Conservative Economic Commentary | Topic: Fraud

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Subject: fraud

In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and is also a civil law violation. Many hoaxes are fraudulent, although those not made for personal gain are not technically frauds. Defrauding people of money is presumably the most common type of fraud, but there have also been many fraudulent “discoveries” in art, archaeology, and science. (Wikipedia Jan 2010)

Stock buyback shenanigans

WSJ exposes the 9/11 caper

By John Schroy, on July 20th, 2006 |

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In a major exposé of the misuse of executive options, the Wall Street Journal ran a front page article on July 15, 2006, reporting that as stocks sank after the the 9/11 attacks, scores of companies rushed to issue options to top officials. Some executives reaped millions.

The SEC provided cover to this fraud, relaxing the already lax SEC Rule 10b-18. Executives were able to play on patriotic sentiment to personal advantage, diverting shareholder funds to their own pockets.

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