International Vitamins Corporation (“IVC”), a United States-based company that imports and sells vitamins and nutritional supplements from China has agreed to pay $22.8 million to settle a case alleging that for years, IVC defrauded the United States by misclassifying more than 30...
Continue reading…
Category: Uncategorized
T-Mobile hit with another major cyberattack affecting 37 million customers
T-Mobile has said in a regulatory filing that its most sensitive records such as credit card numbers, social security numbers, birth dates and billing addresses of about 37 million of its customers have been accessed by cyber hackers. Accordibng to the company, its systeks weren't breached but someone was improperly obtaining data...
Continue reading…
Securities and Exchange Commission awards $18 million to three whistleblowers
The Securities and Exchange Commission today announced three awards totaling approximately $18 million to three whistleblowers whose information and assistance led to a successful enforcement action. The first whistleblower provided the SEC with detailed and significant information that led to the opening of an investigation into a fraudulent scheme....
Securities and Exchange Commission seeks to compell Covington & Burling LLP lawfirm to answer investigative subpoena regarding cyberattack and says it stalled the SEC investigation
The Securities and Exchange Commission has filed a case against Covington & Burling, one of the largest law firms in the United States, seeking an Order of the Court to compell it to comply with an SEC investigative subpoena relating to a Russian cyber attack around November 2020. According to the Government...
Continue reading…
New study estimates that on average 10 percent of public companies commit securities fraud each year
A new study,published by a professor of finance at the University of Toronto, reveals that 10 percent of public companies are committing securities fraud which is damaging 1.6 percent of equity value each year equal to about $830 billion in 2021. The study is published in the Review of Accounting Studies...
Continue reading…
China continues to engage in U.S. tariff fraud by transshipping products through other countries including Thailand, Indonesia and Sri Lanka
U.S. Customs and Border Protection has stated that there is a reasonable suspicion that an importer is evading the antidumping and countervailing duty orders on forged steel fittings from China by transshipping subject goods through Indonesia, Sri Lanka, and Thailand. As a result, CBP is requiring that for any imports of forged...
Continue reading…
Lab execs charged in kickback scheme over fraudulent genetic testing
Two Texas men and a Louisiana man for conspiracy to defraud the United States and to pay and receive health care kickbacks, resulting the submission of over $107 million in false and fraudulent genetic testing claims to Medicare.
Continue reading…
Whistleblower in healthcare bribery case awarded $37 million, the largest SEC award this year
The Securities and Exchange Commission has awarded more than $37 million to a person who reported information about a bribery scheme in a large European healthcare company. That's one of the largest awards paid to an individual by the SEC. The agency did not name the company or the identity of the...
Continue reading…
Recent Settlement Highlights Perils of Outsourcing Diagnostic Work to Overseas Vendors
Until recently, federal healthcare regulations required that nonphysician personnel who performed diagnostic tests for an independent diagnostic testing facility (“IDTF”) must have a state license or certification to do such work. 42 C.F.R. § 410.33(c) (2021). On December 20, 2022, the United States Attorney’s Office for the Eastern District of Pennsylvania announced...
Continue reading…
Wells Fargo agrees to pay $3.7 Billion to settle investigations on deposit accounts, auto loans and mortgages
Wells Fargo has agreed to pay $3.7 billion in a deal with regulators to resolve allegations that it harmed more than 16 million people with deposit accounts, auto loans and mortgages.
The Government alleged that the bank illegally assessed fees and interest charges on loans for cars...
Continue reading…