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NEW YORK - The corporate tax rate is 35%. But an examination of 280 of the nation's largest corporations suggests that many aren't paying anything close to that. (CNN) REPORT: Corporate US tax dodgers 2008-2010 .pdf MORE: Big US firms avoid taxes 1 in 15 now rank as poorest poor Why prosecutors don't go after Wall Street US debt clock
SAN FRANCISCO - The FBI has confirmed that federal agents are conducting a search this morning at the offices of Solyndra, the now-bankrupt California solar power company that received $535M in federal loans under a green energy program touted by President Obama. (ABC) MORE: Politically connected solar company FBI searches offices |
Ottawa should dramatically cut its generous research and development tax breaks and plow the cash back into targeted grants for businesses, according to a new study by the University of Toronto’s Mowat Centre for Policy Innovation. (Globe & Mail) Innovation underperformance
LONDON - A Canadian billionaire with ties to powerful business and world leaders, including Bill Clinton and Tony Blair, has been arrested in Britain and is facing corruption charges. Police allege that the payments were in connection with contracts with US aluminum maker Alcoa Inc., for supplies of alumina shipped to Aluminum Bahrain, a smelting company with a majority state ownership. (CP) MORE: Bahrain chases losses Victor Dahdaleh |
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NEW YORK - The US hit Deutsche Telekom and a Hungarian subsidiary with $95M in fines to settle charges they bribed officials in Macedonia to gain a business advantage. (AFP) MORE: Deutsche Telekom settles
TORONTO - The Fraser Institute says Ontario governments of all political stripes spent more than $27.7B on direct subsidies to corporations between 1991 and 2009. (CP) REPORT: Ontario's Corporate Welfare Bill
VANCOUVER - A BC court will hear a lawsuit accusing international diamond behemoth De Beers and other diamond producers of a conspiracy to fix prices for the precious jewels. (CTV)
CHARLOTTETOWN - A group of PEI companies who built the new Holman Grand Hotel have filed liens against the building, with the company that built it having filed for creditor protection. (CBC) PREVIOUS: Government loans $30M to Homburg companies Holman Grand Hotel
VANCOUVER - The giant computer company Cisco Systems and US prosecutors deceived Canadian authorities and courts in a massive abuse of process to have a former executive thrown in jail, says a BC Supreme Court judge. (Vancouver Sun) PREVIOUS: US prosecutors duped BC court Engineer who sued Cisco faces charges
MONTREAL - The alleged network is accused of evading more than $150M dollars in provincial tax on $1.8B in sales revenue - and also cheating Ottawa out of its GST take. (CTV) MORE: High profile gold trader probed Gold trader denies fraud KITCO
TORONTO - Helen and Paul Kuszper of Mississauga, ON, admitted to insider trading and making false statements to the OSC. (CP) RELATED: Former MP settles with OSC
HALIFAX - Quintin Earl Sponagle, former head of Jabez Financial Services, is facing three counts of fraud over $5,000 and one count of theft over $5,000. (CBC)
Canadian consumer groups are warning about Vortex Debt Group, a US based debt resettlement company that is now operating in Canada, following numerous complaints from consumers who allege they were left with less money and more debt. (CBC)
SEATTLE - In a complaint (.pdf) filed with the US District Court in Seattle this week, the FTC alleges Alberta-born Jesse Willms, several business partners, and 10 companies controlled by Willms, lured consumers in the US, Canada, the UK, Australia and New Zealand into bogus “free” or “risk-free” online trial offers for products. (Toronto Star) MORE: Jesse Willms |
TOKYO - Japan’s Olympus admitted it hid losses on securities investments dating back to the 1980s, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt. (Reuters) PREVIOUS: Huge fees Drama with plenty of twists Breach of trust Zooming in on the scandal Michael Woodford
LONDON - The City of London Corporation has invested at least £100M ($160M) of public money in land purchases that opponents claim will enhance the value of neighbouring developments by the property company that employs the lord mayor. (Guardian UK) Michael Bear Hammerson
MONTREAL - Provincial police have arrested and charged an unlicensed financier south of Quebec City in an alleged fraud that bilked about 50 investors of $12.5M. (QMI)
VANCOUVER - The analysis, published on the blogsite, Alfred Little, accuses Silvercorp Metals Inc, a Vancouver-based company that operates two silver, lead, and zinc mines in China, of grossly inflating the value of its mining output in its reports to Canadian and US regulators. (Tyee) MORE: Silvercorp stung by report BC securities commission probe
TORONTO - The OSC has ordered that shares in troubled timber company Sino-Forest be halted until January. (Toronto Star) REPORT: Muddy Waters Research: Sino-Forest .pdf Execs ordered to resign
VANCOUVER - Ronald James Conn and his wife Sze Man "Ella" Conn were arrested after a lengthy investigation by the BC Security Commission's Criminal Investigations Team and the VPD. (CTV) MORE: Couple charged
Toronto-based HudBay Minerals said Tuesday that it will investigate allegations that security personnel, along with members of the police and military, attacked and gang-raped several women in 2007 during efforts to clear people from lands near a mining project in Guatemala. (CP)
LONDON - PVM Oil Futures trader Steve Perkins bought 7M barrels of crude in late-night trading binge on his laptop, driving the oil price to an eight-month high. (Telegraph UK)
VANCOUVER - Two law firms say they have filed a class action lawsuit against Visa, MasterCard, and some of the country's biggest banks, alleging they worked together to fix prices charged to merchants. (CP)
BERLIN - Three food companies, Dr Oetker, units of Kraft Foods and Unilever, have been fined 38M euros ($53.2M) for sharing sensitive competitive information, a German watchdog said. (AFP) |
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MIAMI - Juan Carlos Horna Napolitano, 40, a Venezuelan citizen residing in Florida, pleaded guilty to one count of conspiracy to obstruct official proceeding of the US SEC, in relation to the ongoing SEC investigation of a $500M Ponzi scheme relating to Venezuela's PDVSA Worker Retirement Funds. (EFE) PREVIOUS: Accountant pleads guilty Latest scandal Hedge fund exec admits guilt |
It’s been seven years since Conrad Black and a small group of his former business associates were ousted from Hollinger Inc. Meanwhile, the company has paid an estimated $145M for inspection-related costs, restructuring and professional fees since 2004. Despite the running tab, Hollinger still hasn’t recovered much. In fact, it has spent more money on professional advisors to clean house than it has recovered for stakeholders. (Financial Post) |
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OTTAWA - In October 2009, the federal government appointed Marketa Evans as the country's first "counsellor" (CSR) on the subject of corporate social responsibility in the mining sector. After two years, her taxpayer-funded office has accepted only two cases for review. (PostMedia) Mining and human rights in Chiapas |
Leaked report confirms violations Barrick Gold attacked Barrick Gold |
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Union blames firm for conflict OAS orders gold mine shut down |
Mining firm at centre of murder probe Demonstration at Canadian embassy Canadian mining firms face abuse New Gold forced to suspend mine |
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OTTAWA - The Conservative government will spend at least $285M this fiscal year on the Atomic Energy of Canada nuclear reactor division it sold last month for just $15M plus royalties to SNC-Lavalin, the Montreal-based engineering and construction giant. (PostMedia) |
'Tackle WB graft charges in 2 ways’ WB takes line on graft allegations No Candu for federal government |
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TORONTO - What began as a spat between a discount broker and Toronto's real estate establishment has burgeoned into a national issue that could sharply lower the cost of home-buying in BC and across the country. |
Real estate professionals approve MLS changes |
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Ten of the world’s most powerful oil, gas and mining companies own a staggering 6,038 subsidiaries with over a third located in ‘secrecy jurisdictions'. (BIJ) |
Britain lost billions in taxes Radical reform .pdf |
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Oil sands lack monitoring system OTTAWA - Canada lacks a world-class environmental monitoring system for the oil sands and one should be established under Ottawa’s watch with funding from energy companies, an advisory panel of scientists commissioned by the federal government said. |
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NEW YORK - The head of bankrupt US brokerage firm MF Global, Jon Corzine, will tell a congressional committee that he has no idea where its clients' money has gone. |
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MONTREAL - Quebec's investment arm wants its money back from a US company that abruptly closed three Canadian call centres laying off more than 1200 workers. (CBC) |
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RCMP have charged three men following a lengthy investigation into Knowledge House, an educational software developer that collapsed. Daniel Frederick Potter, Robert Blois Colpitts and Bruce Elliott Clarke face fraud-related charges. They are accused of manipulating stock prices. (CBC) PREVIOUS: House of cards |
PARIS - A French court has fined Warner Music Group CEO Edgar Bronfman Jr. €5M ($6.7M) for misleading investors about the Vivendi media conglomerate when he was a top executive there. (AP) MORE: Misleading investors French court convicts Bronfman Jr Edgar Bronfman Jr Jean-Marie Messier |
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NEW YORK - Galleon Group hedge fund founder Raj Rajaratnam was found guilty on all 14 conspiracy and securities fraud charges of insider trading, a verdict that could galvanize the government’s aggressive tactics in future prosecutions of Wall St. figures. (Reuters) MORE: Convicted on all counts in insider-trading trial Raj Rajaratnam |
LONDON - The British government has halted bidding for a $9.7B defence contract after a BC company was found to have sensitive information. Britain's Department for Transport says police are investigating how the information found its way to CHC Helicopter of Vancouver. (CP) MORE: Police probe irregularities |
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MEXICO CITY - Mexican antitrust officials confirmed the fine of 11.98B pesos ($1.01B) imposed on America Movil, billionaire Carlos Slim’s regional wireless provider, for engaging in a “monopolistic practice.” (LAHT) MORE: Commission explains fine Agency confirms fine Carlos Slim |
WASHINGTON - Johnson & Johnson paid $70M to settle federal civil and criminal charges it carried out a widespread bribery scheme involving payments to doctors in several European countries as well as claims it paid illegal kickbacks to Iraq under the United Nations Oil for Food Program. (Dow Jones) |
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BRUSSELS - The consumer products giants Unilever and Procter & Gamble have been fined 315m euros ($456M) for fixing washing powder prices in eight European countries. It follows a three-year investigation by the European Commission following a tip-off by the German company, Henkel. (BBC) MORE: EU fines washing powder cartel Producers of washing powder in cartel settlement case |
PARIS - There are "significant concerns" that Canada, despite years of effort and outside pressure, lacks the ability to fully enforce a prohibition against Canadian companies bribing foreign government officials, the Organization for Economic Co-operation and Development (OECD) said . (PostMedia) REPORT: Canada: Phase 3 .pdf New tax havens Bribery allegations |
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VANCOUVER - RCMP officers arrested John Paterson, former chief executive officer of Southwestern Resources Corp and charged him with nine counts of fraud in connection with a massive assay-altering scandal. (Vancouver Sun) |
WASHINGTON - The new financial reform law has what some lawyers call a secret weapon against fraud on Wall Street and in corporate America: the promise of a million-dollar jackpot to insiders who reveal an illegal scheme to the government. (LA Times) |
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CALGARY - Mariana Krsek said the $15,000 fines each company must pay is a drop in the bucket. "What do you think? That's enough to pay for a $2-billion company," Krsek said after Flynn Canada Ltd. and Germain Residences Ltd. were each handed the maximum levies under Alberta's Safety Codes Act. (QMI) MORE: Guilty pleas in construction death of child |
OTTAWA - Bell Canada paid a record-high $1.3M penalty for "unauthorized telemarking practices," including the peddling of its own services to people on the national do-not-call list, the Canadian Radio-television and Telecommunications Commission announced Monday. (PostMedia) PREVIOUS: $500,000 fine Xentel DM |
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Shareholders pursue another claim WINNIPEG - Crocus shareholder Bernie Bellan convinced some lawyers to file a class-action suit against Crocus Investment Fund officers and directors and some of its professional service providers several years ago. (Winnipeg Free Press) PREVIOUS: Crocus investment fund receiver Commercial crime a Canadian growth industry |
Regulated 'competition' has been good for us LONDON - Britain’s biggest energy companies earned an average 40% more in profits per household over winter following a collapse in the wholesale prices they paid for gas and electricity, Ofgem, the energy regulator, said. (Times online) RELATED: An energy breakthrough? Cynical price manipulation |
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The US insurance giant AIG has agreed to pay $725M to settle a long-running fraud case against it. The settlement is likely to be one of the biggest in US history, following a class action lawsuit led by three Ohio pension funds. (BBC) MORE: AIG sets settlement |
WASHINGTON - 76% of investors said financial advisers, a term used by major brokerage firms such as Bank of America Corp.’s Merrill Lynch to describe their salespeople, must uphold a fiduciary duty to their customers, according to the survey. (Bloomberg) |
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CALGARY - The head of a real estate investment club that the Alberta Securities Commission found to be a Ponzi scheme has been fined $513,000. Robert John Harris, operating as Harris Agencies, raised at least $5M to $6M from about 200 investors between 2000 and 2010, the ASC said. (Calgary Herald) JUDGMENT: 2011 ABASC 138 .pdf |
EDMONTON - Following a two-year police investigation, a 36-year-old Edmonton businessman is facing 74 fraud and theft-related charges. Vimal Iyer, who is the CEO of Trident Properties, is alleged to have promoted and sold undivided interests to 120 investors in three different land developments NE of Edmonton. (CTV) MORE: Multimillion dollar fraud |
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VANCOUVER - The BC Supreme Court has issued a ruling that could bring Canadian chocolate lovers a step closer to compensation from the country's major candy manufacturers. (CBC) |
VANCOUVER - The BC Securities Commission has ruled that Luc Castiglioni, director of CPLC Management Group and CPLC Limited Partnership, fraudulently diverted the funds from six investors. (CTV) MORE: Fined for fraud |
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Bank accused of money laundering WASHINGTON - The US Drug Enforcement Administration and the US Treasury alleged that the Lebanese Canadian Bank SAL, with 35 branches in Lebanon and an office in Montreal, has been "facilitating the money-laundering activities of an international narcotics trafficking and money-laundering network." (CP) REPORT: Lebanese Canadian Bank SAL .pdf |
The article Cash4Gold doesn't want you to read You've probably taken notice of a company called Cash4Gold that promised to pay "top dollar" for your not-so-precious precious metals. If you're like us, you might have even seen a post on ComplaintsBoard.com by a former employee exposing Cash4Gold. (Consumerist) PREVIOUS: Search to find the perfect Canadian |
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WASHINGTON - Bank of America Corp’s Countrywide Financial unit agreed to pay a record $335M to settle civil charges that it discriminated against minority homebuyers. (Reuters) |
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OTTAWA - Industry Minister Tony Clement says he's taking US Steel to court over its acquisition of Stelco Inc. in order to show foreign takeover bidders that Ottawa is serious about protecting Canadian interests. It is the first time the federal government has taken legal action to force a company to meet its promises under the 1985 Investment Canada Act. (Toronto Star) |
Competition ask to investigate OTTAWA - The Canadian government has asked the Competition Bureau to investigate complaints that Ticketmaster diverts tickets to its reselling subsidiary Ticketsnow, which then sells them for far higher prices. (Reuters) PREVIOUS: Class action lawsuit Scalping suit filed Lawsuit off limits to BC residents Consumer will pay Live Nation |
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TORONTO - Premier Dalton McGuinty says he’s “all ears” to a proposal that could return $1B to Ontarians from the owners of Hwy 407. (Star) |
OECD OECD review: Toronto, Canada |
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NEW YORK - A US court has overturned a block on Ecuadoreans collecting damages totalling $18.2B from Chevron over Amazon oil pollution. (BBC) |
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OTTAWA - Northrop Grumman Corp. can’t challenge Canada’s award of a $140M contract for weapon- targeting equipment to Lockheed Martin Corp. because it isn’t a Canadian company, the nation’s highest appeals court ruled. (Bloomberg) JUDGMENT: 2009 SCC 50 |
PARIS - Former Vivendi executives Jean-Marie Messier and Edgar Bronfman Jr are among seven people who must stand trial in Paris on charges involving share manipulation at the media company. (Bloomberg) MORE: Bronfman Jr faces trial |
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OTTAWA - A two-year probe of the restaurant industry in Canada has uncovered at least $40M in "phantom" cash sales so far, says the Canada Revenue Agency. (CP) PREVIOUS: Automated sales suppression device |
LONDON - A damning 850-page report (.pdf) into the collapse of MG Rover was begun 4 years ago at a cost of £16M to the taxpayer. (Times online) MORE: Phoenix windfall Not the fault of government The scandal is the public inquiry |
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BEIRUT - It's turning into the biggest financial scandal to hit Lebanon in years, perpetrated by a businessman being dubbed the nation's Bernie Madoff. Now, Hezbollah chief Hassan Nasrallah is weighing in on the topic amid allegations that Salah Ezzedine was a financier of the Shiite militant group and political organization. (LA Times) |
TORONTO - Cullen Johnson was a top Toronto cop. Elaine White was a dogged investigator at a downtown accounting firm. Now the husband and wife team of private detectives are accused of forging and selling bank records that make clients believe an ex-spouse, friend or employee has millions of dollars stashed offshore. (Toronto Star) |
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BRUSSELS - The European Commission has launched a preliminary inquiry into anti-trust allegations against Google brought by three online companies over how the Internet giant’s search engine operates and the way it sells its digital advertising. (AFP) |
Court convicts Google trio of violating privacy |
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