The Securities and Exchange Commission has levied charges against Wells Fargo Advisors for failing to file at least 34 Suspicious Activity Reports (SARs) in a timely manner between April 2017 and October 2021. Wells Fargo...
Category: Uncategorized
In Healthcare, Paying Commissions to 1099 Sales Reps Violates the Anti-Kickback Statute – Will Labs and Pharmacies Ever Learn?
Earlier this year, I posted about a lab that agreed to pay over $11.6 million to resolve various allegations, including that it violated the AKS through its compensation of “sales organizations on a commission basis for their referrals.” That got me thinking about these types of commission arrangements, which of...
SEC charges Allianz Global and three former portfolio managers with massive fraud scheme of hiding risk and losses. Allianz agrees to pay $1 billion to settle and $5 billion in restitution to victims
The Securities and Exchange Commission (SEC) today charged Allianz Global Investors U.S. LLC (AGI US) and three former senior portfolio managers with a major fraudulent scheme that hid the immense downside risks of a complex options trading strategy they called “Structured Alpha.” AGI US marketed and sold the...
U.S. levies criminal charges in first cryptocurrency economic sanctions evasion case
An American citizen has been accused of transmitting more than $10 million worth of Bitcoin to a virtual currency exchange in one of the countries sanctioned by the Treasury Department: Russia, Cuba, North Korea, Syria or Iran. The defendant is not named and the case remains sealed due to an ongoing investigation....
SEC charges NVIDIA corporation with inadequate disclosures on impact of cryptomining on company gaming industry and NVIDIA will pay $5.5 million.
The Securities and Exchange Commission today announced settled charges against technology company NVIDIA Corporation for inadequate disclosures concerning the impact of crypto mining on the company’s gaming business.
The SEC’s order finds that, during consecutive quarters in NVIDIA’s fiscal year 2018, the company failed to disclose that crypto mining...
Hearing Aid Company Eargo Inc pays $34.37 Million to settle Medicare fraud case for unsupported diagnosis codes
Eargo Inc, a public corporation that sells hearing aid devices to consumers nationwide will pay $34.37 million to settle a government case that is submitted claims for reimbursement to the Federal Employees Health Benefit Program that contained unsupported hearing loss diagnosis codes. The regulations require that diagnosis codes must be supported by...
Crypto industry lobbies against bills targeting Russian Oligarchs from evading U.S. sanctions using cryptocurrency
According to the Blockchain Times, The Blockchain Association is lobbying U.S. lawmakers against two bills designed to prevent Russian oligarchs from using cryptocurrency to evade sanctions imposed after the Ukraine war was launched by Putin and his army. The bills give the authority to prohibit U.S. crypto exchanges from processing payments from...
Aerojet Rocketdyne settles a major cybersecurity case for $9 million during the trial. DOJ initiative pursuing cybersecurity fraud violations advances
Aerojet Rocketdyne has settled the Government case against it involving allegations the company hid cybersecurity problems from the Government and will pay $9 million and counsel fees. The case was being tried before a federal jury in California in which the whistleblower Brian Markus, Aerojet's former senior director of cybersecurity alleged the...
Securities and Exchange Commission doubles the size of Enforcement’s Crypto Assets and Cyber Unit with 50 dedicated positions
The Securities and Exchange Commission is doubling the number of positions in its Enforcement's Crypto Assets and Cyber Unit to meet the growing number of violations and complaints and the skyrocketing number of investors in the crypto markets. Since it was started in 2017, the unit has taken more than 80 enforcement...
Coinbase halts front running on non-public “insider” information with special monitoring
Coinbase is engaging new procedures and controls to prevent people from accessing information known as "insider information" and making purchases based on that data. In other words, it is cracking down on "insider trading" which is illegal and usually the province of the Department of Justice or The Securities and Exchange Commission....
