The Securities and Exchange Commission investigating Bayerische Motoren Werke AG (BMW) for possible manipulation of sales figures, according to The Wall Street Journal. The SEC is specifically looking into whether BMW has been engaging in a practice known as sales punching in the U.S., which is when a company boosts sales figures...
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Category: Whistleblower Laws
U.S. Government joins healthcare fraud suit against Omnicare and CVS for billing invalid prescriptions to elderly and disabled
[T]he United States has filed a civil healthcare fraud lawsuit against OMNICARE, INC., and its parent company, CVS HEALTH CORPORATION. The Government’s Complaint seeks damages and civil penalties under the False Claims Act for fraudulently billing federal healthcare programs for hundreds of thousands of non-controlled prescription drugs dispensed based on stale, invalid...
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Federal agencies raid three offices of Caterpillar relating to export filings and tax evasion investigation by the IRS
Federal law enforcement officials from three federal agencies raided three central Illinois facilities of manufacturer Caterpillar as part of an investigation the company said may be related to business with its Swiss subsidiary CSARL. Officials from the IRS, Department of Commerce and the Federal Deposit Insurance Corporation Office of Inspector General searched the Peoria,...
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Ericsson telecom pays over $1 Billion to DOJ and SEC for foreign bribes to foreign officials in China, Vietnam, Indonesia and Kuwait
Ericsson agreed to pay the DOJ and SEC over $1 billion in one of the biggest Foreign Corrupt Practices Act enforcement actions ever. Telefonaktiebolaget LM Ericsson will pay the DOJ a...
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Framingham Massachusetts Lab pays $26.67 Million to resolve allegations of payment kickbacks for patient referrals and improper billing
Laboratory Boston Heart Diagnostics Corporation (Boston Heart), of Framingham, Massachusetts, has agreed to pay $26.67 million to resolve False Claims Act allegations involving payments for patient referrals in violation of the Anti-Kickback Statute and the Stark Law, as well as claims otherwise improperly billed to federal healthcare programs for laboratory testing, the Department of...
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Whistleblower case says Huntington Ingalls biggest US military ship builder falsified tests on submarine coating placing American lives at risk
A whistleblower has filed a False Claims Act in Federal Court alleging that the sound-dampening coating was improperly affixed causing the coating to “de-bond” and slip off the submarines while underway. According to the complaint, “since the inception of the program, Virginia-class submarines have been plagued with problems with their exterior hull...
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Blockchain tech company Block.one must pay $24 Million for unregistered initial coin offering of digital tokens raising several billion
The Securities and Exchange Commission ordered blockchain technology company Block.one to pay $24 million to settle charges it conducted an unregistered initial coin offering of digital tokens (ICO) raising the equivalent of several billion dollars over approximately one year. The company agreed to pay.
According to the SEC’s order,...
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BMO Harris Financial and BMO Asset Management Corp to pay SEC over $37 million for failing to disclose conflicts and management fees
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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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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