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News >> Fraud

The United States Commodity Future Trading Commission (CFTC) has announced that it has ordered (15 September 2014) Morgan Stanley Smith Barney (Morgan Stanley) to pay disgorgement and a US$280,000 penalty after finding that the futures commission merchant "failed to diligently supervise" workers' opening and handling of accounts held in the name of a group of entities that purported to have operations in a jurisdiction deemed "high-risk" under Morgan Stanley's compliance procedures.

Published in Financial Integrity

The United States District Court for the Southern District of New York has ordered Bank of America Corp (BofA) to pay a US$1.27 billion penalty for fraud. The ruling reportedly relates to a lending program of Countrywide Financial Corporation (Countrywide), which was acquired by BofA in 2008.

Published in Financial Integrity

The United States Department of Justice (DoJ) has announced that former Rabobank derivatives trader Takayuki Yagami has pleaded guilty for "his role in a conspiracy to commit wire and bank fraud by manipulating Rabobank's Yen London InterBank Offered Rate (LIBOR) submissions to benefit his trading positions".

Published in Financial Integrity

The United States Department of Justice (DoJ) has announced that former Arthrocare Corporation chief executive officer Michael Baker and the company's former chief financial officer Michael Gluk have been found guilty of a series of fraud-related charges that resulted in financial losses of more than US$400 million.

Published in Financial Integrity

Bloomberg reports that Hewlett-Packard Company (HP) has agreed to pay US$57 million to settle a suit that alleges the company's management defrauded shareholders in its handling of company strategy in 2011.

Published in Consumer Protection

The United States (US) Securities and Exchange Commission (SEC) has announced that one firm and six individuals have agreed to pay a total of more than US$4.5 million to settle charges relating to a variable annuities scheme that allegedly sought to "profit from the imminent deaths of terminally ill patients".

The United States (US) Department of Justice (DoJ) has announced that Military Professional Resources Inc (MPRI) has agreed to settle allegations that it "submitted false labor charges on a contract to support the [US] Army in Afghanistan" by paying US$3.2 million.

Published in Government Contracting

Former Executive Indicted for Kickback Scheme

12 Feb 2014
Written by World Watch

The United States (US) Department of Justice (DoJ) has announced that former corporate executive Asem Elgawhary has been indicted by a grand jury on fraud, money laundering and tax-related charges. DoJ criminal division Acting Assistant Attorney General Mythili Raman stated that Mr Elgawhary is alleged to have used his managerial position, within a joint venture by the corporation of which he was an executive and a state-owned electricity company, to award three power companies more than US$2 billion worth of contracts in return for US$5 million in kickbacks.

Presented by:

Alice Martin - Former U.S. Attorney with the U.S. Dept of Justice and Leader of the HealthSouth Criminal Prosecutions


This educational webinar features former U.S. Attorney Alice Martin. >During her presentation, Ms. Martin will discuss OIG and DOJ enforcement priorities for 2014 including detailed information and analysis of their ongoing focus on healthcare fraud and recent enforcement cases. Ms. Martin was the U.S. Attorney for the Northern District of Alabama from 2001-2009. During her tenure, she headed a nationally recognized Health Care Fraud Task Force and led the criminal HealthSouth investigation. Ms. Martin’s experience as a U. S. Attorney provides a unique perspective into the manner in which law enforcement and regulatory agencies build civil and criminal health care prosecutions and how your compliance program is evaluated in light of U. S. Sentencing Guideline mandates.

Published in Webinars

The United Kingdom National Audit Office (NAO) has released its memorandum The Ministry of Justice's electronic monitoring contracts (19 November 2013), which sets out the UK Ministry of Justice's (MoJ) decision to commission an independent forensic audit of its electronic monitoring contracts with the firms G4S and Serco.

Published in Government Contracting
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