The U.S. Department of Transportation (DOT) has failed to publish rules implementing a Congressionally-mandated auto safety whistleblower program. Senators Richard Blumenthal (D-CT) and Edward Markey (D-MA) sent a letter to Transportation Secretary Pete Buttigieg demanding that the DOT immediately implement the whistleblower program.
“Over the past few years, we have observed increasingly devastating...
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Category: Whistleblower Laws
Study shows that only 20% of all insider trading occurences are caught in the United States
Illegal insider trading when there is buying or selling the security (stocks or bonds) by persons based on nonpublic information about the security. A recent research study shows that has find that only 20% of all illegal insider trading is caught and prosecuted. The US Securities and Exchange Commission prosecutes...
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Telemarketers pay $4 million to end case of soliciting patients and paying telemed docs for prescriptions for compounded drugs for kickbacks
Two telemarket company owners Jack Lee Stapleton and Jack Hunter Stapleton will pay $4 million to end allegations they engaging in schemes to generate prescriptions for...
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SEC charges AT&T and three execs with selectively providing nonpublic information to research analysts
The Securities and Exchange Commission has charged AT&T, Inc. with repeatedly violating a securities regulation prohibiting disclosure of nonpublic ionformation, and three of its Investor Relations executives with aiding and abetting AT&T's violations, by selectively disclosing material nonpublic information to research analysts.
According to the SEC's complaint, AT&T learned...
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Pharmacy owner and accountant indicted in $134 million health care fraud scheme
The government is alleging that two Houston area men, Mohamed Mokbel and Fathy Elsafty, engaged in a $134 million healthcare fraud scheme. The indictment alleges Mokbel is the owner of several Houston area pharmacies, while Elsafty is his accountant. Mokbel was the CEO of 4M Pharmaceuticals Inc., which was the parent company for several...
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Switzerland’s oldest private bank Rahn & Bodmer pays U.S. $22 million for helping holders file false tax returns defrauding IRS of millions
Rahn & Bodmer, Zurich Switzerland's oldest private bank, will pay $22 million to the U.S. government for conspiring to help U.S. account holders file false federal tax returns and defraud the IRS hiding hundreds of millions of dollars offshore. Rahn & Bodmer helped U.S. account holders file false federal tax returns and commit tax...
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SEC charges AT&T and 3 execs with giving certain Wall street analysts access to nonpublic info without sharing it widely
AT&T and three of its executives have been charged by the SEC with selectively giving some Wall Street analysts access to nonpublic information without sharing it widely. The SEC said that internal documents showed that data was generally considered material to investors and cannot be selectively disclosed under the Fair Disclosure Regulation (Regulation FD)....
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SEC investigating SolarWinds over sale of $315 million shares days before Cyberattack was revealed to public
IT Management Software company SolarWinds, whose software was breached in a Russian cyberattack, said in an SEC filing that...
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SEC lawsuit charges former credit relating agency Morningstar Credit Ratings LLC violated securities laws regarding internal controls
The Securities and Exchange Commission filed a civil action alleging that former credit ratings agency Morningstar Credit Ratings LLC violated disclosure and internal controls provisions of the federal securities laws in rating commercial mortgage-backed securities (CMBS).
Credit ratings are used by market participants to help evaluate credit risk, price certain securities, and guide the...
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New Treasury Department whistleblower rewards anti-money laundering treasury law expected to lead to large rewards in bank investigations
A new treasury Department whistleblower rewards law that took effect on January 1 is called the Anti-Money Laundering Act of 2020. It created a new whistleblower program to encourage insiders at banks to report finance institutions violations of the Bank Secrecy Act. Those subject to this new law include banks, credit unions, money service...
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