Archive

Immigration Detention Facilities Continue to Pose Fraud Risks

Posted 05/9/19

Last summer, we wrote about the fraud risks inherent in the massive increase in government spending for immigration detention. Almost one year later, a child’s tragic death again calls attention to failures at the immigration facilities that maintain ever increasing government contracts. On April 30, 2019, a sixteen-year-old boy died at a Southwest Key facility in Brownsville, TX, two weeks after arriving in the...

Tagged in: Contract Non-Compliance, Correctional Services Fraud, Government Procurement Fraud, Human Rights,

The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019

Posted 05/3/19

Hanging Hundred Dollar Bills on Clothes Line

“A diverse collection of the hunters and the hunted.” That’s how the Wall Street Journal described the OffshoreAlert Conference in 2009. The 2019 conference was no different, bringing together those who work in the offshore industry, the government enforcers who try to stop the unscrupulous among them, and the asset recovery professionals who pursue lost funds. Alongside them were whistleblowers and their...

Tagged in: CFTC Whistleblower Reward Program, Cryptocurrency, Financial and Investment Fraud, Importance of Whistleblowers, IRS Whistleblower Reward Program, Market Manipulation and Trading Violations, Money Laundering, Ponzi Schemes, SEC Whistleblower Reward Program, Securities Fraud, Tax Fraud,

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,

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

Posted 04/12/19

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,

Catch of the Week — Fresenius Medical Care

Posted 04/5/19

German-based medical device production and services company Fresenius Medical Care AG & Co. KGaA (“FMC”), agreed on March 29th to a $231 million settlement with both DOJ and the SEC to resolve allegations it violated the Foreign Corrupt Practices Act by paying bribes between 2007 and 2016 to publicly employed health and/or government officials to obtain or maintain business in Angola and Saudi Arabia....

Tagged in: Catch of the Week, FCPA,

SEC and DOJ Charge former Roadrunner CFO with Accounting Fraud

Posted 04/5/19

Securities and Exchange Commission seal on building

On April 3, the SEC and DOJ both announced charges against Peter Armbruster, former CFO of Roadrunner Transportation Systems Inc., for allegedly participating in a securities and accounting fraud scheme that lost Roadrunner shareholders over $245 million. According to Assistant Attorney General Brian Benczkowski, Armbruster and his co-conspirators “used sham accounting entries, misstated accounts, and other means to...

Tagged in: Accounting Fraud, Financial and Investment Fraud, Securities Fraud,

CFTC Pays Whistleblower Award for Related Action Brought by Another Federal Regulator

Posted 03/14/19

On March 4, 2019, the CFTC announced an award of $2 million to an anonymous whistleblower who was not an insider, but provided “critical information through independent analysis of market data” that lead to several million in recoveries by two regulatory agencies. Moreover, as the Order makes clear, the whistleblower’s $2 million award is based not just on the CFTC’s recovery, but also on a recovery in a...

Tagged in: CFTC Whistleblower Reward Program, Financial and Investment Fraud, International Whistleblowers, SEC Whistleblower Reward Program, Whistleblower Rewards,

Supreme Court rules in favor of position advocated by Constantine Cannon partner Henry Su on behalf of The Center for International Environmental Law and others in Jam v. International Finance Corp

Posted 03/8/19

Metal sign for International Finance Corporation World Bank Group at entrance to building

Can the World Bank and other international organizations be sued for investments gone awry? That was the question, broadly speaking, that the Supreme Court answered in Jam v. International Finance Group, a case brought by Indian fishermen and farmers from the state of Gujarat whose waters and lands were destroyed by a power plant financed by the International Finance Group (IFC). The group of farmers sued the...

Tagged in: CC Lawyers, Financial and Investment Fraud,

Catch of the Week — Mobile TeleSystems settles FCPA claims for $850M

Posted 03/7/19

Pile of coins with miniature flag of Uzbekistan

Russian telecom giant Mobile TeleSystems PJSC (MTS) agreed to pay approximately $850 million to settle allegations the company violated the Foreign Corrupt Practices Act (“FCPA”) by bribing an Uzbek official, a relative of Uzbekistan’s president at the time. $100M will be paid to the SEC to resolve the charges and will be credited against a criminal fine and forfeiture of $850M based on related criminal...

Tagged in: Catch of the Week, FCPA, SEC Whistleblower Reward Program,

Catch of the Week — Cognizant Technology to Pay $25M to Settle Bribery Allegations While Top Execs Face Civil and Criminal Charges

Posted 02/22/19

Man in business suit signing on clipboard held by construction worker while surreptitiously exchanging cash

New-Jersey based tech company Cognizant Technology Solutions Corporation agreed to pay approximately $25 million-roughly $19 million in disgorgement and prejudgment interest and an additional $6 million in civil monetary penalties-to settle allegations the company violated the Foreign Corrupt Practices Act (“FCPA”) by bribing Indian officials. But the government’s enforcement doesn’t end there. Cognizant’s...

Tagged in: Catch of the Week, Criminal Proceedings, FCPA,

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Immigration Detention Facilities Continue to Pose Fraud Risks

The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019

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

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

Catch of the Week — Fresenius Medical Care

SEC and DOJ Charge former Roadrunner CFO with Accounting Fraud

CFTC Pays Whistleblower Award for Related Action Brought by Another Federal Regulator

Supreme Court rules in favor of position advocated by Constantine Cannon partner Henry Su on behalf of The Center for International Environmental Law and others in Jam v. International Finance Corp

Catch of the Week — Mobile TeleSystems settles FCPA claims for $850M

Catch of the Week — Cognizant Technology to Pay $25M to Settle Bribery Allegations While Top Execs Face Civil and Criminal Charges

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