As I finish my book on whistleblowers, Saints Sinners and Heroes, I began researching the cost of fraud in the United States. It is such an important question but one that eludes an easy answer. A recent Wall Street Journal series on Medicare fraud suggests that the cost of Medicare fraud alone cost taxpayers $58,000,000,000.00 last […]
Whistleblowers Get Paid, Countrywide Chairman Gets Off
Article by Bob Adelmann Last August, Bank of America agreed to pay out nearly $17 billion to settle sixteen lawsuits over making and marketing fraudulent mortgages leading up to the start of the Great Recession, setting a record in the process. But the details, under the False Claims Act, remained sealed until last […]
The “Selling Away” Crackdown May Breed More Breakaways
by Thomas Coyle Investment News’ revelation that independent broker-dealer LPL Financial terminated James Bashaw for “selling away” marks the second high-profile brokerage firing for similar infractions in a few weeks. But the latest case doesn’t shed light on why this infraction, by some accounts tolerated in the past, is now a firing offense — […]
Vanguard to Fight ‘Tax Dodge’ Lawsuit Vigorously
Article by Christina Rexrode And Timothy W. Martin There is a new winner in the biggest bank settlement to come out of the financial crisis: whistleblowers. Four whistleblowers will collect a total of more than $170 million for helping investigators get a record $16.65 billion penalty against Bank of America Corp., among the biggest such payouts to tipsters in history. The payments, to three individuals and […]
Medicare Fraud Lands Doc in Prison
A Louisiana physician and the owner of several home health care agencies may be headed to prison after pleading guilty to federal Medicare fraud charges. Divini Luccioni M.D. and Mark Morad pleaded guilty to federal healthcare fraud charges early this month. Morad pleaded guilty to conspiracy to commit health care fraud and conspiracy to falsify […]
Accounting Malpractice and Tax Fraud Scheme Leads to Prison
A 54 year old accountant from Chagrin Falls, Ohio is headed to prison after being convicted of fraud and obstructing the IRS. Andrew Zelenkofske was sentenced to 36 months in prison. He must also serve an additional 3 years on supervised release once out of prison and pay almost $1 million in restitution. Prosecutors say […]
Small PA Hospital Settles Whistleblower Medicare Suit
We were blessed to represent one of the whistleblowers in the recent $16.65 billion whistleblower suit against Bank of America. That case represents the largest settlement in history by the United States against a single defendant. Some of the whistleblowers received $57 million a piece for their information. Obviously, not every case is that large […]
Non-Profit Hospitals and the False Claims Act
It shouldn’t shock anyone that the highest settlements under the False Claims Act have been for profit entities. Specifically, big pharmaceutical companies, defense contractors and banks. Our record $16.65 billion case against Bank of America last year still reigns over the top spot but it wouldn’t surprise us to see unrestrained corporate greed propel some […]
There is a New Sheriff in Town, Actually Several
“One riot, one ranger” is a quote attributed to Texas Ranger Captain W.J. McDonald during the early 1900’s. When it comes to financial fraud and lender liability, there seems to be several rangers riding tall and all in New York City. Most of the major financial fraud cases in the United States have been prosecuted […]
False Claims Act – Time for Reform?
It’s only been a few months since the midterm elections and already the Chamber of Commerce and defense lawyers are starting their campaign to “reform” the False Claims Act. A law dating back to Abraham Lincoln and the 1860’s, the federal False Claims Act allows whistleblowers to file a lawsuit in the name of the […]
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