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Aegerion Pharmaceuticals Will Pay More Than $40 Million to Resolve Investigations Into Its Marketing and Sales Practices

Posted  09/25/17
Aegerion Pharmaceuticals will plead guilty to charges concerning its prescription drug, Juxtapid, the Department of Justice announced on Friday.  According to the Justice Department’s press release: Aegerion introduced Juxtapid into interstate commerce that was misbranded because, among other things, Aegerion failed to comply with a Risk Evaluation and Mitigation Strategy (REMS).  The resolution also...

Fraudster of the Week -- Deutsche Bank's Paul Mangione

Posted  09/15/17
On Monday, the Department of Justice filed a civil suit against Paul Mangione, the former Deutsche Bank head of subprime mortgage trading, alleging that he “systematically and intentionally” lied about the quality of subprime mortgages underlying nearly $1.5 billion in mortgage-backed securities in the run-up to the 2008 financial crisis.  Although DOJ has aggressively pursued financial institutions for their...

Equifax Executives May Find Themselves in Trouble with the SEC

Posted  09/11/17
By the C|C Whistleblower Lawyer Team Last Thursday, Equifax revealed that it experienced a data breach that affected 143 million people. Equifax is one of the largest credit rating agencies in the world, holding personal identifying information, and financial metrics of millions of Americans. On Friday, it became public that three Equifax executives sold nearly $2M worth of stock within hours of the breach. The...

SEC Uncovers Wide-Reaching Insider Trading Scheme

Posted  08/18/17
By the C|C Whistleblower Lawyer Team The SEC announced insider trading charges against seven individuals who generated millions in profits by trading on confidential information about dozens of impending mergers and acquisitions.  Data analysis allowed the SEC’s enforcement staff to uncover the illicit trading despite the traders’ alleged use of shell companies, code words, and an encrypted, self-destructing...

Fraudster of the Week -- Randall Rye, The "Mini-Madoff"

Posted  07/28/17
By the C|C Whistleblower Lawyer Team On Wednesday, a Chicago judge sentenced 26-year-old Randall Rye to nearly six years in prison for what federal prosecutors have called a “mini-Bernie Madoff scam.” Rye, the founder of Faster Than Light Trading LLC, pled guilty in April to one count of wire fraud and admitted to bilking around 20 investors of more than $1.7 million with a fake proprietary trading scheme. He...

Ex-Snapchat Employee Files Federal Whistleblower Suit

Posted  05/19/17
By the C|C Whistleblower Lawyer Team Former Snapchat employee Anthony Pompliano filed suit against the company for allegedly breaking federal whistleblower protection laws and misleading investors ahead of Snap's initial public offering.  Pompliano has previously filed suit in January against the company in L.A. County Superior Court on similar claims but decided to transfer the case to federal court and file for...

$150 Million Settlement Announced in Vermont Ski Resort Fraud Case

Posted  04/14/17
By the C|C Whistleblower Lawyer Team A year after the owner and president of a Vermont ski resort were accused by the state and the SEC of massive fraud, a $150 million settlement has been reached with Raymond James Financial Inc., which is the financial institution allegedly at the heart of the fraud. The federal receiver overseeing Jay Peak ski resort said the settlement agreement will be filed in court next...

The One that Got Away: The Need for Whistleblowers to Help Defrauded Investors

Posted  03/6/17
By the C|C Whistleblower Lawyer Team On Friday March 3rd the SEC announced a settlement with Mexican homebuilding company Desarrolladora Homex S.A.B. de C.V. (“Homex”) on charges of reporting fake sales of more than 10,000 homes during a three-year period. Homex inflated the number of homes it sold by 317% and overstated its revenue by 355%, totaling approximately $3.3 billion. Homex declared bankruptcy in...

DOJ Catch of The Week -- Deutsche Bank And Credit Suisse

Posted  01/20/17
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" is shared between Deutsche Bank and Credit Suisse.  On Tuesday, the two European-based banking giants agreed to pay more than $12 billion between them to resolve charges they misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) in the years leading...

Mind the GAAP: REIT Accounting Fraud May Land Two in Jail

Posted  09/12/16
By the C|C Whistleblower Lawyer Team Given the general frustration over the dearth of cases against individuals involved in the financial crisis, it’s heartening to see official action taken against financial fraudsters. Such was the case late last week, when Manhattan prosecutors arrested Brian S. Block, the former CFO of American Realty Capital Properties, on charges he made false filings and committed...
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