Man checking his cryptocurrency earnings on his phone.

Cryptocurrency Fraud and the SEC Whistleblower Program

Cryptocurrency is a digital medium of exchange that has exploded in popularity in recent years. For example, Bitcoin, which is probably the most well-known type of cryptocurrency, peaked at a price of $20,000 per coin in 2017. And although the price of bitcoin has since dropped, cryptocurrency remains a popular choice for investors seeking big […]

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Wells Fargo to pay $3 Billion settlement with DOJ and SEC foropening millions of accounts without customer authorization

Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A., have agreed to pay $3 billion to resolve their potential criminal and civil liability stemming from a practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers […]

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Guardian Elder Care therapy company pays $15.4 Million to settle False Claims Act case for billing medically unnecessary Rehab services to Medicare

Guardian Elder Care Holdings Inc., and related companies Guardian LTC Management Inc., Guardian Elder Care Management Inc., Guardian Elder Care Management I Inc., and Guardian Rehabilitation Services Inc., (Guardian) agreed to pay $15,466,278 to resolve False Claims Act allegations that they knowingly overbilled Medicare and the Federal Employees Health Benefits Program for medically unnecessary rehabilitation […]

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Attorney discussing false claims act case with whistleblower.

False Claims Act: Do I Have a Case?

The False Claims Act (“FCA”) is a law that imposes liability on people who defraud the federal government. In order to encourage people to report such fraud, the FCA provides financial incentives to reporters, who are also known as “whistleblowers.” Specifically, a whistleblower may be entitled to up 30% of all proceeds recovered in an […]

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IOTA shuts down entire network after hackers target IOTA wallet app to steal $1.6 million of IOTA cryptocurrency user funds

The IOTA Foundation, the nonprofit organization behind the IOTA cryptocurrency, has shut down its entire network this week after hackers exploited a vulnerability in the official IOTA wallet app to steal user funds. The attack happened  on February 12, 2020, according to a message the foundation posted on its official Twitter account. According to published […]

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China’s telecom giant Huawei charged with racketeering conspiracy and conspiracy to steal U.S. trade secrets

Huawei, China’s giant and the world’s largest telecom company has been indicted on charges of racketeering conspiracy and conspiracy to steal U.S. trade secrets. In addition, charges have also been filed showing Huawei’s Business in North Korea and Assistance to the Government of Iran in Performing Domestic SurveillanceAs revealed by the government’s independent investigation and […]

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Cryptocurrency company owner targeting docs with proprietary alogorithm said to get extraordinary profits charged by SEC with fraud

The Securities and Exchange Commission  filed charges against an Ohio-based businessman who allegedly orchestrated a digital asset scheme that defrauded approximately 150 investors, including many physicians. The SEC alleges that Michael W. Ackerman, along with two business partners, raised at least $33 million by claiming to investors that he had developed a proprietary algorithm that […]

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U.S. Treasury report says lack of requirement to disclose company beneficial ownership the critical vulnerability in U.S. financial system

The U.S. Treasury has issued a new report which says that a lack of requirements to disclose a company’s beneficial ownership information is one of the most critical vulnerabilities in the U.S. financial system, the U.S. Treasury Department said in a new report. The Treasury’s Financial Crimes Enforcement Network, or FinCEN, in 2018 issued a […]

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Document showing bank fraud in an account.

An Overview of U.S. Bank Fraud Laws

There are two primary bank fraud laws in the U.S.: the Financial Institutions Anti-Fraud Enforcement Act of 1990 (“FIAFEA”) and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”). Individuals who report bank fraud pursuant to these laws may be entitled to financial compensation. Below is an overview of FIAFEA and FIRREA. If […]

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