The headline in Banking360 this morning was “Credit Suisse Pays $5.3B In Possible Last Post-Crisis Deal.” Is this the last “post crisis” deal? Heck no! That would imply that banks and mortgage lenders learned their lesson. By their very nature, financial institutions are in business to make money. They need to turn a profit. Higher […]
MahanyLaw Files Class Action Lawsuit Against Molina Healthcare
FOR IMMEDIATE RELEASE: Hispanic Doctors, Law Firm Accuse Molina Healthcare Company of Stealing Pay from Physicians (Milwaukee) The fraud recovery lawyers at MahanyLaw filed a class action lawsuit on December 30th against Molina Healthcare of California. This is the second major class action case filed in 2016 by the firm. According to the complaint, Molina […]
Feds Nab 6 More for Bribery of Foreign Officials (and the Officials too!)
I once read a quote that said, “You don’t necessarily need atomic bombs to destroy a nation. Politicians who value their pockets than the life of citizens always do that every day.” Despite years of reform and high profile criminal prosecutions, there is still much truth in that quote. Whether or not political and social […]
Disabled Man’s Mother, Sister Indicted for Medicaid Fraud
Georgia has a very generous Medicaid program that allows eligible people with developmental disabilities to receive home care. Called the Comprehensive Supports Waiver Program (COMP), folks who are too ill to fully care for themselves can have a family member stay home and provide for them. If you are thinking the COMP program is rife […]
USFS Settles Crisis Era False Claims Act Mortgage Fraud Case
The financial crisis of 2007 and 2008 occurred almost a decade ago. The fall out, however, continues. Many people lost their homes. Americans were asked to pony up hundreds of billions of dollars to bail out the banks. In the following years, whistleblowers and prosecutors worked hard to go after the banks that caused the […]
Cyberhacking and the FDIC (FIRREA Whistleblower Post)
We post many stories about the need for banks to increase their defenses against cyberhacking. The Federal Reserve, Office of Comptroller of the Currency (OCC) and the FDIC all regulate banks and require tough cybersecurity measures. There is a possibility for whistleblowers to earn large awards when banks cover up hacking attempts or fail to […]
$95 or 10 Years in Prison? Medicaid Fraud Post
A basic first aid and CPR course from the American Red Cross costs just $95 and a few hours of time. Instead of making sure his personal care workers were properly trained in CPR, Dwaine and Dynetta Woods decided to save a few bucks by simply forging CPR cards. That stunt earned Dwaine Woods a […]
NY Pension “Pay to Play” Scheme Examined (FCPA Post)
What do the Foreign Corrupt Practices Act (FCPA) and the recent “pay to play” indictment of a former New York state pension system portfolio manager have in common? Plenty! The details of the indictments offer a window of how public officials can be corrupted and the steps taken to cover up the evidence. This week […]
Wells Fargo, PNC Hit with Huge Fines for Cybersecurity Lapses
[Updated May 2019] The Financial Industry Regulatory Authority (FINRA) fined several financial services firms a total of $14.4 million for failure to properly safeguard customer records. Fourteen securities dealers received fines including the brokerage arms of two major banks, PNC Capital Markets ($500,000) and Wells Fargo ($5.5 million). The SEC and FINRA police securities brokerage […]
Whistleblower Retaliation Case Leads to $1.4 Million Fine
SandRidge Energy agreed to pay $1.4 million to settle charges that it fired an engineer for blowing the whistle on how the company calculated its oil and gas reserves. The company also settled claims that it improperly forbid workers from cooperating with the SEC. Since the SEC’s investigation began, the company has since filed for […]
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