Executive Fraud Blog

Auditors working for the US government this year have estimated that over $10 billion of the $38 billion approved to support the work in Iraq has been fraudulently spent on overcharging contractors and undocumented expenses. Since it has proven difficult to proceed with criminal prosecution due to a lack of detailed evidence the Department of Defense believes it is time to start suspending companies from receiving US government contracts in Iraq. The DoD has realized that the use of fines would only encourage continued fraud to pay for their fines as if they were a cost of doing business.

Committee Chairman Patrick Leahy, a Vermont Democrat, is suggesting the solution that would make war profiteering a crime that would apply to all contract fraud whether it takes place domestically or abroad.

On a personal note, how much more evidence do you need to say that Halliburton has committed fraud. They have received countless no bid contracts and have been charged with undocumented expenses. If the government wants to get serious about this they will need to take action on the one contractor that is closest to Cheney and the White House.

PETA kills thousands of animals every year, but is opposed to hunting, fishing and eating meat. They purchased walk-in freezers for their Virginia headquarters to store animal carcasses and paid thousands of dollars to an animal cremation service to dispose of them later.
"They dress up in outrageous costumes — or demonstrate in the buff — to draw attention to their animal rights movements and collect funds from people stupid enough to believe they're serious about their so-called work," Shepherd said. "And they terrorize children with books that characterize parents who serve meat as mass-murderers. They have drawn no distinction between meat processors and the Nazis who murdered millions of people in World War II, and they have no compunction about giving money to environmental terrorists."

Bush family profiting at other people's expense??? NEVER!!!

See also that Engineered Support Systems Inc is a defense contractor that has substantially benefited from the IRAQ war.

State Sen. Vincent J. Fumo is facing 139 counts including stealing $1 million for PA tax payers and using another $1 million of the non profit Citizens’ Alliance for Better Neighborhoods for things such as spying on his ex-wife. Another prime example of public figures using US tax payers money for person gain.

Geesche Jacobsen
January 29, 2007

Facing charges … Con Kostakidis at his Red Lounge Cafe in Oxford Street yesterday.

TWO fraud squad detectives have been charged by the Police Integrity Commission with fraud involving an Oxford Street cafe and a fake home loan.

One of them, Detective Con Kostakidis, owns the Red Lounge Cafe close to Taylor Square, where he was seen yesterday.

The PIC alleges, according to the court attendance notices served on the two men a month ago, that Kostakidis falsely told the Commonwealth Bank that Aisha Ahmed was employed at the cafe. Ms Ahmed is believed to be a relative of Rafiq Ahmed, the second detective charged.

The PIC alleged this was done so the bank would grant Aisha and Rafiq Ahmed a home loan.

The two officers have been charged with obtaining a financial advantage - the home loan - by making a false statement to the bank. They are due to face court next month.

Investigations are continuing. A PIC spokeswoman yesterday said further charges were possible.

Corporate records show Kostakidis, 45, is also a shareholder in a mortgage business called Auslend Homeloans. He is also the director of one company, The Aegean Group, and in recent years has also been a director of a funeral business and an investment company.

The Herald reported last week that more than one in 10 police marine command officers have second jobs. The PIC is now auditing that command twice a year.

Kostakidis and Ahmed, who are part of the elite State Crime Command, have both been suspended from duty. The charges carry a maximum penalty of five years' jail.