The Securities and Exchange Commission today announced that two BMO advisers have agreed to pay over $37 million to settle charges regarding their failure to tell clients about certain aspects of how the advisers selected investments in their retail investment advisory program, known as the Managed Asset Allocation Program (MAAP), which included the...
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Category: Whistleblower Cases
Swedish telecom giant Ericsson sets $1.23 billion in reserves to cover fines relating to foreign bribes in China, Greece, Vietnam and more
Ericsson, the Swedish multinational networking and telecommunications company has reserved $1.23 billion to cover fines associated with foreign bribes made by the company in China, Djibouti, Indonesia, Kuwait, Saudi Arabia and Vietnam, based on an investigation. Ericson has a 35% share in the 2-5G mobile market network and is the major competitor...
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SEC charges Price Waterhouse with violating auditor independence rules and PWC agrees to pay $7.9 million to settle the case
Accounting firm PricewaterhouseCoopers LLP was charged by the Securities & Exchange Commission with improper professional conduct in connection with 19 engagements on behalf of 15 SEC-registered issuers and violating auditor independence rules in connection with engagements for one issuer where the firm performed prohibited non-audit services. The SEC also charged PwC partner...
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Furniture business exec who falsified documents evading $1.4 million in duties on Chinese goods sentenced to one year home detention
A furniture business executive who falsified documents to avoid more than $1.4 million in import duties on the Chinese goods he sold was sentenced to a year of home detention Monday.
Jeff Zeng, president of Blue Furniture Solutions, was also sentenced to spend two additional years on supervised release...
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Defense contractor International SOS Assistance pays $940,000 settling case on not giving discounts to TRICARE military health insurance
International SOS Assistance, Inc., International SOS Government Services, Inc., International SOS, LP, Air Rescue Americas, Inc. Arnaud Vaissié; and Pascal Rey-Herme (collectively, “International SOS”), will pay $940,000 settling allegations that it overcharged TRICARE, the health care insurance system for members of the military services and their families. The overcharges related to aeromedical...
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US imposes new sanctions on Irans shipping network selling oil and offers reward of $15 million for info that disrupts the operations
The United States has imposed new sanctions on Irans complex and extensive shipping that it uses to sell oil, and the U.S. will pay $15 million to anyone with information that disrupts the scheme. The reward could be rendered to individuals living within or outside the United States.
The...
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College recruiting fraud– dad accused of bribing daughter into USC subpoenas University records admissions records to test fairness
A father, Robert Zangrillo, accused of resorting to fraud and bribery to get his daughter into USC has subpoenaed the university for records detailing its admissions process and to what degree, if any, it is influenced by donations. His subpoena requests records related to how the university flags some applicants as “VIP”...
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Delaware Physician Indicted for Participation in $12.7 Million Health Care Fraud Scheme Involving Fraudulent Medicare Claims
Frederick Gooding, a physician of Wilmington, Delaware, was charged in an indictment with 11 counts of health care fraud following an investigation into his participation in a $12.7 million scheme that sought to defraud Medicare.
According to the Department of Justice, Gooding submitted claims to Medicare for injections and...
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Universal Health Services to pay $127 million to settle DOJ investigation of its behavioral health facilities
Universal Health Services announced a settlement of federal civil complaints against its behavioral health facilities for $127 million, pending federal approval.
The hospital chain said it reached the agreement with the U.S. Department of Justice’s Civil Division and on behalf of various states’ attorneys general. It will...
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U.S. SANCTIONS AGAINST IRAN TARGET LARGE GROUP OF COMPANIES, FINANCIAL INSTITUTIONS AND PERSONS IN AND OUTSIDE THE U.S.
The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) has issued an Advisory for the civil aviation industry, including parties providing services to that industry warning them not to engage in or support unauthorized transfers of U.S. origin aircraft or related goods to Iran or those who do business with...
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