This is a selfmade image from the english wikipedia. The photographer has uploaded it as GFDL (Photo credit: Wikipedia)
Here is what we are reading today:
Greed Continues To Fuel Penny Stock Fraud (DealBook) - In his celebrated portrayal of fraudulent sales practices in “The Wolf of Wall Street,” Martin Scorsese did not show the victims who bought the penny stocks that fueled the profits of Jordan Belfort and the brokers at Stratton Oakmont. One would think that a blockbuster movie might teach investors a lesson about trusting such brokers, but fraud in the market for penny stocks continues unabated, as two criminal cases filed last week show.
WalMart Spokesman Resigns After Resume Falsehood Discovered (Bloomberg) - Wal-Mart Stores Inc. (WMT)’s chief spokesman resigned after the company discovered an almost two-decade-old falsehood in his official biography, a person familiar with the situation said. David Tovar, who announced last week that he was leaving the job as vice president of communications, has previously said he earned a bachelor of arts degree from the University of Delaware in 1996. While conducting additional due-diligence screening, which is standard for employees who reach a certain level, Wal-Mart discovered he never received the degree, said the person, who asked not to be identified because the matter is private.
'Visit Philadelphia' Embezzlement Investigated (Philly.com) - The Philadelphia District Attorney's Office is investigating the embezzlement of $210,000 from the region's publicly funded marketing agency and, in the process, reviewing how the agency dealt with the matter when it was uncovered two years ago. The money had been used to pay for personal purchases by Visit Philadelphia's chief financial officer, Joyce Levitt, who was permitted to resign rather than face criminal charges when she made restitution. Visit Philadelphia handled the matter internally and did not report the misappropriation of funds - which extended over five years - to law enforcement.
Good Compliance Can Help Firms Escape Antitrust Prosecution (WSJ) - A top antitrust prosecutor was the latest public official to endorse a “culture of compliance” in a speech that outlined the specific benefits that such a culture could provide in antitrust cases. “The most effective way to stop crime is to ensure it never starts. Effective corporate compliance programs are an important part of that effort,” said Brent Snyder, deputy assistant attorney general of the Justice Department’s antitrust division, according to prepared remarks from an event last week.