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Top Ten Federal Financial Fraud Recoveries of 2019

Posted  01/17/20
top ten in letters
The U.S. government has a range on enforcement options for financial and investment fraud, including those that provide for whistleblower rewards such as the SEC Whistleblower Program, the CFTC Whistleblower Program, and the IRS Whistleblower Program, each of which are very much open for business and continuing to pay millions of dollars in whistleblower awards in exchange for their assistance in exposing...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, FIRREA, Housing and Mortgage Fraud, Top 10,

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Question of the Week — Will Healthcare Settlements Continue to Dominate False Claims Act Recoveries?

Posted  07/24/19
Recent blockbuster settlements continue past trends: healthcare fraud has so far this year dominated FCA recoveries. During the first half of 2019, the Department of Justice (“DOJ”) secured over $750 million in settlements from False Claims Act (“FCA”) cases. And just past the mid-year point, total recoveries have nearly doubled due to a $700 million civil settlement ($1.4 billion total) entered on July 11th...

Tagged in: FCA Federal, Government Programs Fraud, Healthcare Fraud, Housing and Mortgage Fraud, Pharma Fraud,

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Default by Nursing Home Chain on HUD-Guaranteed Mortgage Highlights Potential for Fraud in Section 232 Program

Posted  06/3/19
Nursing Home with Elderly People
Last week, the New York Times reported on the collapse of Rosewood Care Centers, a chain of nursing homes with facilities in Illinois and Missouri. According to the report, the chain had faced years of operational and financial difficulties, including fines by state regulators, personal injury claims by residents, and lawsuits by investors and vendors. When it went under, Rosewood defaulted on $146 million in...

Tagged in: FCA Federal, Government Loan Programs, Housing and Mortgage Fraud, SNF,

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Catch of the Week — General Electric to Pay $1.5 Billion under FIRREA in Subprime Loan Scheme

Posted  04/12/19
general electric company logo on building
The Department of Justice today announced that General Electric will pay a civil penalty of $1.5 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to resolve claims of fraud involving the marketing of subprime residential mortgage loans.  The loans at issue originated by a GE subsidiary, WMC Mortgage.  The government alleged that WMC, GE, and their affiliates allegedly...

Tagged in: Catch of the Week, FIRREA, Housing and Mortgage Fraud,

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Top Ten Federal Financial Fraud Recoveries of 2018

Posted  01/25/19
Wooden gavel and handcuffs on top of U.S. currency
While 2018 has been a banner year for FCPA, Tax, and SEC & CFTC recoveries, in the bottomless pit of financial frauds that hurt taxpayers, the government, consumers, investors, and the American economy, 2018 brought us additional stunning recoveries for violations related to residential-mortgage backed securities, international economic sanctions, consumer protection, anti-money-laundering, EB-5 investment fraud, and...

Tagged in: Accounting Fraud, Financial and Investment Fraud, Financial Institution Fraud, FIRREA, Foreign Exchange, Housing and Mortgage Fraud, Market Manipulation and Trading Violations, Misrepresentations, Money Laundering, Securities Fraud, Top 10, Visa Fraud,

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Catch of the Week — Universal American Mortgage Company

Posted  10/19/18
Universal American Mortgage Company (UAMC), a Miami-based mortgage company, agreed on October 19 to a $13.2 million settlement to resolve allegations that it violated the False Claims Act (FCA) by falsely certifying that it complied with Federal Housing Administration (FHA) mortgage-insurance requirements in connection with certain loans. UAMC is part of Lennar, one of America’s leading homebuilders. The...

Tagged in: Catch of the Week, Contract Non-Compliance, FCA Federal, Financial Institution Fraud, Housing and Mortgage Fraud, Whistleblower Case, Whistleblower Rewards,

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Catch of the Week: RBS Agrees to Pay $4.9 Billion

Posted  08/17/18
This week’s Department of Justice “Catch of the Week” goes to The Royal Bank of Scotland Group plc (RBS), who agreed to pay $4.9 billion to settle claims that RBS misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) between 2005 and 2008.   See DOJ Press Release. The settlement’s statement of facts details how RBS routinely made misrepresentations and omissions...

Tagged in: Catch of the Week, Financial and Investment Fraud, Financial Institution Fraud, FIRREA, Housing and Mortgage Fraud,

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Barclays Agrees to Pay $2 Billion in Civil Penalties

Posted  03/30/18
By <the C|C Whistleblower Lawyer Team Barclays will pay the United States two billion dollars to settle a civil action filed in December 2016 in which the United States sought civil penalties for alleged conduct related to Barclays’ underwriting and issuance of residential mortgage-backed securities (RMBS) between 2005 and 2007. Agreement has also been reached with two former Barclays executives who were named as...

Tagged in: Financial Institution Fraud, Housing and Mortgage Fraud, Securities Fraud,

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The Former Khmer Rouge Slave Who Became a Whistleblower Against Wells Fargo

Posted  03/26/18
The New York Times reports on former Wells Fargo employee Duke Tran who blew the whistle on the company for allegedly being ordered to lie to customers who were facing foreclosure in 2014. Mr. Tran was fired from his job at Wells Fargo and since then has been locked in a four-year legal battle with the company alleging he was fired as retaliation for blowing the whistle on the bank’s alleged deceptive practices. Mr....

Tagged in: Financial Institution Fraud, Housing and Mortgage Fraud, Retaliation,

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Deloitte & Touche Settles FCA Suit for $149.5M

Posted  03/1/18
By the C|C Whistleblower Lawyer Team Deloitte, the world’s largest accounting and consulting company,  has settled allegations arising from its role as an outside auditor of Taylor, Bean & Whitaker Mortgage Corp. (TBW), a failed mortgage broker that issue FHA and HUD secured loans. At one time, TBW was one of the largest privately held mortgage lending companies in the US, issuing over $35B in mortgages in 2007...

Tagged in: FCA Federal, Housing and Mortgage Fraud,

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