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September 29, 2023

Goldman Sachs, J.P. Morgan, and Bank of America and Merrill Lynch have been ordered to pay $30 million, $15 million, and $8 million respectively in connection with a variety of swap dealer failures.  Goldman Sachs failed to diligently supervise a wide range of its swap dealer activities, some of them since 2013, and failed to accurately or timely report a significant portion of its swap data.  J.P. Morgan underreported or misreported over 40 million swap transactions.  Bank of America and Merrill Lynch underreported or misreported almost 4 million swap transactions.  CFTC

Tagged in: Financial Institution Fraud, Fraud in CFTC-Regulated Markets,

September 29, 2023

Interactive Brokers Corp., an introducing broker, and Interactive Brokers LLC, a futures commission merchant, has been ordered to pay $20 million to the CFTC and $35 million to the SEC to resolve charges of failing to maintain and preserve records.  The records included communications through unapproved channels, such as text and WhatsApp, which employees at all levels used and which the company failed to maintain and preserve.  The SEC also resolved charges against other firms for similar misconduct, including Robert W. Baird & Co. Inc. ($15 million); William Blair & Company LLC and William Blair Investment Management LLC ($10 million); Nuveen Securities LLC ($8.5 million); Fifth Third Securities Inc. ($8 million); and Perella Weinberg Partners LP, Tudor, Pickering, Holt & Co. Securities LLC, and Perella Weinberg Partners Capital Management LP ($2.5 million).  CFTC; SEC

Tagged in: Financial Institution Fraud, Fraud in CFTC-Regulated Markets, SEC Whistleblower Reward Program,

September 28, 2023

The Boeing Company has agreed to pay $8.1 million to resolve allegations of violating the False Claims Act.  Under a Navy contract to manufacture a tiltrotor military aircraft, Boeing allegedly failed to comply with certain manufacturing specifications, submitted false claims, and made false statements.  The claims were brought in a qui tam suit by former Boeing employees, who will receive a relator’s share of $1.5 million as a result of the settlement.  DOJ

Tagged in: Defense Contract Fraud, FCA Federal, Whistleblower Case, Whistleblower Rewards,

September 19, 2023

Commercial real estate firm CBRE, Inc., a subsidiary of CBRE Group, Inc., has agreed to pay $375,000 to settle charges of violating the SEC’s whistleblower protection rule between 2011 and 2022.  In order to receive separation pay, CBRE allegedly required over 800 of its departing employees to sign releases stating they had not filed complaints with any federal agency.  As part of its settlement with the SEC, CBRE has informed former employees who signed the release of their right to communicate with the government, as well as taken revised all of its releases to be in compliance with the whistleblower protection rule.  SEC

Tagged in: Importance of Whistleblowers, SEC Whistleblower Reward Program,

September 15, 2023

Navmar Applied Sciences Corp. has agreed to pay $4.4 million to resolve allegations of double billing and improperly shifting costs between contracts, in violation of Federal Acquisition Regulations and the False Claims Act.  While under a series of Navy contracts to manufacture, design, and test emerging intelligence technologies, the company double billed for the same costs on two separate contracts, and improperly shifted costs incurred under some contracts to other contracts.  DOJ

Tagged in: Defense Contract Fraud, FCA Federal,

September 13, 2023

Texas-based Oliver Street Dermatology Management LLC, which manages dermatology practices, surgical centers, and pathology labs across the country, has agreed to pay $8.9 million to resolve self-reported violations of the Anti-Kickback Statute, Stark Law, and False Claims Act.  The company revealed in 2021 that some of its former senior managers had fraudulently increased the purchase price of 11 dermatology practices acquired between 2013 and 2018 in exchange for referrals.  Claims arising from those referrals were found to have been submitted to Medicare.  USAO NDTX

Tagged in: Anti-Kickback and Stark, FCA Federal, Healthcare Fraud, Medicare, Reporting to Government,

September 7, 2023

In the highest civil monetary penalty ever ordered in a CFTC case, South Africa-based Mirror Trading International Proprietary Limited (MTI) and its founder and CEO, Cornelius Johannes Steynberg, have been ordered to pay $1.7 billion for defrauding over 23,000 U.S.-based retail foreign currency (forex) investors and failing to comply with commodity pool operator regulations.  MTI and Steynberg solicited Bitcoin from U.S. as well as foreign investors, purportedly trading off-exchange retail forex through an unregistered commodity pool, when in fact they were enriching themselves through a multilevel marketing scheme.  CFTC

Tagged in: Cryptocurrency, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets,

September 5, 2023

Verizon Business Network Services LLC has agreed to pay over $4 million in connection with its Managed Trusted Internet Protocol Service (MTIPS), which provides federal agencies with secure connections to the internet.  The company self-disclosed that its MTIPS service failed to comply with General Services Administration (GSA) contracts because it didn’t satisfy required cybersecurity protocols.  DOJ

Tagged in: Cybersecurity and Data Breaches, FCA Federal, Government Procurement Fraud,

August 31, 2023

Watermark Retirement Communities LLC, which manages 79 retirement homes across the country, has agreed to pay $4.25 million to settle claims of violating the Anti-Kickback Statute and False Claims Act.  According to a lawsuit launched by David Freeman, the former director of strategic growth for a nationwide home health agency (HHA), between 2014 and 2020, Watermark solicited and received kickbacks from the HHA in exchange for referrals of Medicare beneficiaries from 8 of its retirement facilities in 5 states, including Arizona, Connecticut, Delaware, Florida, and Pennsylvania.  Watermark then caused false claims to be submitted in connection with those referrals.  DOJ

Tagged in: Anti-Kickback and Stark, FCA Federal, Healthcare Fraud, Home Health and Hospice, Medicare, Whistleblower Case, Whistleblower Rewards,

August 30, 2023

Lompoc Valley Medical Center (LVMC) has agreed to pay $5 million to resolve allegations of causing false claims to be submitted to California’s Medicaid program.  Under the Patient Protection and Affordable Care Act (ACA), Medi-Cal received federal funds to expand coverage to previously uninsured adults.  However, LVMC knowingly claimed and received payments from the government for services that were duplicative, not reimbursable, or not priced at fair market value.  CA AG

Tagged in: FCA Federal, FCA State, Healthcare Fraud, Medicaid, Medical Billing Fraud,

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