Greene insisted that he had gone forward with a substantial material fraud claim based on the accounting produced by LB Property.
The catch: Greene agreed in the settlement to apologize to Tice after 90 days of digging in the records if Greene did not "go forward" with a material fraud claim.
Greene's only condition in the settlement was that he get an additional 90 days to review all of LB Property's records pertaining to accounts connected to Greene's business interests to check for fraud or misappropriation of funds for which he could make a material fraud claim in arbitration, court documents say.
" Dave Lenny, Greene's lawyer, responded to Tice's demand for an apology in February 2008, saying that "under no circumstances will Mr. Greene either violate the terms of the settlement agreement or lie to any individual that your clients have not engaged in material fraud when it is clear they have.
My law firm, Kirby McInerney, has already heard from company insiders who claim to have identified potentially material accounting fraud and say they intend to bring it to the SEC's attention.
Consequently, Shariah-Compliant Finance involves some or all of the following crimes: racketeering, anti-trust, securities and consumer fraud, material support for terror and sedition.
It would be easier if auditors, as an industry, agreed it was their responsibility to detect fraud and material misstatements of the financial statements.
Fraud was a material part of the mortgage collapse, a big factor in commercial property and loan losses and a component in investment banking and private-equity losses that did more damage than acknowledged.
Overhauling capital requirements and eliminating Level-3 risk might in some way minimise systemic risk and damage, but it will not eliminate the ongoing material risk associated with the continuing fraud schemes that today's risk managers, boards and banks do not seem to take all that seriously.
Often, plots had to be dismantled by prosecuting terrorists for immigration violations and marriage fraud or by simply frustrating their ability to get the material they needed.
Since then, he admitted to sending the material WikiLeaks and pleaded guilty to reduced charges on nine counts that alleged violations of federal espionage and computer fraud laws, and to one count alleging violation of a military regulation prohibiting wrongful storage of classified information.
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