According to a report by the Consumer Financial Protection Bureau, elder financial fraud has quadrupled from 2013 to 2017. The report also found that the average amount that is defrauded on an individual basis is substantial, with seniors ages 70 to 79 years old averaging $43,000 each in losses. However, this number is...
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Category: Fraud
Opioid painkiller manufacturer Insys Therapeutics pays $225 million to end criminal and civil cases on kickbacks to docs for increased doses
Opioid manufacturer Insys Therapeutics will pay $225 million to resolve civil and criminal complaints stemming from Insys’s payment of kickbacks and other unlawful marketing practices in connection with the marketing of Subsys. Insys’s drug Subsys is a...
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Duke Pays Over $112 Million to The U.S. Government to Settle Allegations of Falsified Research Data Used to Secure Grants
Former Duke lab research analyst, Joseph Thomas, sued the university after discovering that data had been falsified in order to secure $1 million in federal grants. Following the allegations, Duke has to agree to pay the U.S. government a settlement of $112.5 million of which Thomas will receive $33.75 million for bringing...
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PrivatBank of the Ukraine Sues Its Founder In Delaware State Court to regain control and prevent ongoing fraud and money laundering
PrivatBank, a Ukrainian based institution, is suing one of its original founders in U.S. court in an effort to gain control of the bank and prevent future fraud. The lawsuit was filed on May 21st in the state of Delaware against Ihor Kolomoyskiy and Hennadiy Boholyubov. However, executives of PrivatBank worry that...
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Conflict Over The Extradition of Huawei Executive Due to Wire Fraud Continues as The Case Develops Further
The chief financial officer (CFO) and deputy chairwoman of the Chinese-based tech giant Huawei, Meng Wanzhou, has faced extradition from Canada to the United States after appearing in a Canadian court. This case involves allegations that charge Meng with 13 counts related bank and wire fraud. The company is still standing by...
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TurboTax and H&R Block Subpoenaed for Deceptive Marketing and Coding Techniques
The Department of Financial Services of New York has launched an investigation into popular tax preparation services including TurboTax, which was developed by Intuit, and H&R Block. According to their investigation, these services may have purposefully hidden free tax...
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Solar Fish Mysteriously Nets $355 Million from Six Russian Fishing Companies
Solar Fish was reported by FTI Consulting to have received a payment of $355 million from six different parties. While on the surface it comes off as a simple financial transaction, this payment is suspected to be for the sale of a number of Russian fishing firms that the company controlled in...
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Cancer Research Center Discovers Chinese Researchers Violating NIH Regulations and disclosing confidential information to the Chinese Government
At the MD Anderson Cancer Center, a number of senior researchers were found violating the rules of the U.S. National Institutes of Health (NIH). Three researchers have already been terminated for disclosing confidential information and withholding information involving their foreign connections.
This case was part of an effort the...
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Report asserts that Deutsche Bank Involved and knew about the $20 Billion Russian Money-Laundering Scandal
Deutsche Bank is facing legal action for its involvement in a $20 billion Russian money-laundering scheme, known as the Global Laundromat. Upon the announcement of these allegations, Deutsche Bank expressed its deep concern of “significant disciplinary action” in a confidential report by The Guardian.
According to the report, Deutsche...
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Ex-Adidas Executive Sentenced to Nine Months in Jail for Amateur Basketball Scandal
Jim Gatto, the former head of basketball marketing at Adidas, was sentenced to nine months in federal prison following allegations that he committed wire fraud to lure amateur basketball players to Adidas-sponsored programs at numerous universities. Also sentenced were co-defendants, Merl Code and Christian Dawkins, who both must serve six months in...
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