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Financial and Investment Fraud

This archive displays posts tagged as relevant to financial and investment fraud. You may also be interested in the following pages:

Page 44 of 91

The FinCEN Files Prove We Need an Anti-Money-Laundering Whistleblower Program

Posted  09/25/20
dryer with money filled in it
The FinCEN Files. It sounds ominous, and recalls the Panama Papers, the Paradise Papers, and others. Like those earlier stories, the FinCEN Files expose powerful players, including a large number of highly regulated banking giants. December 2020 Update: New NDAA Monday Laundering Whistleblower Reward ProvisionsThe FinCEN Files, published by the International Consortium of Investigation Journalists and BuzzFeed News, document over 200,000 suspicious financial transactions via documents leaked...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, International Whistleblowers, Money Laundering,

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September 25, 2020

The SEC has made two awards totaling over $2.5 million to whistleblowers who provided information regarding overseas misconduct.  Both whistleblowers reported the misconduct to internal compliance systems before reporting to the SEC.  In the case of the first whistleblower, who received over $1.8 million, the internal report resulted in an internal investigation and subsequent report to the SEC.  Meanwhile, information from the second whistleblower, who received $750,000, resulted in a successful enforcement action.  SEC

Tagged in: Anonymity, Financial and Investment Fraud, SEC Whistleblower Reward Program, Whistleblower Rewards,

September 24, 2020

BMW AG and two of its U.S. subsidiaries will pay $18 million to resolve charges that its public reporting inflated retail sales in the U.S. between 2015 and 2017, allowing it to meet sales targets.  This information, which BMW allegedly knew to be inaccurate, was then provided to investors in bond offerings by BMW’s U.S. subsidiary.  SEC

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

September 24, 2020

Following a guilty plea, Jason Galanis was sentenced to nearly 16 years in prison for his role in multi-million dollar securities frauds.  In the one scheme, Galanis acquired, but did not disclose, control of the Gerova Financial Group, Ltd. and caused the company to enter into transactions designed for his benefit, including issuance of Gerova stock for his benefit, which he subsequently sold while fraudulently maintaining the price of the stock through coordinated trades.  In a second scheme, Galanis misappropriated the proceeds of bonds issued by Native American tribal entity the Wakpamni Lake Community Corporation.  USAO SDNY

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Securities Fraud,

September 22, 2020

Florida-based asphalt company Sargeant Marine, Inc., will plead guilty and pay $16.6 million to resolve claims that it violated the Foreign Corrupt Practices Act.  Between 2010 and 2018 the company paid millions of dollars in bribes to foreign officials in Brazil, Venezuela, and Ecuador, in order to secure contracts with state-owned oil companies.  To execute the scheme and conceal the bribe payments, Sargeant Marine entered into fake consulting agreements with bribe intermediaries.  DOJ; USAO ED NY

Tagged in: FCPA, Financial and Investment Fraud,

COVID Frauds of the Week: More PPP and PPE Fraudsters, and an Update

Posted  09/17/20
hundred dollar bill zoomed in
Attorney General William P. Barr announced the results of his Payroll Protection Program (PPP) Criminal Fraud Enforcement Action this week, and noted that as of August 8, 2020, over 5.2 million loans had been approved, with a total federal expenditure of over $525 billion in federal business support expenditures. The downside is that Paycheck Protection Program fraudsters have cost the government over $70 million in...

Tagged in: COVID-19, Financial and Investment Fraud, Government Loan Programs,

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SEC Whistleblower Awards Keep Rolling In

Posted  09/17/20
a silver whistle on top of a stack of cash
Earlier this week, the SEC announced an award of more than $10 million "to a whistleblower whose information and assistance were of crucial importance to a successful SEC enforcement action."  This brings the total tally under the SEC's Whistleblower Program to $520 million in awards to 94 whistleblowers since the first award in 2012. It also marks the latest in a flood of awards this year, including the $50...

Tagged in: Anonymity, Financial and Investment Fraud, Importance of Whistleblowers, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Case, Whistleblower Eligibility, Whistleblower Rewards,

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