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The current investigation involves what is reported to be the largest fraud in banking history. [24] [25] On 11 March 2008, Société Générale announced that another of their employees had been taken into custody in connection with the investigation of the fraud, and their headquarters searched by police. [26] Kerviel's trial began on 8 June ...
A chargeback is a return of money to a payer of a transaction, especially a credit card transaction. Most commonly the payer is a consumer. The chargeback reverses a money transfer from the consumer's bank account, line of credit, or credit card. The chargeback is ordered by the bank that issued the consumer's payment card. In the distribution ...
Repo 105 is Lehman Brothers' name for an accounting maneuver that it used where a short-term repurchase agreement is classified as a sale. The cash obtained through this "sale" is then used to pay down debt, allowing the company to appear to reduce its leverage by temporarily paying down liabilities—just long enough to reflect on the company's published balance sheet.
The "reverse charge mechanism" now requires that the customer, rather than the supplier, account for VAT on the supply. [19] [20] In 2010, the reverse charge mechanism was extended to services in order to combat MTIC fraud in the carbon market. This means that the reverse charge applies to transactions in emissions allowances. [9]
A 51% attack on a blockchain refers to a miner or a group of miners trying to control more than 50% of a network’s mining power, computing power or hash rate. People in control of such mining ...
To combat digital transaction fraud, prepaid cards have been offered as an effective alternative to ensure customer payment. [3] MasterCard was sued in 2003 by an Internet vendor for having credit card policies and fees that have made Internet vendors especially vulnerable targets of friendly fraud.
In an eleventh-hour reversal, former President Donald Trump announced Sunday he will not go back on the witness stand in the $250 million civil fraud trial against him and his company.
It is important to note that the actual distinction between the two different types of fraud is what the intentions of the debtor were. For example, where the debtor has simply been more generous than they should have or, in business transactions, the business should have ceased trading earlier to preserve capital (see generally, wrongful trading).