Whistleblower News From The Inside — April 11, 2016

By the C|C Whistleblower Lawyer Team

Goldman Sachs will pay $5 billion for misconduct related to sale of residential mortgage backed securities —  The settlement requires Goldman to provide $1.8 billion in relief to underwater homeowners, distressed borrowers and affected communities.  Goldman will also pay a civil fine of $2.4 billion for FIRREA violations and $875 to resolve other federal and state claims.  Goldman marketed RMBS to investors, assuring them they were sound, when they knew many of the mortgages were likely to fail. DOJ

UK Financial Conduct Authority gives banks deadline to report links to Panama papers —  Major financial firms have until April 15 to hand over information about their dealings with Mossack Fonseca, the law firm at the center of the offshore investment scandal. The Guardian

Norwegian shipping company sentenced to pay $2.5 million for illegally discharging oil into ocean — DDS Shipping was convicted of violating environmental laws, obstructing justice and witness tampering.  $500,000 of the penalty will go to the Dauphin Island Sea Lab Foundation to fund marine research. DOJ

FCC proposes record $51 million fine for Lifeline program fraud — Total Call Mobile allegedly enrolled tens of thousands of ineligible participants and duplicate customers in the Lifeline program, a federal program that provides subsidized phone service to low-income subscribers.  Morning Consult

Wells Fargo settles claims of “shoddy” mortgage practices for $1.2 billion  —  DOJ alleged that the company falsely certified that loans were eligible for FHA insurance, causing the government to pay FHA insurance claims when some of those loans defaulted. USAO – SF