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Top Ten Financial and Healthcare Fraud Prison Sentences of 2018

Posted  01/11/19
Hands gripping prison bars
Financial and healthcare fraud schemes can result not just in civil investigations and liability, but also in prison time for the individuals involved.  In 2018, the Department of Justice obtained substantial prison sentences in numerous cases involving healthcare and financial frauds, helping to bring justice to the patients, investors, or individuals harmed by criminal fraudsters.  Many of the fraudulent schemes...

WATCH THIS SPACE: New U.S. Development Agency for High-Risk Investment in Developing Countries a Magnet for Fraud

Posted  12/21/18
Steel wheel pavers driving over fresh asphalt
Combine 60 billion U.S. dollars, newly authorized private investment, vulnerable foreign countries, and competition with Russia and China - What could go wrong? Amid the daily D.C. drama plaguing the fall of 2018, Congress quietly passed the Better Utilization of Investments Leading to Development (BUILD) Act to create a new U.S. development agency: the U.S. International Development Finance Corporation (IDFC). The...

DOJ Investigation of Pharma Companies for Alleged Iraqi Terrorism Funding – Did a Whistleblower Help?

Posted  08/17/18
Pharmaceutical companies AstraZeneca, Pfizer, Roche, and Johnson & Johnson were sued in the fall of 2017 by a group of military veterans and others who alleged that the companies paid bribes to win contracts with the Iraqi Ministry of Health – bribes which, according to the lawsuit, financed terrorism that damaged the plaintiffs.  As such, the plaintiffs alleged, the payments amounted to aiding and abetting...

Healthcare Company Executives Charged with Massive Investor Fraud

Posted  05/17/18
By the C|C Whistleblower Lawyer Team The former CEO, CFO, and Director of a publicly traded healthcare services company have been charged with defrauding investors out of over $200m in connection with a merger designed to convert the company into a private entity. All three men were charged with conspiracy to commit securities fraud and securities fraud. One of the men has already been arrested. According to the...

SEC Launches “HowleyCoins.com” to Educate Investors on ICO Fraud

Posted  05/16/18
By the C|C Whistleblower Lawyer Team “If you’ve ever been tempted to buy into a hot investment opportunity linked with luxury travel, the Securities and Exchange Commission has a deal for you,” the agency announced in a press release today. But the referenced “HowleyCoin” offering is a sham. The Securities and Exchange Commission (SEC) designed HowleyCoin.com as a creative means of educating investors about...

Former Autonomy executive convicted of fraud over role in $10.3bn takeover by Hewlett Packard

Posted  05/2/18
By the C|C Whistleblower Lawyer Team Sushovan Hussain, the former CFO of the British software firm Autonomy, has been convicted of wire and securities fraud in connection with Hewlett Packard’s (HP) 2011 acquisition of the firm. Hussain stood accused of artificially inflating Autonomy’s valuation, leading HP to buy the company for $10.3 billion. Soon after the acquisition, HP discovered serious accounting...

Panasonic to Pay $280M To Settle FCPA Foreign Bribery Charges

Posted  05/1/18
California-based Panasonic Avionics Corporation (PAC), a subsidiary of Japan-based electronics giant Panasonic Corporation, agreed to pay a $137.4 million criminal penalty to settle claims it violated the Foreign Corrupt Practices Act (FCPA).  In a related settlement with the SEC, Panasonic agreed to pay $143 million for a total company payout of roughly $280 million.  PAC designs and distributes in-flight...

American Success Story or an Illegal Tipster for Jury to Decide

Posted  04/11/18
By the C|C Whistleblower Lawyer Team On Tuesday, attorneys delivered opening arguments in the trial of Benjamin Chow, a Chinese immigrant who has been charged with securities fraud in connection with Canyon Bridge Capital Partners’ failed $1.3 billion acquisition of Lattice Semiconductor Corp. Last year, the Trump Administration blocked the Chinese-backed private equity firm from buying the U.S.-based chipmaker,...

Founders of Celebrity-Backed Cryptocurrency Charged with Fraud

Posted  04/3/18
By the C|C Whistleblower Lawyer Team Two founders of Centra Tech, a cryptocurrency firm that was endorsed by Floyd Mayweather, have been charged with carrying out a fraudulent $32 million initial coin (“ICO”) offering by the SEC. The co-founders of Centra, Sohrab Sharma and Robert Farkas, claimed to offer a debit card backed by Visa and Mastercard that allow people to convert cryptocurrency to U.S. dollars to...

Barclays Agrees to Pay $2 Billion in Civil Penalties

Posted  03/30/18
By <the C|C Whistleblower Lawyer Team Barclays will pay the United States two billion dollars to settle a civil action filed in December 2016 in which the United States sought civil penalties for alleged conduct related to Barclays’ underwriting and issuance of residential mortgage-backed securities (RMBS) between 2005 and 2007. Agreement has also been reached with two former Barclays executives who were named as...
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