Behind the Headlines

Surprise: Retirees aren’t that vulnerable to fraud

MarketWatch

True or false: The elderly are at greater risk than younger people of getting scammed. If you said “true” you’re not alone: Media articles, academic papers, and consumer surveys often indicate the elderly are prime targets for scam artists.

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Citigroup Disbands Fraudulent Mexican Unit

Citigroup Mexican unit said to have committed decade-long fraud 

Bloomberg

Citigroup Inc. (C) said it discovered that the private-security unit in its Mexican bank engaged in illegal and unauthorized activities that included working for people outside of the bank and using intercepted phone calls. 

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The Double-Up Bug

Finding a video poker bug made these guys rich — then Vegas made them pay

Wired

John Kane was on a hell of a winning streak. On July 3, 2009, he walked alone into the high-limit room at the Silverton Casino in Las Vegas and sat down at a video poker machine called the Game King. Six minutes later the purple light on the top of the machine flashed, signaling a $4,300 jackpot. Kane waited while the slot attendant verified the win and presented the IRS paperwork—a procedure required for any win of $1,200 or greater—then, 11 minutes later, ding ding ding!, a $2,800 win. A $4,150 jackpot rolled in a few minutes after that.

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Fraudster Who Scammed Nearly 2,000 Clients Sentenced

Fraudster gets 16 years for bilking 2,000 clients out of $26M

Philadelphia Business Journal

Matthew McManus, former co-owner of Remington Financial Group, was sentenced to 16 years in prison Tuesday for his role in bilking nearly 2,000 clients out of $26 million in a wide-ranging fraud scheme.

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Leeds Executive Denies Embezzlement Accusations

'I can't remember receiving $3m', says jailed Dubai exec 

Arabian Business

David Haigh, the former Leeds United chief executive being held in a Dubai jail, has claimed he cannot remember whether he owned bank accounts into which he is accused of receiving about £1.9m ($3m).

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