Ex-KPMG Partner Hit with Civil, Criminal Charges
(LOS ANGELES) — It has shades of a Hollywood crime story. An accountant and a jeweler are longtime friends and golf partners. But then the down-on-his-luck jeweler convinces the accountant to pass along private information about clients, and uses the insider information to play the stock market and win big. Bags of cash swap hands in alleys. Then the feds get wind of the scam. The jeweler turns state’s witness and amid a spiral of wire taps and surveillance photos, the men’s reputations unravel and their mea culpas play out on a very public stage. On Thursday, federal prosecutors and the Securities and Exchange Commission filed criminal and civil charges against fired KPMG accounting partner Scott London for conspiracy to commit securities fraud through insider trading. The 24-page criminal affidavit alleges that London, 50, provided confidential information about KPMG audit clients Herbalife Ltd., Skechers USA Inc., Uggs maker Deckers Outdoor Corp., RSC Holdings and Pacific Capital ...
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Pro-Obama super PAC outpaces GOP counterpart
Monday, October 22, 2012 - 10:28 Justin Sullivan/Getty Images Pro-Mitt Romney super PAC Restore Our Future doubled its monthly hall but was outraised by its pro-Obama counterpart Priorities USA Action for the second month in a row. Restore Our Future , a super PAC supporting Mitt Romney’s candidacy, doubled its fundraising total in September. It took in $14.8 million , but was still outraised by the pro-President Barack Obama Priorities USA Action , which raised $15.3 million for the month. The totals show a reversal of a trend — Republicans to date have fared better at raising money for outside groups, though Romney still has American Crossroads, a well-funded super PAC, and Crossroads GPS, a nonprofit, in his corner. Restore Our Future brought in $7 million in August. Most of the major super PACs had until Saturday at midnight to file monthly reports with the Federal Election Commission on September’s fundraising activities. Meanwhile, J. Joe Ricketts, whose conservative Ending ...
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Mystery group spends $1 million opposing Obama
Friday, October 19, 2012 - 10:25 David Greedy/Getty Images Little is known about "Citizen Awareness Project" in Colorado, which just spent nearly $1 million opposing Obama. Less than three weeks before Election Day, a new mystery group dropped nearly $1 million on an anti-Obama expenditure, according to records. Citizen Awareness Project appears to be a nonprofit organization. It reported the independent expenditure opposing President Barack Obama Thursday, according to a filing with the Federal Election Commission. The entire sum — $994,000 — was paid to Stephen Clouse & Associates Inc., a Virginia firm that specializes in raising money for its clients via direct mail, according to its website . The firm has produced marketing materials for the conservative Heritage Foundation and the Mercatus Center at George Mason University, both of which count billionaire businessman and financier of conservative causes Charles Koch as a board member. Citizen Awareness Project has no website ...
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Stealth spending on the rise as Election Day approaches
Thursday, October 18, 2012 - 13:45 Chip Somodevilla/Getty Images Romney campaign pins are on display for sale in the GOP gift shop during the third day of the Republican National Convention. The top two spending organizations taking advantage of the Citizens United decision are Republican backers. After the U.S. Supreme Court’s 2010 ruling that unleashed corporate and union spending on elections, there seemed to be a silver lining: the identity of those who fund all those annoying ads would be revealed to the public on a regular basis. It hasn’t quite worked out that way. Since Labor Day, spending by outside groups taking advantage of the high court’s Citizens United decision totaled a little more than $229 million, including unions. Forty-four percent of the total — $100 million — has come from non-disclosing, nonprofit corporations. The clearest example comes from the top two spenders. Both organizations are Republican backers. And they also happen to share the same ...
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Post-Citizens United spending favors Romney
Wednesday, October 10, 2012 - 15:21 CPI / Marketplace Since Labor Day, the once unofficial start of the election season, 70 percent of outside spending on the presidential race made possible by the Citizens United court decision has benefited Mitt Romney, according to a Center for Public Integrity analysis. More than $106 million of the $117 million spent on the Obama-Romney matchup since Sept. 3 has been on negative ads, with President Barack Obama absorbing more than $80 million in attacks, according to the analysis of Federal Election Commission data. By way of comparison, the Obama campaign has spent $346 million over the entire election and Romney has spent $288 million, according to the Center for Responsive Politics . American Crossroads, a conservative super PAC co-founded by Republican strategist Karl Rove, is the top anti-Obama spender as well as the top overall spender among outside groups in the presidential election. Priorities USA Action, a pro-Obama super PAC, is the second-biggest ...
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