Fraud

Fraud is the making of false representations or engaging in deceptive behavior in order to unlawfully secure financial or personal gain. 
News & Analysis as of

Supreme Court Rejects Mandatory Dismissal for an FCA Seal Breach

The Supreme Court held that a relator’s breach of the seal in a qui tam case does not require mandatory dismissal of the complaint, but the Court declined to articulate what factors are appropriate to consider in determining...more

Your Daily Dose of Financial News

A NY state court threw out Ace Decade Holdings’ suit against UBS accusing the Swiss lender of fraud for its $500 million investment loss in a Chinese company. The court found that jurisdictional issues plagued plaintiff’s...more

Former CFO Awarded $1.9 Million In SOX Case

An ALJ at the U.S. Department of Labor (DOL) recently ruled that a former CFO was entitled to approximately $1.9 million in back pay, front pay, and compensatory damages, concluding that he was retaliated against in violation...more

Supreme Court Concludes that Violation of FCA Seal Provision Does Not Necessarily Mandate Dismissal of Qui Tam Suits

The Supreme Court held yesterday that a violation of the False Claims Act’s seal provision does not mandate dismissal of a relator’s complaint. Justice Kennedy authored the Court’s opinion in the unanimous 8-0 decision. ...more

Whistleblowers on Campus: DOJ Adds Research Universities to its False Claims Act Focus

Federal funding is the grand prize for higher education research institutions. Each year, the federal government pumps hundreds of millions of dollars in research grants and awards into the university system. These funds are...more

CFPB Issues Rigorous New Guidance to Financial Services Industry Regarding Sales Incentives

The compliance burdens being placed on institutions to monitor all aspects of product sales will require a substantial expansion of the types and scope of reporting that are done for product sales. On November 28, the...more

CFPB Steps Up Oversight of Companies’ Compensation Programs Following Wells Fargo Scandal

The Consumer Financial Protection Bureau (CFPB) will likely be weakened by the incoming Trump administration and its Republican allies in Congress. Exactly how, and how much, remains to be seen, however—and, in the meantime,...more

December 2016 Special Immigration Alert

USCIS Updates Fee Schedule for Immigration and Naturalization Benefit Requests - On October 24, 2016, the U.S. Citizenship and Immigration Services (“USCIS”) announced a final rule adjusting the fees required for many...more

FTC and Florida AG Announce Settlements in Alleged Fraudulent Debt Relief Scheme

On November 30, 2016, the Federal Trade Commission (FTC) and the Florida Attorney General (AG) announced several settlements totaling approximately $27 million in an alleged fraudulent credit card debt reduction scheme. In a...more

Central District of California Subjects CFPB Telemarketing Sales Rule Claims to Rule 9(b)’s Heightened Pleading Standards

In a recent case, the Central District of California held that the CFPB’s claims against a credit repair service under the Telemarketing Sales Rule (“TSR”) must meet Federal Rule of Civil Procedure 9(b)’s heightened pleading...more

Forecasting, Risk Management and Compliance

When I was in the corporate world, I cannot begin to recall the number of times senior management had an overly optimistic forecast regarding some transaction; whether the transaction was the purchase of a smaller company, a...more

As Agency Enforcement Efforts Mount, CFTC Prohibits Private Lawsuits Against RTOs/ISOs for Market Manipulation

Incidents of alleged fraud and market manipulation in the energy markets increasingly have received the attention of federal agency enforcement efforts, including the Federal Energy Regulatory Commission (FERC) and the...more

Taxotere Multidistrict Litigation Transferred

In 1996, the Food and Drug Administration (“FDA”) approved Taxotere “for the treatment of patients with locally advanced or metastatic breast cancer after failure of prior chemotherapy.” However, women claim that Sanofi-...more

CFPB November 2016 complaint report highlights other financial services complaints, complaints from Oklahoma consumers

The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders.  The report also...more

FERC Staff’s White Paper on Manipulation Provides Insights on Commission’s Developing Manipulation Law

On November 17, 2016, the Office of Enforcement (“FERC Staff”) of the Federal Energy Regulatory Commission (the “Commission” or “FERC”) issued a White Paper on Anti-Market Manipulation Enforcement Efforts Ten Years After...more

Court Holds That There Was No Harm In Failing To Submit A Breach Of Fiduciary Duty Question To A Jury

In Gengenbach v. Rodriguez, a defendant alleged a counterclaim for breach of fiduciary duty arising from a farming operation. No. 13-14-00711-CV, 2016 Tex. App. LEXIS 12289 (Tex. App.—Corpus Christi November 17, 2016, no pet....more

Two Executives Charged in Valeant Pharmaceuticals Criminal Investigation

Two executives were charged last week with criminal violations in the Southern District of New York relating to Valeant Pharmaceuticals activities. These charges are the first of more to come in an ongoing investigation...more

Asset misappropriation – investigating people and money?

Forensic accounting has been described as an “art and science” that investigates people and money. Forensic accountants are known for tracing funds (following the money), uncovering hidden assets and educating involved...more

CFPB Files Suit Against Structured Settlement Company for Allegedly Defrauding Lead Paint Victims

On November 21, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the U.S. District Court for the District of Maryland against a structured settlement company and certain of the company’s...more

Spikes in Sales and Compliance

What is risk and how should it be evaluated? What is the data that should be reviewed to determine if an increase in sales is based on unethical or even illegal behavior? Finally, what happens when you migrate company...more

Conflict of Interest Issues – A Significant Risk

In the risk mitigation business, we often focus on legal risks, such as anti-corruption, sanctions, export controls, antitrust and AML. As compliance programs mature, and the CCOs focus on proactive strategies, one key issue...more

Buyer beware

An important judgment handed down by the High Court considered the liability of both solicitors and estate agents in circumstances where the seller of a property turned out to be an imposter. ...more

The Business Court Tackles Jurisdiction and Forum Non Conveniens Issues

The Tennessee Business Court found occasion to deal with personal jurisdiction and forum non conveniens issues through its recent written opinion in Nissan North America, Inc. v. Tustin Import Auto Sales, LLC, et al, Case No....more

Supreme Court Hears Argument About Violation of FCA Seal Provision

This month the Supreme Court heard oral argument in State Farm Fire & Casualty Co. v. United States ex rel. Rigsby, a case centered on allegations dating back to Hurricane Katrina. The Fifth Circuit had previously upheld a...more

Florida Banks: Beware of Eleventh Circuit Decision Implications

Banks beware: At the very least in Florida, you may be liable for negligence and “aiding and abetting fraud” to non-customers for trust funds deposited by a bank customer that were obtained by the customer through fraud,...more

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