The comprehensive term financial scandal contains a multiplicity of illegal or obscure procedures of white-collar crime. The Spannbreite of the procedures reaches from late reservations with transfers, insolvency, insider trade over bribery up to deliberate fraud. By this kind abuse all private, business, non-profit and public management levels, which concern financing or the economic control, are affected. History shows that the consequences can be just as extensive. Of the dismissal of individual persons, over national cabinet crises up to the international

Perhaps a financial scandal leads to the loss of the invested capital or to unjustified enriching of individual persons. Pretty often a financial scandal with knowledge lacking or supervision lacking of the persons involved justifies itself, partially also in the absence of appropriate laws.

• B2A Business ton administration e.g. bribery of politicians, in the office.
• B2B Business ton Business e.g. fraud on large investors with firm assumptions
• B2I Business ton investor e.g. fraud on small investors with share new eating ions

Admitted scandals

List of names

• Plumey was condemned 1993 in Basel because of professional plant fraud with in Colorado in the years 1979-1985 to the extent of 200 millions CHF to 7 years penintentiary; Punishment 1999 after successful appeals to the Federal court and to the EMRK to 4 3/4 lowered.

Ivan F. Boesky; 1986 because of forbidden to three years prison and a fine by 100 million dollar were condemned.

• Barbara Knoflach, 2004, in connection with events around the SEB Immoinvest
• Carsten Straush, GAMAG, derivatives trade, the BaFin placed the GAMAG in 05.2004 under completion
• Abdurrahman Wahid, Indonesia, joggle 23 July 2001
• Alexander Schalck Golodkowski, GDR, foreign exchange broker
• Berne pool of broadcasting corporations Cornfeld, the USA also Bernie Cornfeld mentioned. In connection with events around investor the Overseas services
• Berne pool of broadcasting corporations J. Ebbers see: EN: Berne pool of broadcasting corporations Ebbers the USA, MCI Worldcom, balance manipulation of 11 billion USD
• Berne pool of broadcasting corporations Tapie, France
• Dieter Behring, Switzerland. Suspicion on professional fraud with Hedge of find at a value of approx. 1 billion Swiss Franconia.

Financial scandals with at present unknown status

• A. Stavisky Scandal, France, 1933/34, the Russian A. Stavisky betrog hundredthousands of Kleinsparern, consequences relating to domestic affairs: Resignation of the government
• Berlin jet, Germany, airline
• Expo 98, Portugal, exhibition, loss of 700 million Marks, source: The time 1999

Establishment financing scandal

An establishment financing scandal is characterised by the fact that the promises are not kept concerning the company target or the expectation of profit during establishment of an enterprise or the market entrance in the process of the later business concern. Ignorance, miscalculations and false estimates form the basis for the later insolvency. Pretty often the bankruptcy of the company in addition, by actions of the management and the grasp after the last straw one out-hesitates. Partial laws are exceeded and it develop still larger damage.

• Cargolifter AG, Germany, building of airships, establishment 1 September 1996 and insolvency procedure opening on 1 August 2002. The company target was never reached.
• EM.TV, Germany, film right trade, reorganization
• Panama channel, Panama, water way, construction period: 1. January 1880 until 15 August 1914 inclusive reorganization
• V Bird, the Netherlands, airline, 27 October 2003 until 8 October 2004, failure on 15 December 2004
• FlowTex, drilling technology, heaviest case of white-collar crime in Germany, 1994 to 1999

Bank scandals

In Germany a bank belongs usually to the shareholders, comrades or the public hand. These cling also with offenses of bank employees. Larger money transactions or participation are suggested as a rule by the executive committee and approved by the supervisory board, so that comprehensive control is ensured also in temporal regard. The customer inserts are usually secured by an insert contingency fund financially, so that in the case of loss the customer receives his inserts back. Examples of bank scandals:

• Banco Ambrosiano, Italy Vatikanstaat, uncovering: 18. June 1982, damage sum: 120 million dollar. See also: Roberto Calvi
• Berlin bank scandal, 2002, see also: Fund scandals and Landesbank Berlin
• BCCI, 198x, the USA. Bank. The Langname for the acronym reads: Bank OF Credit and Commerce international

Fund scandals

In Germany a fund is presented as a rule by a Kapitalanlagegesellschaft (KAG). This KAG is according to the KAGG the daughter of a bank. Cause for this construction are the procedures around Berne pool of broadcasting corporations Cornfeld and the investor Overseas service failure. The Kundengelder are secured, contrary to the savings deposits with a bank, not by an insert contingency fund. The Kundengeld is invested directly at the market to the market risk. This risk adds itself to the coworker risk of the KAG (fund company). They sit substantially more near at the Kundengeldern and a relatively small number of persons have in the 1-second pulse access to a relatively high cash on hand. For this reason by the legislator the special KAG legal form was selected, in order to transfer the KAG managing directors the special responsibility, so that these can be made personally liable in the case of doubt. Fund scandals have therefore completely different quality than bank scandals, which become apparent in shorter times and higher volumes. The offenses in this industry can be described with insider trade, front Running, Market Timing or unjustified commissions. Scandals in this industry nearly always pursue enriching the authors.

Examples of fund scandals:

• Amvescap, the USA. The parent company of Invesco and AIM receives a fine in September 2004 according to Welt.de from 450 million dollar because of a Market Timing passing
• Bank OF America and fleet Boston, the USA, 2004, must pay loud boerse.ard.de 675 million USD fine because of a Market of Timing scandal.
• Canary Capital of partner, the USA, 2004, Hedge find, sound NZZ of 40 millions USD from illegal profits
• Investor Overseas services funds of Berne pool of broadcasting corporations Cornfeld, the USA, according to FAZ damage sum: 3,5 billion Marks
• Janus Capital Group, the USA, 2004, sound NZZ: Fine 225 millions USD

Balance scandals

• Ahold, the Netherlands
• Adecco, Switzerland, personnel mediator, 12.2004,
• Enron, the USA, energy, 2002,
• WorldCom, the USA, Telekommunication, 2002
• Fannie Mae, the USA, real estates, 12.2004,

Bribery

• Amigo affair, 1993
• Berlin bank scandal, 2002
• Repairing affair, 1982
• New homeland affair, 1982

Party scandals

• CDU black money affair, 1999

Literature

• Peter Zihlmann: "“The case Plumey, the commodity truth, Geneva, 1995; L'affaire Plumey, La justice on jeu, 1995
• Douglas Frantz: "“Mr. Dia. moon: the Insider scandal of barrier Street"”. ("“Levine & CO"” dt.) cunning, Munich 1988. 378 S. ISBN 3-471-77541-2
• John Train: "“Famous Pleiten: the most beautiful financial scandals of the world"”. Translated from the US-American and by contributions. supplemented of Fritz von Globig. Poller, Stuttgart 1986, ISBN 3-87959-258-6
• Peter Zihlmann: The Ascent and case Dieter of the Behring, Orell publishing house, Zurich 2005

See also

• Bank failure, insider trade
• Corruption, white-collar crime

Related links

• Experience baths, shopping centers and senior residences: Subsidy fraud and closed real estate funds
• Fount power: Scandals of Opus Dei, organization Vatikan
• Church taxes: German medal
• Church taxes: Ore diocese Berlin

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