Category Archives: Financial loss

State Audit finds careless record keeping could cost Missouri taxpayers millions (US)

Posted on March 27, 2013 by Synercon

Could careless record keeping cost Missouri taxpayers millions of dollars? It’s a possibility as the feds try to recoup millions in questionable welfare payouts. Missouri State Auditor Tom Schweich latest Single State Audit reveals some startling numbers. “Right now we’re … Continue reading →

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New York sues 3 big banks over use of mortgage registry database

Posted on February 3, 2012 by Synercon

Opening a new front against the American banking industry, New York sued three of the nation’s biggest mortgage servicers over their use of an electronic database that, according to the Empire State, has resulted in widespread deception and fraudulent foreclosure … Continue reading →

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Massachusetts sues top five lenders

Posted on December 2, 2011 by Synercon

Massachusetts sued the five biggest mortgage companies in the US on Thursday, accusing them of “corrupting” the state’s land records through pervasive use of fraudulent documentation in seizing borrowers’ homes. Martha Coakley, Massachusetts attorney-general, alleged that the banks illegally foreclosed … Continue reading →

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Worst-case projected cost of Epsilon breach: $4B

Posted on May 1, 2011 by Synercon

The ultimate fee for the data breach last month at email service provider Epsilon could reach as high as $4 billion, depending on what becomes of the data that was stolen, according to a cyber-risk advisory firm. ComputerWorld, May 1, … Continue reading →

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CAG cites discrepancies in defence land records (India)

Posted on March 26, 2011 by Synercon

In its report on Defence Estates Management, the government auditor (Comptroller and Auditor General) asked the Defence Ministry to take “strict disciplinary action” against officers “who turn a blind eye to the illegal use of defence land for years on … Continue reading →

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Update: Pentagon Reports Billions of Dollars in Contractor Fraud (US)

Posted on February 4, 2011 by Synercon

The Pentagon paid hundreds of billions of dollars to defense contractors engaged in criminal or civil fraud — in some cases paying the companies after they were convicted, according to a new Defense Department report. The Pentagon said its own … Continue reading →

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Judges to weigh mortgage document destruction (US)

Posted on February 2, 2011 by Synercon

Federal bankruptcy judges in Delaware are due to hold separate hearings Monday on requests by two defunct subprime mortgage lenders to destroy thousands of boxes or(f) original loan documents. The requests, by trustees liquidating Mortgage Lenders Network USA and American … Continue reading →

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Billions unaccounted for in Iraq and Afghanistan (US)

Posted on October 30, 2010 by Synercon

U.S. can’t untangle billions in Bush-era Afghan spending WASHINGTON — The U.S. government knows it’s awarded nearly $18 billion in contracts for rebuilding Afghanistan over the last three years, but it can’t account for spending before 2007. McClatchy Newspapers October … Continue reading →

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Foreclosure-gate – an exercise in non compliant recordkeeping(US)

Posted on October 28, 2010 by Synercon

The 2010 United States foreclosure crisis, currently referred to as foreclosure-gate, is an ongoing issue related to an alledgedly widespread practice of improper foreclosures by large banks and other mortgage lenders. What initially appeared to be sloppy record keeping among … Continue reading →

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Audit Says State Wasted $92 Million on Medicaid (US)

Posted on September 7, 2010 by Synercon

New York’s Medicaid system, the state’s largest single expense, lost at least $92 million to improper payments, billing errors and poor recordkeeping during the last five years, according to several audits released Tuesday by State Comptroller Thomas P. DiNapoli.   The … Continue reading →

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