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…
Lawyer Sued Over Ponzi Scheme
A group of investors sued Texas attorney Gregory Jones in connection with a failed mining venture that they claim was nothing more than a Ponzi scheme. The investors say they hired Jones before investing in two mining companies, Edwards Exploration and Edwards Operating LLC. The group sought Jones’ help in evaluating their potential investment. According […]
Ocwen Financial In Trouble… Again
Ocwen Financial Corp, the largest non-bank mortgage servicer in the United States, is once again in trouble. The company’s legal woes seem to deepen so fast that even journalists have problems keeping up. Yesterday, Joseph Smith, the monitor appointed in the wake of a 2012 national settlement with federal and state officials, claimed that the […]
Big Banks – Pariahs or Victims? Whistleblower Post
We are not fans of Wall Street or the “Too-Big-To- Fail, Too-Big-to Jail” banks. Sure, most of the people who work there are honest, hard-working people. It’s the leadership and corporate governance that concern us. Thankfully, some regulators and prosecutors “get it” and have turned up the heat in effort to curb corporate greed and […]
Another Reg Z Violation, Another Whistleblower Opportunity
The Federal Reserve Board thought they cleaned up illegal loan officer compensation schemes in 2010 with the passage of amendments to Regulation Z and the enactment of the Loan Officer Compensation Rule. That rule says lenders can’t base bonus payments or compensate loan officers based on a term or condition of the loan. For years, some […]
Exotic Dancers and False Claims Act?
For profit schools have been under a great deal of scrutiny but the reports coming from a recently unsealed federal False Claims Act case are incredible. Last week the United States Department of Justice intervened in a whistleblower suit originally filed by a former admissions officer of FastTrain College. The False Claims Act law allows […]
Whistleblower Tip Leads to $389 Million Recovery
A former food and water supplier to U.S. troops stationed in Afghanistan has been fined $389,000,000 after a whistleblower came forward and turned in the supplier. Supreme Foodservice, the supplier, pleaded guilty to both civil and criminal charges. The settlement was announced in Philadelphia where prosecutors had charged the company with criminal fraud, conspiracy to […]
"Dodgy" Appraisals Make Comeback? Send in the Whistleblowers!
The Wall Street Journal recently ran a story titled “Dodgy Home Appraisals Make a Comeback.” We have seen this scam before. before the ink isn’t even dry on the last taxpayer bailout of Wall Street, the banks are back and ready for another run at the public trough. This time, however, we hope whistleblowers will […]
Will Supreme Court Consider Whistleblower Cover Up Case?
A whistleblower that filed a False Claims Act case against his former employer has asked the U.S Supreme Court to review a troubling and controversial ruling by the D.C. Circuit Court of Appeals. That ruling permits corporations to hide evidence of fraud from whistleblowers and the government. The case has huge implications for taxpayers and […]
Jury Convicts Two in Medicare Fraud Scam
A federal jury in Houston, Texas convicted two men of 20 counts of Medicare fraud and conspiracy after a 7 day trial last month. Both men now face 200 years in prison when sentenced in early 2015. Prosecutors say that Dr. Dennis Barson and his assistant, Dario Juarez, orchestrated a scheme to defraud Medicare of […]
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