   Full
story, webcpa.com

KPMG Trial Nears After Stormy Prologue
It was once billed as the biggest tax-fraud case in U.S. history. Then a federal judge
devastated prosecutors by dismissing charges against 13 out of 19 targets.  Full story,
smartpros.com

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