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Top Ten Federal Financial Fraud Recoveries of 2019

Posted 01/17/20

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,

Legislation Watch: Proposed Amendments to Bank Secrecy Act Include Whistleblower Rewards

Posted 10/23/19

Currently in the 116th Congress, both the House and Senate are considering bills that would amend existing law to provide a whistleblower reporting system and meaningful financial rewards to whistleblowers who come forward to the federal government to report unlawful money laundering and other violations of specified banking laws. We have previously written on the important benefits that would be available with...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Importance of Whistleblowers, Legislation and Regulation News, Money Laundering,

Constantine Cannon Attorneys Eric Havian and Michael Ronickher Published on Need for Whistleblowers in Anti-Money Laundering Enforcement

Posted 04/26/19

currency hanging on laundry line with clothespins

With a whistleblower program for anti-money laundering enforcement currently under discussion in the House of Representatives Financial Services subcommittee, Constantine Cannon attorneys Eric Havian and Michael Ronickher were published in Banking Exchange on April 22 on the benefits such a program could bring. Highlighting the example of the recent Standard Chartered settlement, in which the London-based bank agreed...

Tagged in: CC Lawyers, Financial and Investment Fraud, Financial Institution Fraud, Legislation and Regulation News, Money Laundering,

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,

Constantine Cannon Attorneys Eric Havian and Michael Ronickher Published in Law360 on the Need for Anti-Money Laundering Whistleblower Rewards

Posted 12/12/18

In the wake of anti-money laundering enforcement activity spurred by the Panama Papers, Constantine Cannon attorneys Eric Havian and Michael Ronickher published an article in Law360 on why we need an anti-money laundering whistleblower program. Havian and Ronickher argue for a new, DOJ-led whistleblower program to close the “large enforcement gap” left open by the existing IRS and SEC programs: “Domestic law...

Tagged in: Abusive Tax Shelters, CC Lawyers, Financial and Investment Fraud, Financial Institution Fraud, Importance of Whistleblowers, International Whistleblowers, Money Laundering,

Money Laundering Watch: Will More Chickens Come Home to Roost Following Deutsche Bank Raid?

Posted 11/30/18

The Panama Papers fallout continues with a massive early morning raid on Deutsche Bank headquarters in Frankfurt, Germany. Some 170 officers searched for evidence of the bank’s role in over $350m worth of suspected money-laundering through organizations in the British Virgin Islands. Deutsche Bank confirms the investigation is related to the Panama Papers: the April 2016 release of over 11 million files about...

Tagged in: Abusive Tax Shelters, Financial and Investment Fraud, Financial Institution Fraud, Importance of Whistleblowers, International Whistleblowers, Money Laundering,

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,

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,

The Catch of the Week -- Société Générale S.A.

Posted 06/8/18

In a joint effort by the DOJ, CFTC, and French authorities, Société Générale agreed on June 4th to pay penalties and disgorgement in excess of $1 billion arising out of two separate wrongful schemes, making them our Catch of the Week. First, in connection with alleged violations arising from manipulation of the London InterBank Offered Rate (LIBOR), Société Générale agreed to pay $275 million in a...

Tagged in: Catch of the Week, FCPA, Financial and Investment Fraud, Financial Institution Fraud, Fraud in CFTC-Regulated Markets,

Question of the Week -- Can Authorities Stop the Mob from Laundering Money Through Online Gambling Sites?

Posted 05/30/18

By the C|C Whistleblower Lawyer Team The Italian mafia has entered the 21st century. According to multiple news accounts and criminal investigations, many of the major Italian mafia families are using online gambling websites-both real and fake-to launder their ill-gotten proceeds. Favoring online sites set up in Malta hidden behind layers of shell companies, Mafiosos have been running betting websites that allow...

Tagged in: Financial Institution Fraud, International Whistleblowers, Money Laundering, Question of the Week,

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Top Ten Federal Financial Fraud Recoveries of 2019

Legislation Watch: Proposed Amendments to Bank Secrecy Act Include Whistleblower Rewards

Constantine Cannon Attorneys Eric Havian and Michael Ronickher Published on Need for Whistleblowers in Anti-Money Laundering Enforcement

Top Ten Federal Financial Fraud Recoveries of 2018

Constantine Cannon Attorneys Eric Havian and Michael Ronickher Published in Law360 on the Need for Anti-Money Laundering Whistleblower Rewards

Money Laundering Watch: Will More Chickens Come Home to Roost Following Deutsche Bank Raid?

Catch of the Week — Universal American Mortgage Company

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

The Catch of the Week -- Société Générale S.A.

Question of the Week -- Can Authorities Stop the Mob from Laundering Money Through Online Gambling Sites?

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