By Steve Kardell | Published February 28, 2023 | Posted in Fraud, Whistleblower Litigation | Tagged Tags: Commodity Futures Trading Commission, CTFC, recordkeeping failures |
Late last year, the United States Commodity Futures Trading Commission reached a $710 million settlement with 11 major financial institutions, including Goldman Sachs, Deutsche Bank, Morgan Stanley, Citibank and Bank of America, for recordkeeping and supervision failures. Similarly, the SEC announced a $1.1 billion settlement with the same institutions, for the same behavior. Case background Read More
Read MoreEvery year, the federal U.S. government spends hundreds of billions of dollars on various goods and services, such as military spending, education, disaster relief, transportation, environmental protection and more. Much of this spending is paid directly to private contractors, state and local governments to fund various programs. What happens when someone tries to defraud the Read More
Read MoreWhistleblowers are one of the most effective tools against corporate or government fraud and misconduct. There are many programs available, which not only provide protection against retaliation, but may also provide rewards for speaking up. Here are some of the programs currently available. False Claims Act The Department of Justice uses the FCA to prosecute Read More
Read MoreBartow County, Georgia is facing a lawsuit from the U.S. Department of Justice (DOJ) after its HR department failed to stop “abhorrent” misconduct, and racially harassed the employee who reported the initial problem. Case background A Bartow County employee reported that a coworker had used a racial slur in a text message to him. Shortly Read More
Read MoreThe city of Shreveport, Louisiana is facing a whistleblower lawsuit. Former City of Shreveport Controller Ben Hebert filed an action against the city for wrongful termination, claiming it happened because he refused to violate state and city laws. Case background Ben Hebert was a City of Shreveport Controller in 2021. He claims that he was Read More
Read MoreThe Securities and Exchange Commission (SEC) has a Whistleblower Program, which encourages insiders to provide tips regarding wrongdoing. Qualified whistleblowers may receive anywhere from ten to 30 percent of the sanctions collected from successful enforcement actions as a result of their disclosure. The rest is returned to harmed investors or the U.S. Treasury. Last November, Read More
Read MoreThe former Vice President of Product Management at Modernizing Medicine, Inc., has led to a $45 million settlement for a healthcare kickback scheme. Amanda Long filed a whistleblower action in 2017, which was amended in May 2021. The company was found to have created a healthcare kickback scheme that violated the False Claims Act. Case Read More
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