Nestle accused of ‘colossal fraud’ in Poland Spring suit

Nestle accused of ‘colossal fraud’ in Poland Spring suit

According to a lawsuit, Nestle’s Poland Spring bottled water has duped consumers into paying premium prices for ordinary ground water that’s pumped from populated areas rather than natural springs as the company advertises. A complaint filed earlier this month in a Connecticut court claims that Nestle Waters North America has bottled water that doesn’t meet the US Food and Drug Administration’s definition of spring water. The suit includes claims for breach of contract and fraud,…

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Canada Post requests access to documents seized for fraud investigation in Winnipeg

Canada Post requests access to documents seized for fraud investigation in Winnipeg

Canada Post is requesting access to documents seized by Winnipeg RCMP in a fraud investigation into the company it paid to build a mail processing plant in the city. The Crown corporation filed a notice of application with the Court of Queen’s Bench in Winnipeg on Thursday to get documents seized from Caspian Construction relating to the project, which was completed in 2010. A Canada Post spokesperson said the corporation wants to use the documents “to analyze…

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Million-dollar fraud trial involving Alberta oilfield company to start next week

Million-dollar fraud trial involving Alberta oilfield company to start next week

A million-dollar fraud case dating back nearly five years is heading to trial next week in Calgary. Blackfalds RCMP began investigating in October 2012 allegations of altered financial documents and the theft of millions of dollars from Silverado Oilfield Ventures. Shelley Davidson, who is now 40, was charged with fraud and theft over $5,000 in August 2013. Davidson worked for the company from 2006 to 2011. Silverado Oilfield Ventures shut down soon after the police…

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Home Capital to pay $11 million over mortgage fraud

Home Capital to pay $11 million over mortgage fraud

Ontario’s securities watchdog approved a settlement on Wednesday with Home Capital Group Inc. and three former executives who failed to tell investors quickly and completely about fraudulent activity by some mortgage brokers associated with the alternative lender. As a result of the settlement, about $11 million could flow through the Ontario Securities Commission (OSC) to shareholders covered by a related class action suit that’s awaiting court approval. The agreement is conditional on the Ontario Superior…

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Callidus Capital disputes report of whistleblowers alleging fraud

Callidus Capital disputes report of whistleblowers alleging fraud

Canadian alternative lender Callidus Capital Corp. is denying reports that regulators and police are probing the company’s business after whistleblowers came forward to allege the company is engaged in fraud. The company trades on the Toronto Stock Exchange (TSX) and saw its shares lose more than a fifth of their value on Wednesday after the Wall Street Journal reported that at least four unnamed sources have filed whistleblower complaints with the Ontario Securities Commission (OSC)….

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SEC awards tipster more than $1.7 million USD

SEC awards tipster more than $1.7 million USD

The U.S. Securities and Exchange Commission (SEC) has awarded a corporate whistleblower tipster more than $1.7 million USD for providing the regulator with “critical information to help stop a fraud that would have otherwise been difficult to detect.” The SEC noted that the enforcement action sparked by the whistleblower tip led to millions of dollars being returned to harmed investors. The SEC’s announcement is the second financial award announced in less than a week by…

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Canadian executive exonerated in World Trade Centre rebuilding fraud

Canadian executive exonerated in World Trade Centre rebuilding fraud

A Canadian steel company executive convicted of defrauding a program to help minorities and women in the reconstruction of the World Trade Centre has been exonerated. Judge Loretta Preska exonerated Larry Davis, of Mississauga, Ontario, on Thursday. David was convicted by a jury in 2016 on wire fraud and conspiracy charges. His lawyer had portrayed him as one of the heroes who rebuilt the skyscrapers after the attack in 2001. The Port Authority of New…

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Celgene Corp. to pay $280M to settle cancer drug fraud suit

Celgene Corp. to pay $280M to settle cancer drug fraud suit

Celgene Corp. has agreed to pay $280 million to settle a whistleblower lawsuit alleging the pharmaceutical company committed fraud promoting a drug with a notorious history that was re-purposed to treat leprosy and another therapy for unapproved cancer treatments, federal prosecutors announced Tuesday. The agreement settled a lawsuit in Los Angeles federal court by a former Celgene saleswoman who said the New Jersey-based company submitted false claims to Medicare and health care programs in 28…

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OSC: Sino-Forest defrauded investors

OSC: Sino-Forest defrauded investors

The Ontario Securities Commission (OSC) ruled on Friday that China-based timber company Sino-Forest Corp., which was formerly listed on the Toronto Stock Exchange (TSX), engaged in fraudulent practices. The ruling upheld almost all of the regulator’s allegations against the company and several of its top executives, including the company’s co-founder, chairman and CEO, Allen Chan. Securities Commission staff had previously alleged that Sino-Forest and its executives perpetrated one of the largest corporate frauds in Canadian…

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OSC rules: Sino-Forest defrauded its investors

OSC rules: Sino-Forest defrauded its investors

Timber company Sino-Forest and several of its top executives defrauded investors and misled investigators, the Ontario Securities Commission ruled in one of Canada’s largest corporate fraud cases. In a nearly 300-page decision released Friday, the regulator said the company as well as former chief executive Allen Chan “engaged in deceitful or dishonest conduct related to Sino-Forest’s standing timber assets and revenue they knew constituted fraud.” In addition, Albert Ip, Alfred Hung and George Ho were…

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