A Little of This Would Go a Long Way to Cleaning Up Wall St.

[TampaYankee]

Iran billionaire executed over $2.6B bank fraud

1 hour ago

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TEHRAN, Iran (AP) — A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported.

Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence.

Khosravi's lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that his client was put to death without any notice.

"I had not been informed about execution of my client," Riahi said. "All the assets of my client are at the disposal of the prosecutor's office."

State officials did not immediately comment on Riahi's claim.

The fraud involved using forged documents to get credit at one of Iran's top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co.

Khosravi's business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.

A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years in prison.

The trials raised questions about corruption at senior levels in Iran's tightly controlled economy during the administration of former President Mahmoud Ahmadinejad.

Mahmoud Reza Khavari, a former head of Bank Melli, another major Iranian bank, escaped to Canada in 2011 after he resigned over the case. He faces charges over the case in Iran and remains on the Islamic Republic's wanted list. Khavari previously admitted that his bank partially was involved in the fraud, but has maintained his innocence.

See original article at: http://news.yahoo.com/iran-billionaire-executed-over-2-6b-bank-fraud-104949782.html

[AdamSmith]

Buffett recently said he thought financial fraud etc would be much more effectively curtailed by shifting punishment from fining the firms to criminal prosecution of the individuals involved.

[RA1]

Absolutely. Fines are regarded as part of the cost of doing business.

Best regards,

RA1

[boiworship]

Since both parties are dependent on Wall Street cash, it's not going to happen here for a long while, sadly. Goldman Sachs is like a department of the federal government.

[Suckrates]

Now, we don't condone Violence on Boytoy !

[RA1]

Or, is the federal government a part of Goldman, Sachs et al?

People say there are no conspiracies but they should look up the legal definition, also collusion, restraint of trade, monopoly, etc..

Best regards,

RA1

[Guest PasadenaCA]

Any system that allows criminals of any hue to enjoy the consequences of their actions is a system better equipped to delivering justice. The Iranian approach is too extreme. What occurred in the US is too lenient. For me, the lesson of 2008 wasn't what unscrupulous people can do--we've all read history--it is that Congress was asleep at the switch for 80 years and didn't have the laws in place that could prosecute egregious criminals.

[TampaYankee]

I know I'm repeating myself but... we have the best government that money can buy.

The Oligarchy is willing to accept the charade of regulation and fines as the cost of doing business, as someone above has mentioned. There ought to be at least half-a-dozen bank CEO's cooling their heels doing hard times for no less than a sure decade sentence for the 2008 meltdown thefts. We can add new names from there as time passed.

In addition, their ill-gotten gains should be confiscated just as is done with drug seizure cases. Equal justice!!

[RA1]

I am not sure justice can ever be equal but right now there is little to none in these cases. I would be relatively happy if the lady would keep both eyes closed and put that open hand back where it belongs.

Best regards,

RA1