The U.S. Securities and Exchange Commission said it awarded more than $28 million to a whistleblower whose tip helped them and the Justice Department launch investigations that led to bribery charges against a U.S. subsidiary of Japanese electronics company APanasonic Corp. and former executives. Lawyers representing the whistleblower said the award was connected to...
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Category: financial fraud
Record number of individuals scammed by cybercriminals over sale of cryptocurrency
Scams of with fraudulent offers of cryptocurrency investments have spiked heavily according to the Federal Trade Commision. Nearly 7,000 people reported losses of more than $80 million from October through...
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Securities and Exchange Commission awards $22 million to two whistleblowers for revealing securities violations
The Securities and Exchange Commission today announced awards totaling approximately $22 million to two whistleblowers whose information and assistance were of crucial importance to successful SEC enforcement actions brought against a financial services firm.
The first whistleblower received an award of $18 million, while the second whistleblower received a $4 million award. The larger award...
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Growing Fortune 500 firms much more likely to commit financial fraud than smaller struggling companies major study shows
Expanding Fortune 500 firms with spiking growth are more likely to commit financial fraud than smaller companies, according to a recent study published in Justice Quarterly.
Researchers from Washington State University, Pennsylvania State University, and Miami University studied more than 250 U.S. public corporations that were involved in financial securities fraud identified in Securities...
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Deutsche Bank pays $130 million to settle SEC DOJ investigation into foreign bribes and manipulation of commodities markets
Deutsche Bank Aktiengesellschaft (Deutsche Bank or the Company) has agreed to pay more than $130 million to resolve the government’s investigation into violations of the Foreign Corrupt Practices Act (FCPA) and a separate investigation into a commodities fraud scheme.
According to admissions and court documents, between 2009 and 2016, Deutsche Bank, acting through its employees...
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BlueCrest Capital Management hedge fund to pay $170 million to settle SEC charges for failure to disclose internal investment fund
BlueCrest Capital Management hedge Fund will pay $170 million to settle with the U.S. Securities and Exchange Commission over charges that it misled clients about an internal fund used to invest company insiders’ wealth, which was...
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Merrill Lynch to pay $26 million over financial advisors continued churning
Merrill Lynch will pay $26 million to settle allegations of settlement failing to stop churning and other infractions by one of its former financial advisors. “Churning” is the name of a practice, where brokers or advisors incur repeated transactions on your account so that they can charge you for each transaction. In...
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DOJ’s Cryptocurrency Enforcement Network to attack criminal activities as reports of fraud and theft mount
A new U.S. Justice Department report is taking aim at the “emerging threats and enforcement challenges” associated with digital currencies, establishing a “Cryptocurrency Enforcement Framework” to address the massive uptick of fraud, criminal activity and theft in the Cryptocurrency trading including BitCoin and cybercurrency platforms. The Department of Justice says that while...
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United States sues Nutter Home Loans for forging certifications and using unqualified underwriters to ok Gov insured reverse mortgages
The United States has filed a complaint under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and the False Claims Act against Nutter Home Loans, f/k/a James B. Nutter & Co. (Nutter), for forging certifications and using unqualified underwriters to approve Federal Housing Administration (FHA) insured Home Equity Conversion Mortgages...
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“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...
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