Connect with us

Hi, what are you looking for?

Business

US Corporate Responsibility Official Heads Company Accused Of Fraud

WASHINGTON (voa) – President Bush’s top official on corporate crime and responsibility was a director of a credit card company that paid more than $400 million to settle allegations of consumer and securities fraud.

The news about deputy attorney general Larry Thompson, who heads a new multi-agency corporate-crime task force, first appeared in Saturday’s Washington Post newspaper.

The report said Mr. Thompson’s service as board member and chief audit officer for Providian Financial Corporation coincided with the time regulators said the company may have been engaged in fraudulent conduct. Providian settled all the complaints without admitting or denying wrongdoing.

Mr. Thompson’s spokesman Mark Corallo said the deputy attorney general only became aware of issues of fraud when regulators began to make inquiries.

Providian ran into financial trouble last year after settling charges that it inflated its financial results by charging excessive credit card fees and engaging in other practices that state and federal regulators say broke consumer-protection rules.

You may also like:

News

If this election turns into a random shooting war, things won’t end well for America.

Entertainment

Swiss singer Nemo's 2024 Eurovision victory means Switzerland gets to host the glitzy TV extravaganza next year.

World

As the bangs ran out, Trump clearly grimaced and clutched a hand to his right ear, on which blood could later be seen.

Sports

Catherine, Princess of Wales, will attend the Wimbledon Men's final in London on Sunday as she recovers after being diagnosed with cancer.