financial fraud

“We Build the Wall” Online Fundraising Campaign Leaders Accused of Fraud

It was recently announced that four individuals involved with an online fundraising campaign called “We Build the Wall” have been charged with fraud. Brian Kolfage, Stephen Bannon, Andrew Badolato, and Timothy Shea are accused of defrauding hundreds of thousands of online donors for over $25 million.  The charging document alleges that the defendants defrauded hundreds […]

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U.S. files major False Claims Complaint against Teva Pharma over hundreds of millions of $ in kickbacks to sell Multiple Sclerosis drug Copaxone

The United States has filed a major False Claims Act complaint against Teva Pharmaceuticals USA Inc. and Teva Neuroscience Inc. (Teva), alleging that they illegally paid the Medicare co-pays for their multiple sclerosis (MS) product, Copaxone, through purportedly independent foundations that the companies used as conduits in violation of the Anti-Kickback Statute, the Department of […]

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Federal grand jury returns indictment on CEO of SEG Armor for illegally selling US Government Chinese made body armor through GSA

  The Chief Executive Officer of Surveillance Equipment Group (SEG) and SEG Armor, Arthur Morgan of Virginia has been indicted by a federal grand jury for selling ballistic vests, helmets, riot gear and other items that were made in Mainland China. Morgan is alleged to have certified that the products were made in the United […]

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Gordon Pederson of Utah posing as medical doctor to sell baseless cure for COVID-19 indicted on fraud charges

Utah resident Gordon H. Pedersen has been indicted for posing as a medical doctor to sell a baseless treatment for coronavirus (COVID-19).  According to the indictment returned by a federal grand jury in Salt Lake City late last week, Pedersen fraudulently promoted and sold ingestible silver-based products as a cure for COVID-19 despite having no […]

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Cordant Health Solutions, drug testing lab pays $12 million to settle charges it paid kickbacks for referrals of drug tests paid by Medicare

The U.S. Department of Justice and Sterling Healthcare Opco, LLC d/b/a/Cordant Health Solutions (Cordant), today settled a civil suit alleging Cordant illegally paid kickbacks to generate urine testing business from government insured consumers.  Cordant has agreed to pay various government healthcare programs $11,942,913 to settle the allegations.  Twenty percent of the settlement will go to […]

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YouPlus Silicon Valley startup claiming machine learning tools to analyze videos on the net charged by SEC with defrauding investors

The Securities & Exchange Commission has filed a Complaint against  Shaukat Shamim, the founder and CEO of YouPlus,purporting to have developed a machine-learning tool to analyze videos on the internet,of misrepresenting the company’s financial condition.  According to the complaint, Shamim falsely told investors that YouPlus earned millions of dollars in annual revenue and had more […]

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UBS Financial Services Inc. pays $10 million to settle charges that it broke rules on giving priority to small investors in bond purchases

UBS Financial Services Inc. allocated municipal bonds meant for retail investors to so-called “flippers,” who then immediately resold the bonds to other broker-dealers for gain between 2012 to 2016, according to the Securities & Exchange Commission. UBS Financial Services Inc. has agreed to pay more than $10 million to resolve charges that it circumvented the priority […]

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Boston based Alexion Pharmaceuticals pays $21.5 million to settle charges of foreign bribes in Turkey, Russia and Brazil to sell their drugs

Boston-based Alexion pharmaceutical company, agreed to pay $21.5 million to settle charges it violated the Foreign Corrupt Practices Act (FCPA). A settlement, announced by the Securities and Exchange Commission (SEC), alleges that the company’s foreign subsidiaries in Turkey and Russia paid government officials to promote their drugs and that their Brazilian and Columbian subsidiaries contracted […]

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Feds arrest blood testing firm President on fraud charges for submitting $69 million in fraudulent claims for allergy and COVID-19 tests

  Mark Schena, the president of a California company called Arrayit has been arrested on fraud charges for allegedly misleading investors and paying for patient referrals for the company’s blood tests for allergy and COVID-19 detection. The charges were that he and Arrayit allegedly misled investors, manipulated the company’s stock price, and conspired to commit […]

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