News & Analysis as of

Fraud

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

SCCE Compliance and Ethics Institute – Eugene Soltes and How Compliance Programs Works

by Thomas Fox on

The first full day of the SCCE 2017 Compliance and Ethics Institute (CEI) featured a talk by Eugene Soltes, an associate professor at Harvard Business School and author of “Why They Do It”. For this book Soltes spent over...more

Dismissal of Individual Claims Cap Insurer’s Winning Streak in Action Challenging FIA Product Features

by Carlton Fields on

In May, the Southern District of California handed ING a win in a case involving allegations that the company targeted seniors with annuities that hid an embedded derivative structure that made them worth less than promised....more

Dieselgate: Bringing a Face to Scandal Impacting Volkswagen Owners

A Volkswagen manager pleaded guilty to conspiracy and violating the Clean Air Act and could get seven years in prison. A Volkswagen engineer who agreed to testify against the Volkswagen manager was sentenced to three years in...more

For the Benefit of Mr. Kite – Fiction in the World of Quality Assurance

by Thomas Fox on

The basics were laid out by Peter Wells and Emiko Terazono in a Financial Times (FT) article entitled “Kobe Steel scandal hits Boeing, Toyota and Nissan”. The Japanese company admitted it had falsified “inspection data on an...more

“No Fraud at All:” Fifth Circuit Reverses $663 Million False Claims Act Jury Verdict Based on Government’s Actual Knowledge

by Arnall Golden Gregory LLP on

On September 29, 2017, in United States ex rel. Harman v. Trinity Indus. Inc. (“Trinity”), the Fifth Circuit Court of Appeals reversed a $663 million jury verdict in a False Claims Act (FCA) case brought against Trinity...more

Turning Passive Detection into Active Incident Management

by NAVEX Global on

Effective incident management programs do not just exist, they are celebrated. The best programs achieve this by operationalizing their incident management programs into their organization’s DNA. This turns passive reporting...more

Targeted ICE Investigations - in it for the Long Haul with Record $95 Million Plea Deal for I-9 Violations

by Seyfarth Shaw LLP on

Seyfarth Synopsis: With a record $95 million plea deal for I-9 immigration violations following a six year investigation, the outcome for a Pennsylvania company with operations nationwide serves as a reminder of the federal...more

SEC Gets Tough on ICOs, Files First Fraud Case

The SEC has filed charges against multiple ICO sponsors alleging securities law violations. The Securities and Exchange Commission (the Commission) has put its digital money where its mouth is. After concluding in a July...more

Vineyard buyer's fraud claim dying on the vine

by Thompson Coburn LLP on

Sellers of a vineyard were exonerated of a claim for fraud because they “could not be held liable for nondisclosure in the absence of evidence they had actual knowledge of the facts to be disclosed.” In Opinion - RSB...more

Ninth Circuit Analyzes Statements Concerning FDA Feedback, in In re Atossa Genetics, Inc. Securities Litigation (August 18, 2017)

On August 18, 2017, a Ninth Circuit panel affirmed in part, reversed in part, and vacated in part the district court’s dismissal of the amended securities fraud class action complaint in In re Atossa Genetics, Inc. Securities...more

It’s A Slam Dunk: Take Steps Now To Avoid Tough Lessons Learned By Several NCAA Basketball Programs

The recent indictment of at least 10 individuals associated with college basketball should alert every university, and many businesses, to the importance of operating strong ethics and compliance programs and conducting...more

Global Private Equity Newsletter - Fall 2017 Edition: The Dangers of Undefined Fraud Carve-Outs and “Inelegant Drafting”

by Dechert LLP on

Crucial to any private equity seller is certainty: the certainty that a sale will be consummated at an agreed price and that any potential post-closing liability is fully understood in advance of distributing proceeds to...more

Key Regulatory Topics: Weekly Update - 22 September 2017 – 28 September 2017

by Allen & Overy LLP on

CAPITAL MARKETS AND MARKET INFRASTRUCTURE - ESMA practical guidance on recognition of third country CSDs - On 28 September 2017, ESMA published practical guidance (dated 26 September 2017) on the recognition by it of...more

Fraud on the FDA? If Not Preempted, It Is Trumpery

by Reed Smith on

With Bexis having originally conceived the preemption argument that became Buckman Co. v. Plaintiffs Legal Committee, 531 U.S. 341 (2001), we are always on the lookout for ways in which plaintiffs attempt to circumvent...more

This Month in Corruption: Improper Billing, Double Dipping, Disability Faking

by PretiFlaherty on

A Dream Most Improper. On September 4, announcements came from the offices of the U.S. Attorney for Massachusetts and the Massachusetts Attorney General that Dental Dreams, a national dental chain with locations in...more

The Fraud Triangle, Rationalizations and Compliance Programs

by Thomas Fox on

The fraud triangle is well-known to most compliance practitioners. Its third sides are pressure, opportunity and rationalization. When these three factors converge, there is danger of an ethical lapse which could lead to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In a major blow to the SEC, in-house judge Carol Fox Foelak dismissed the agency’s fraud claims against financier Lynn Tilton concerning statements to investors in her Zohar CLO funds. For years, Tilton had worked to avoid a...more

Penn Succeeds in Dismissing Retirement Plan Proposed Class Action

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Since August 2016, sixteen elite colleges and universities have faced class action lawsuits related to management of their retirement plans. After five cases previously survived motions to dismiss, the...more

CFTC Brings Enforcement Action Involving a Fraudulent Bitcoin Robo-Trader

by Reed Smith on

On September 21, 2017, the U.S. Commodity Futures Trading Commission (“CFTC”) filed a complaint in federal court in the Southern District of New York against Gelfman Blueprint, Inc. and its CEO and head trader (the...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 7

LIBOR: The End Game - Since the announcement on July 27, 2017 by the UK Financial Conduct Authority (the FCA) that the LIBOR rate would be phased out after 2021, much has been written about the complications of switching...more

Is There a Silver Lining with Hurricane Irma?

by Wilson Elser on

On September 10-11, 2017, Florida was pounded by Hurricane Irma. It appears that only northwest Florida was spared the wrath of this storm. Landfall occurred near Cudjoe Key in south Florida and for the next 24 hours the...more

Potential disaster relief fraud cases loom in Hurricanes Harvey, Irma and Maria's wake

by Dentons on

In the wake of Hurricanes Harvey, Irma and Maria, another potential disaster lies waiting for those who apply for relief funds or assist in recovery efforts: criminal prosecution and/or civil litigation. The Wall Street...more

NASAA Survey Finds Seniors Are Most Vulnerable to Financial Fraud

On August 21, 2017, the North American Securities Administrators Association (“NASAA”) released a survey on senior citizens and financial exploitation. The survey of the state securities regulators highlighted, among other...more

Tennessee Business Court Awards Big Bucks against Violator of Tennessee Consumer Protection Act

by Butler Snow LLP on

On May 23, 2017, in Nissan North America, Inc. v. Tustin Import Auto Sales, LLC, et al., No. 16-117-BC, the Tennessee Business Court found that the only remaining defendant, Raymond Enriquez, had defrauded the plaintiff and...more

Court Rejects Cap on FCA Damages for Allegations of Subcontracting Plan Fraud

by Bass, Berry & Sims PLC on

Last month, the U.S. District Court for the Eastern District of Washington denied a motion to limit damages against a government contractor, United States ex rel. Savage v. Washington Closure Hanford LLC, where the government...more

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Cybersecurity

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