America has a huge problem with air pollution and toxic waste. It’s everywhere. Just ask residents in Flint, Michigan who can’t drink their water or the folks in Cleveland where the Cuyahoga River was so polluted that it once caught fire. The EPA offers a 24 hour, toll free tip line for chemical spills and […]
Shipping Co Loses False Claims Act Battle
The United States provides billions of dollars of emergency food and medical supplies worldwide. The government relies on private contractors to help store, process and deliver aid packages. Today, one of those contractors has been found liable for price gouging taxpayers. Judge Barbara Jacobs Rothstein found that Jacintoport International LLC overcharged the government by over […]
Two Respected Law Firms Fight Claims That They Aided Ponzi Schemer
[Ed. Note: This content by attorney Brian Mahany originally appeared in the National Law Review on January 20th. It is reprinted here for our blog readers.] Robert Allen Stanford, once one of the richest men in America, is today a federal inmate serving a 110-year sentence. His crimes? Running a massive Ponzi scheme that stole […]
Bank of America Threw a Party and No One Came
Hat tip to American Banker magazine that ran an article yesterday title “Bank of America Just Threw an Earnings Party, But Nobody Came.” Earlier this week, America’s second largest “too big to care” bank announced more great earnings results. The bank has now posted four consecutive quarters of higher profits than the prior year. No […]
Illinois Sends Couple to Prison in Public Corruption Case
A federal judge in Illinois sentenced a husband and wife last month to prison for defrauding the Illinois Department of Health out of as much as $3 million. Leon Dingle Jr., 78, was sentenced to 6 years in prison. His 76 year old wife Karin Dingle was ordered to serve 3 years. Prosecutors say that […]
Key Shale Bond Indicator Hits Record – Bad for Investors
Once upon a time, oil prices were constantly hitting new record highs. Today the opposite is true. Oil prices plummeted again last week, this time by 5% and crossing below $30 per barrel. With the drop in oil prices came a new record for the Merrill Lynch High Yield Energy Bond Index. Yields hit a […]
ATTN Clayton Homes, Vanderbilt Mortgage Insiders!
Recently four members of Congress asked both the Justice Department and Consumer Financial Protection Bureau to investigate lending practices at Vanderbilt Mortgage. Owned by Warren Buffet’s Berkshire Hathaway Inc., Vanderbilt is affiliated with Clayton Homes and several other Buffet companies. Since being purchased by Buffet in 2003, Clayton Homes has become the largest mobile home […]
Nikolai Battoo Told to Pay $490 Million, No One Cheering
Nikolai Battoo, the mastermind behind a massive Ponzi scheme, was ordered to pay almost $500 million this week. While the headlines suggest a major victory for his victims, nothing has changed. For several years Battoo ran an organization called PIWM, Private International Wealth Management. Battoo also did business under several other names including BC Capital. […]
Good News for FCPA Whistleblowers – DOJ Bulks Up in 2016
Earlier this week we wrote about the Foreign Corrupt Practices Act (FCPA) and the availability of whistleblower awards. The take home from that article is that the law is quite robust but only a small fraction of SEC whistleblower tips ever result in awards. That may be changing. Earlier this week, the Justice Department said […]
URS Pays $9 Million to Settle USAID Fraud Case
URS agreed to pay $9 million to settle federal fraud charges brought under the False Claims Act. URS inherited the liability when it acquired Washington Group International, often referred to as WGI. Prosecutors claimed the company fraudulently obtained five different USAID contracts in Egypt. The United States Agency for International Development (USAID) is the government’s […]
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