Vasso Godiali, a vascular surgeon from Bay City, Michigan, was sentenced to 80 months in prison for orchestrating a multimillion-dollar scheme to defraud health care programs by submitting claims for the placement of vascular stents and for thrombectomies that he did not perform and was...

The Securities and Exchange Commission (SEC) utilizes artificial intelligence (AI) techniques to help detect illegal insider trading and other forms of securities fraud. Here are a few ways in which the SEC employs AI for this purpose:

The Seventh Circuit Court of Appeals has affirmed a $10 million in insurance coverage for a False Claims Act (FCA) settlement in in which there were allegations of the Anti-Kickback Statute violations. Astellas US Holding, Inc. v. Federal Insurance Companyhttps://media.ca7.uscourts.gov/cgi-bin/OpinionsWeb/processWebInputExternal.pl?Submit=Display&Path=Y2023/D05-03/C:21-3075:J:Hamilton:aut:T:fnOp:N:3039931:S:0 is about an investigation into whether a pharmaceutical manufacturer’s sponsorship of patient assistance...

L&T Technology Services (LTTS), an India-based company with U.S. offices, has agreed to pay over $9.9 million to settle a visa fraud suit alleging it under payed visa fees by acquiring cheaper B-1 visas instead of the more expensive H-1B visas,. This is...

A skincare company Murad founded by dermatologist Howard Murad, has agreed to pay about $3.3 million to settle allegations that it conspired to export goods and services to Iran, in violation of U.S. sanctions on the country. The OFAC web notice can be viewed here: https://ofac.treasury.gov/media/931761/download?inlineAccording to the U.S. Treasury...

Wells Fargo will pay $1 billion to settle a class-action lawsuit accusing the bank of overstating how much progress it had made in fixing the unlawful practices that regulators said had hurt millions of customers. The agreement is the latest in many settlements and penalties the bank has paid...

Amsterdam-based Koninklijke Philips N.V. will pay more than $62 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) with respect to conduct related to its sales of medical diagnostic equipment...

Former Coinbase  employee Ishan Wahi, who previously pleaded guilty to conspiracy to commit wire fraud. was sentenced to two years in prison for his role in the first-ever insider-trading case involving cryptocurrency. Wahi tipped gave his brother and friend to confidential information he...

Federal authorities are reportedly probing whether cryptocurrency exchange Binance violated U.S. sanctions against Russia.The U.S. Justice Department’s investigation centers on whether the company was used to allow Russians to avoid the sanctions. according to Bloomberg news. Bloomberg said Binance has been in discussions with...

The Securities and Exchange Commission today announced the largest-ever award, nearly $279 million, to a whistleblower whose information and assistance led to the successful enforcement of SEC and related actions. This is the highest award in the SEC’s whistleblower program’s history, more than doubling the $114 million whistleblower...