U.S. Federal Agency issues notices of charges against five former senior execs of Wells Fargo

The Office of the Comptroller of the Currency (OCC) today issued a notice of charges against five former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, and announced settlements with the bank’s former Chief Executive Officer (CEO) and other members of the bank’s operating committee. “The actions announced by the OCC today […]

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Securities & Exchange Commission has 4,000 lawyers on staff but few programmers to decipher algorithms controlling todays investments

There are 4,000 lawyers at the U.S. Securities and Exchange Commission, but the agency has few programmers who can actually understand  the algorithms involved in today’s investments. SO says  SEC Commissioner Robert Jackson, who remarked that the rapid growth of digital assets and computer-driven investment advice has become a key challenge for regulators trying to […]

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Canadian Securities Regulators crack down on exchange practices relating to crytocurrency assets

The Canadian Securities Administrators (CSA) have stated that merely providing users with a contractual right or claim to a crypto asset could subject the exchange to sanctions. The CSA stated that transactions without immediate delivery constitute derivatives sales. Even where the custodied asset is commonly considered as a commodity such as Bitcoin, it could be […]

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Durable medical equipment maker Resmed to pay #37.5 million for paying kickbacks to DME suppliers, sleep labs and others

ResMed Corp., a manufacturer of durable medical equipment (DME) based in San Diego, California, has agreed to pay more than $37.5 million to resolve alleged False Claims Act violations for paying kickbacks to DME suppliers, sleep labs and other health care providers, the Department of Justice announced today. “Paying any type of illegal remuneration to […]

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Fomer Countrywide Exec awarded $57.6 million in whistelblower case involving mortgage fraud. One of the largest awards ever

Edward O’Donnell, a former executive at mortgage lender Countrywide Financial, is set to collect a cool $57.6 million from Bank of America (BAC), for his role in exposing fraudulent activity at the firm. A  federal grand jury ruled that Countrywide Financial, which is now owned by Bank of America, had defrauded government-backed firms Fannie Mae and Freddie […]

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Caldwell University pays more than $4.8 Million to settle charges of defrauding vets and the VA education program

Caldwell University must pay the United States more than $4.8 million to resolve allegations that it engaged in a fraudulent scheme to defraud a federal education benefit program, U.S. Attorney Craig Carpenito announced. “Caldwell University tried to hoodwink the Department of Veterans Affairs and, worse, veterans themselves, by claiming to offer online classes developed and […]

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Terrorist using crypto-currency to fund their growth and little is being done to stop them

According to The Middle East Research Institute, a research, and analysis organization, extremist middle east organizations have been soliciting donations in the form of cryptocurrency through social media, especially on the massaging app Telegram. A company called Elliptic is developing tools to track cryptocurrency purchases and how they are used by criminal organizations worldwide. It […]

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Securities and Exchange Commission investigating BMW for possible “punching” sales numbers to falsely inflate company value

The Securities and Exchange Commission investigating   Bayerische Motoren Werke AG (BMW) for possible manipulation of  sales figures, according to The Wall Street Journal. The SEC is specifically looking into whether BMW has been engaging in a practice known as sales punching in the U.S.,  which  is when a company boosts sales figures by having dealers […]

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Jeffrey Newman Law discusses the most common types of medicare fraud.

Common Types of Medicare Fraud

Medicare fraud, which is a widespread problem in the United States, occurs when an individual, medical team, pharmaceutical company, or healthcare facility claims reimbursement for services to which they aren’t entitled. This practice costs the government and taxpayers billions of dollars each year, which is why the government requests that people report instances of Medicare […]

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U.S. Government joins healthcare fraud suit against Omnicare and CVS for billing invalid prescriptions to elderly and disabled

[T]he United States has filed a civil healthcare fraud lawsuit against OMNICARE, INC., and its parent company, CVS HEALTH CORPORATION.  The Government’s Complaint seeks damages and civil penalties under the False Claims Act for fraudulently billing federal healthcare programs for hundreds of thousands of non-controlled prescription drugs dispensed based on stale, invalid prescriptions to elderly […]

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