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Corporate Criminals Update: January 21, 2015

Corporate Criminals

Corporate Criminals

Today’s corporate criminals and malfeasance courtesy of Corporate Crime Reporter:

 

dollar signThe Financial Industry Regulatory Authority (FINRA) has fined Fidelity Investments $350,000 for overcharging more than 20,000 customers a total of $2.4 million.

FINRA charged that “Fidelity did not have reasonable supervisory systems or procedures to ensure that customers were charged accurate fees for accounts managed by third-party investment advisors, which resulted in erroneous and duplicate fees charged in certain customer accounts utilizing asset-based pricing, duplicate fees in certain customer accounts managed by third-party wrap providers, and erroneous markups on certain fixed income investments.”

According to the settlement with FINRA, in one program, Fidelity “did not accurately reflect the fees charged to customers.”

 

dollar signGeorge Landegger, the chairman of an international pulp mill company, Parsons & Whittemore, pled guilty to willfully failing to file reports of foreign bank and financial accounts (FBARs) with the IRS regarding secret Swiss bank accounts that he maintained and controlled at a Swiss private bank headquartered in Zurich, Switzerland.

Landegger maintained his undeclared accounts at the Swiss Bank from at least the early 2000s up until 2010.

During that time, Landegger’s undeclared assets reached a high value of over $8.4 million.

 

dollar signMore than 1,000 cities, counties, school districts and other government entities in California – including Los Angeles and Santa Clara County – will share in a $68.5 million settlement paid by Office Depot for allegedly overcharging them for office supplies.

The California entities participated in the US Communities purchasing program, which was set up to allow state and local governments across the country to leverage their combined purchasing power by appointing a single public entity to negotiate a contract with a vendor on behalf of all US Communities members.

Participants in the contract are guaranteed to receive Office Depot’s best available prices for government purchasers, according to Sherwin’s complaint.
But Office Depot allegedly gave Los Angeles, Santa Clara and the other California entities that are part of the settlement a lower discount rate than other government entities were given.

 

martha stewart

 

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