May’s Supreme Court decision in Tibble versus Edison International was a landmark case for workers with 401(k) plans. For those not familiar with Tibble, some brief history is necessary. Like the name implies, Edison was a holding company that owned other electric utility companies. With about 17,000 employees, it is one of the largest utility providers […]
Wells Fargo Fined $500,000 Over Derivatives
[Updated through 2020] Brokerage firm giant Wells Fargo Advisors is in the news again. This time the company agreed to settle charges over allegations that it wrongly marketed exotic derivatives to retail customers. As part of the settlement, Wells Fargo will pay a $500,000 fine and $242,000 in restitution to several dozen clients. The derivatives […]
Record Journal Medicare Fraud Editorial Misses Mark
A lawyer colleague from Connecticut sent me a recent editorial from the Record Journal news. The editorial spoke to the growing Medicare fraud problem nationally and in Connecticut. While everything in the editorial is technically accurate, the paper failed to highlight the important role that whistleblowers play in fighting this epidemic. The FBI says that […]
SEC Grabs Another PIWM Fraudster
The SEC announced it has settled charges against Michael Seabolt, a financial advisor from Wellington, Florida. Seabolt was accused of selling PIWM, a Ponzi scheme operated by Nikolai Battoo. Unfortunately, there is no celebrating in our office today. The SEC settlement did not require any admission of guilt or wrongdoing. Seabolt must pay $426,000 as part of […]
Focus on Victims, Whistleblowers – Not the Greedy
I thought all the publicity around Dr. Farid Fata had finally settled. The man labeled the “Butcher of Detroit” and “Dr. Death” was sentenced last month to 45 years in prison. At his age, he will most likely die in prison. For weeks the Detroit press, the nation and even the international press were focused […]
Counterfeit Drugs Lead to False Claims Act Recovery
A Stockton oncologist was busted for billing Medicare for counterfeit drugs. Worse, at least one of the drugs wasn’t even FDA approved and lacked any active ingredient. The government prosecuted the physician under the federal False Claims Act, a Civil War era whistleblower statute. According to a release from the U.S. Department of Justice, Dr. […]
TD Bank VP Conviction Opens Door to Ponzi Scheme Victims
Last fall, former TD Bank regional vice president Frank Spinosa pleaded guilty to federal wire fraud charges in connection with a scheme to aid and abet a billion dollar Ponzi scheme. In December he was sentenced to 30 months in prison and must surrender next week to begin his sentence. Prosecutors said Spinosa signed “lock […]
UBS Whistleblower Loses Round I of Lawsuit
Bradley Birkenfeld isn’t done yet. In 2012 he received a whistleblower award check of $104 million from the IRS. That check came just weeks after being released from a 3 year prison sentence. After going to jail and getting over $100 million, one might think that Birkenfeld might ride into the sunset. That’s not Bradley […]
Chiropractors Eyed for Medicare Fraud
In 2012 and 2013, the taxpayer funded Medicare program paid $1.4 billion for chiropractic services. A random survey of those services, however, found that a shocking 38% were “medically unnecessary, improperly coded or undocumented.” That puts chiropractors directly in the bull’s eye for possible Medicare fraud. So there are no misconceptions, we like chiropractors and […]
Couple Win $16.6 Million Investment Fraud Award
After a five year wait and grueling 95 day trial, James and Margaret Eringer can finally sleep a bit easier; their long investment fraud case against BNP Paribas Securities is over. The couple won an award of $16.6 million dollars. Most investment fraud cases against stockbrokers are handled by binding arbitration before the Financial Industry […]
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