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September 26, 2014

Pharmacy benefit management (PBM) company Caremark LLC agreed to pay $6 million to settle charges of failing to reimburse Medicaid for prescription drug costs that should have been paid for by Caremark-administered private health plans.  Caremark is operated by CVS Caremark Corporation, one of the largest PBMs and retail pharmacies in the country.  Donald Well, former employee of Caremark, will receive a whistleblower award of $1 million from the $6 million False Claims Act settlement. DOJ

Tagged in: FCA Federal, Medicaid, Medicare, Pharma Fraud, Whistleblower Case, Whistleblower Rewards,

September 24, 2014

Shire Pharmaceuticals LLC agreed to pay $56.5 million to settle charges it violated the False Claims Act through improper marketing and promotion of several drugs used to treat attention deficit hyperactivity disorder (ADHD) and ulcerative colitis  Several former employees will receive a whistleblower award in an undisclosed amount. DOJ

Tagged in: FCA Federal, Off-Label and Unapproved Use, Pharma Fraud, Whistleblower Case, Whistleblower Rewards,

August 6, 2014

New York Attorney General Eric T. Schneiderman announced he, along with 40 other state Attorneys General and the District of Columbia, reached a $35M settlement with Pfizer arising from alleged improper marketing and promotion of the immunosuppressive drug Rapamune. New York’s share of the settlement is over $1.7M. Pfizer, as parent of Wyeth Pharmaceuticals Inc., agreed to be bound by the judgment and to resolve allegations that Wyeth unlawfully promoted Rapamune. Attorney General Schneiderman’s office served on the Executive Committee of this multi-state investigation. NYAG

Tagged in: FCA State, Medicaid, Off-Label and Unapproved Use, Pharma Fraud,

July 29, 2014

JP Morgan Securities, a wholly-owned subsidiary of JPMorgan Chase & Co., agreed to pay $650,000 to settle CFTC charges of submitting inaccurate reports to the CFTC relating to the required reporting of positions held by certain large traders whose accounts are carried by JPMS.  The reports are known as “large trader” reports and are used by the CFTC to evaluate potential market risks and monitor compliance with CFTC requirements.  The reporting violations occurred despite the CFTC notifying JPMS of numerous errors in its reports.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations, Misrepresentations, Regulatory Violations,

July 28, 2014

The CFTC issued an Order against Lloyds Banking Group and Lloyds Bank for false reporting and attempted manipulation of the London Interbank Offered Rate (LIBOR) for Sterling, U.S. Dollar, and Yen. The CFTC also brought and settled charges that Lloyds aided and abetted the attempts of derivatives traders at Rabobank to manipulate Yen LIBOR.  The Order requires Lloyds Banking Group and Lloyds Bank to pay a $105M civil monetary penalty, cease and desist from their violations of the Commodity Exchange Act, and to adhere to specific undertakings to ensure the integrity of LIBOR submissions in the future.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations,

July 28, 2014

Vascular Solutions Inc (VSI), a Minneapolis-based medical device maker, agreed to pay $520,000 to resolve allegations that it violated the False Claims Act by marketing a product for sealing veins without FDA approval.  Specifically, the government charged that VSI marketed and sold its "Vari-Lase Short Kit" for treating perforator veins (which run deep in the leg muscle) even though the FDA approved the device only for treating surface (or superficial) veins.  DeSalle Bui, a former sales representative of VSI, will receive a whistleblower award in an undisclosed amount.  DOJ

Tagged in: Drug and DME Pricing, FCA Federal, FDA Fraud, Medical Devices and DME, Off-Label and Unapproved Use, Whistleblower Case, Whistleblower Rewards,

June 25, 2014

Ohio-based Omnicare Inc., the country’s largest provider of pharmaceuticals and pharmacy services to nursing homes, agreed to pay $124 million to settle government charges of offering improper financial incentives to skilled nursing facilities in return for their continued selection of Omnicare to supply drugs to their elderly Medicare and Medicaid patients. Donald Gale, former employee of Omnicare Inc., will receive a whistleblower award of roughly $17M from the settlement.  DOJ

Tagged in: Anti-Kickback and Stark, FCA Federal, Pharma Fraud, SNF, Whistleblower Case, Whistleblower Rewards,

June 11, 2014

The CFTC obtained a default judgment against Michael James Seward, Yan Kaziyev and their company SK Madison Commodities, a Commodity Pool Operator based in New York City, requiring them to pay restitution totaling $1M and a civil penalty of $2.5M for fraudulently soliciting more than $1.3M from members of the public to trade futures in a commodity pool.  Specifically, the defendants were found to have misrepresented their trading practices and historical trading returns and prepared and distributed to pool participants false account statements and performance reports showing huge profits when in reality they were losing money and diverting large amounts of pool participants’ funds for their own use.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Misrepresentations,

May 28, 2014

Medical device manufacturer Medtronic Inc. agreed to pay $9.9M to resolve allegations under the False Claims Act that the company used various types of illegal kickbacks to induce physicians to use pacemakers and defibrillators made and sold by Medtronic. Among the the illegal inducements the government charged Medtronic with using were: 1) paying implanting physicians to speak at events intended to increase the flow of referral business; 2) developing marketing/business development plans for physicians at no cost; and 3) providing tickets to sporting events. The settlement stems from a whistleblower complaint filed by former Medtronic employee Adolfo Schroeder under the qui tam provisions of the False Claims Act. He will receive a whistleblower reward of approximately $1.73M. DOJ  

Tagged in: Anti-Kickback and Stark, FCA Federal, Medical Devices and DME, Whistleblower Case, Whistleblower Rewards,

April 29, 2014

The CFTC obtained a final judgment and consent Order against Illinois resident James C. Yadgir settling charges that Yadgir exceeded speculative position limits in live cattle futures contracts and feeder cattle futures contracts. The Order requires Yadgir to pay a civil penalty of $130,000.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets,

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