Archive

Sinopec Under Investigation over Bribery in Nigeria

Posted 08/31/17

By the C|C Whistleblower Lawyer Team The DOJ and SEC are investigating Chinese national oil and gas company Sinopec over allegations the company paid over $100 million in bribes to Nigerian government officials to resolve a business dispute in the country. Sinopec, also known as China Petroleum & Chemical Corporation, is a state-owned oil and gas company, and the second largest oil company in the world by revenue....

Tagged in: FCPA,

DOJ Investigating Uber for Foreign Bribes

Posted 08/30/17

By the C|C Whistleblower Lawyer Team A new story from the Wall Street Journal reveals that the Department of Justice (DOJ) is investigating whether Uber managers provided bribes to foreign officials in violation of the Foreign Corrupt Practices Act (FCPA). The FCPA broadly prohibits American companies from seeking a competitive advantage through bribes to foreign officials. Under the leadership of co-founder...

Tagged in: FCPA,

Older Americans Lose an Estimated $36.5 Billion Every Year to Fraud

Posted 08/28/17

By the C|C Whistleblower Lawyer Team A recent CNBC story discusses a growing trend in elder fraud that has caused older Americans to lose approximately $36.5 billion each year to financial scams or abuse according to a 2015 report. State securities regulators have reported a general increase in financial fraud against senior citizens in the past year. Mike Rothman, the Minnesota commissioner of commerce said "This...

Tagged in: Financial and Investment Fraud,

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...

Tagged in: Insider Trading, Securities Fraud,

Mortgage Fraud Whistleblower Gets Over $9 Million

Posted 08/9/17

By the C|C Whistleblower Lawyer Team Yesterday, the U.S. Department of Justice (DOJ) announced a nearly $75 million settlement with PHH Mortgage Corporation regarding the company’s failure to meet origination, underwriting, and quality-control regulations promulgated by Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs, the Federal...

Tagged in: FCA Federal, Housing and Mortgage Fraud, Whistleblower Rewards,

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...

Tagged in: Catch of the Week, Ponzi Schemes, Securities Fraud,

Royal Bank of Scotland to Pay $5.5 Billion Over Shoddy U.S. Mortgage Practices

Posted 07/12/17

By the C|C Whistleblower Lawyer Team The Federal Housing Finance Agency (FHFA) announced on Wednesday that it had reached a multibillion dollar settlement with the Royal Bank of Scotland (RBS) over its subprime mortgage lending practices leading up to the 2008 financial crisis. In 2011, the FHFA sued eighteen different financial institutions, including RBS, for misrepresenting the quality of mortgage-backed...

Tagged in: Housing and Mortgage Fraud,

Barclays Charged With Fraud

Posted 06/20/17

By the C|C Whistleblower Lawyer Team As reported in the NYTimes, CNN, and other news outlets. Barclays, its former chief executive and three other former senior managers were criminally charged on Tuesday over agreements the bank struck with Qatar as it sought to avoid a government bailout during the 2008 global financial crisis. The executives charged include former CEO John Varley and Roger Jenkins,...

Tagged in: Financial Institution Fraud,

Five Israeli State Electric Company Executives Sentenced in Siemens Bribery Scandal

Posted 06/15/17

By the C|C Whistleblower Lawyer Team This past May, Siemens paid $43 million to settle bribery allegations involving its business with the Israeli government. Siemens was accused of bribing executives at the Israeli state-owned power company to win contracts to manufacture power turbines. The conduct allegedly went on between 1999 and 2005, during which time Israel purchased more than $650 million worth of gas...

Tagged in: FCPA, Money Laundering,

Banamex USA Agrees to Forfeit $97 Million in Connection with Bank Secrecy Act Violations

Posted 05/23/17

By the C|C Whistleblower Lawyer Team As reported in today's New York Times, Los Angeles Times, and other news outlets On Monday, Citigroup agreed to pay $97.4 million in a settlement after a long federal investigation into Banamex USA. In exchange, the Justice Department will not file criminal charges against the bank in connection with inadequate oversight of Banamex USA, which is based in California. Even as...

Tagged in: Financial Institution Fraud, Money Laundering,

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Sinopec Under Investigation over Bribery in Nigeria

DOJ Investigating Uber for Foreign Bribes

Older Americans Lose an Estimated $36.5 Billion Every Year to Fraud

SEC Uncovers Wide-Reaching Insider Trading Scheme

Mortgage Fraud Whistleblower Gets Over $9 Million

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

Royal Bank of Scotland to Pay $5.5 Billion Over Shoddy U.S. Mortgage Practices

Barclays Charged With Fraud

Five Israeli State Electric Company Executives Sentenced in Siemens Bribery Scandal

Banamex USA Agrees to Forfeit $97 Million in Connection with Bank Secrecy Act Violations

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