Bank non-compliance with money laundering laws yielding heavy fines and bank employee whistleblowers are helping Treasury Department

Financial institutions lacking compliance and due diligence regarding money laundering are seeing increasing fines and their employees are coming forward with the information needed by the Treasury Department to establish the wrongdoing. In 2021 fines for non-compliance related to money laundering amounted to $2.7 billion. anti-money laundering professionals...
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Securities and exchange commission files charges against hedge fund EIA All Weather Alpha Fund LP and owner Andrew Middlebrooks for false statements about the fund’s performance and assets


The Securities and Exchange Commission has filed fraud charges against a Detroit-based hedge fund and its owner for allegedly engaging in a multiyear scheme that included misappropriating and misusing investors’ funds for personal use, including for jewelry, and credit card payments, and his wife’s business. The SEC Complaint
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Securities & exchange Commission charges CohnReznick LLP with improper Professional conduct in auditing deficiencies

The Securities and Exchange Commission today charged audit firm CohnReznick LLP with improper professional conduct on engagements for two clients in 2017. The two clients, Sequential Brands Group, Inc. and Longfin Corp., previously were charged by the SEC for filing fraudulent financial statements prior to their bankruptcies and Nasdaq delisting. CohnReznick is a...
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SEC charges New Jersey software company and senior employees with accounting misconduct Synchronoss to pay $12.5 million to settle

The Securities and Exchange Commission today charged Bridgewater, NJ-based Synchronoss Technologies, Inc. and seven senior employees, including the former CFO, in connection with their roles related to long-running accounting improprieties that ran from 2013 to 2017. In addition, the company’s founder and former CEO, Stephen Waldis, while not charged with misconduct, agreed...
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Three clinical labs, owner charged with defrauding Masshealth money laundering and kickbacks over $2 million in false claims to Massachusetts

Three independent clinical laboratories, their owner and two marketing companies, and a Massachusetts doctor have been charged with Medicaid fraud, money laundering, and kickbacks concerning urine drug tests that cost over $ 2million to the state. The central defendant Vipin Adhlakha and three independent labs he has owned, alpha labs, Aria...
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Unit of Stellantis, NV FCA US, formerly Chrysler Group, pleaded guilty to false statements on emission controls and will pay $300 million in penalties

FCA US, a unit of Stellantis, NV, formerly Chrysler Group LLC, pleaded guilty to one criminal felony count and has agreed to pay approximately $300 million in criminal penalties as a result of the company’s conspiracy to defraud U.S. regulators and customers by making false and misleading representations about the design, calibration,...
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Securities and Exchange Commission charges steel pipe manufacturer with violating Foreign Corrupt Practices Act for Brazilian bribes. Tenaris to pay $78 Million to settle

The Securities and Exchange Commission today announced that Tenaris, a Luxembourg-based global manufacturer, and supplier of steel pipe products, will pay more than $78 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) in connection with a bribery scheme involving its Brazilian subsidiary. According to...
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Commodity Futures Trading Commission sues crypto company owned by Winklevoss brothers saying it misled regulators to get approval for bitcoin futures

The Commodity Futures Trading Commission sued the crypto company owned by the billionaire Winklevoss brothers, saying it misled regulators as part of an effort to gain approval for bitcoin futures in 2017. Gemini Trust Co. provided bitcoin pricing to Cboe Global Markets Inc., CBOE 2.08% which launched a bitcoin futures product in...
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