News & Analysis as of

Embezzlement Fraud

ArentFox Schiff

Investigations Newsletter: Former Congressman George Santos Pleads Guilty to Wire Fraud and Aggravated Identity Theft

ArentFox Schiff on

Former Congressman George Santos Pleads Guilty to Wire Fraud and Aggravated Identity Theft - On August 19, former US Representative George Santos pleaded guilty to wire fraud and aggravated identity theft. As part of the...more

Benesch

White Collar Quarterly Report - August 2024

Benesch on

In 2023, the number of federal corporate prosecutions remained far below the 25-year average after two consecutive years of increases. ..The DOJ’s Fraud Section secured just $690 million in penalties across eight...more

Adams and Reese LLP

What are the Best Practices for Internal Controls and the Warning Signs of Embezzlement?

Adams and Reese LLP on

President Ronald Reagan once said, “Trust, but verify,” echoing a Russian proverb to describe the relationship moving forward with the Soviet Union. The saying loosely translates into proceeding cautiously when someone is...more

Ward and Smith, P.A.

Collection Costs of a Non-Discharged Debt Also Are Non-Discharged

Ward and Smith, P.A. on

Bankruptcy offers debtors an opportunity for a "fresh start," the primary draw for many individuals seeking to unburden themselves of their debt. A bankruptcy discharge relieves a debtor of their legal obligation to repay...more

Ankura

The Current Economic Climate - A Golden Age for Fraud?

Ankura on

This article is the first of a series on accounting fraud which follows our July and September webinars on “How to Commit Accounting Fraud: Why this can ultimately lead to corporate collapse.”...more

ArentFox Schiff

Investigations Newsletter: Co-Founder of Fraudulent Cryptocurrency Sentenced to 20 Years in Prison

ArentFox Schiff on

Co-Founder of Fraudulent Cryptocurrency Sentenced to 20 Years in Prison - Karl Sebastian Greenwood, a citizen of Sweden and the United Kingdom and co-founder of the cryptocurrency OneCoin, was sentenced to 20 years in...more

Fox Rothschild LLP

When Doing the Same Thing Over Again and Expecting Different Results is not Insane, a Court Explains

Fox Rothschild LLP on

After a six-day jury trial including evidence of “no show” jobs, questionable “friends and family” payroll slots, and allegations of fraud and embezzlement, a Mecklenburg County jury returned a $3-million-plus verdict for the...more

King & Spalding

U.S. Supreme Court Holds Plaintiffs May Use RICO to Enforce Foreign Arbitral Awards

King & Spalding on

In a January 17, 2023 Client Alert, we addressed the U.S. Supreme Court’s decision to grant certiorari in CMB Monaco v. Smagin and Yegiazaryan v. Smagin, two cases which concern the use of the Racketeer Influenced and Corrupt...more

Ius Laboris

Who needs an anti-money laundering officer?

Ius Laboris on

Both individuals and companies risk severe penalties if they contribute to money laundering, even if the contribution is the result of negligence. By appointing an anti-money laundering officer organisations will reduce their...more

Foley & Lardner LLP

Insider Threat Investigations: Considerations for Employers to Effectively Manage the Threat

Foley & Lardner LLP on

“Insider threats” can come in various forms — fraud, embezzlement, theft of confidential information, failures to follow policy, and more. Employers regularly face threats to their businesses, but when the threat comes from...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Never let anyone assume you’re embezzling

I know two retirement plan providers in Federal prison for embezzling retirement plan assets. They did the crime, they are doing the time. However, there are times when people haven’t embezzled, but they have done enough...more

King & Spalding

The U.S. Supreme Court Agrees to Decide Cases Regarding Whether and When Non-U.S. Plaintiffs May Use RICO to Enforce Foreign...

King & Spalding on

On January 13, 2023, the United States Supreme Court agreed to hear two related cases in which it will decide for the first time whether and in what circumstances a foreign (non-U.S.) plaintiff may bring a civil action under...more

Porter Hedges LLP

Best Practices to Prevent Internal Fraud and Embezzlement

Porter Hedges LLP on

While companies increase focus on external risks by enhancing regulatory compliance, anti-corruption policies, and cybersecurity, they must not lose sight of internal risks, including internal fraud and embezzlement....more

BakerHostetler

New Crypto Products Launch, Draft Digital Assets Bill Released, Regulators Address Stablecoins, DOJ Publishes Crypto Report, Hacks...

BakerHostetler on

Fintech and Crypto Firms Announce Myriad New Crypto Product Launches - This week, a major global payments firm announced the launch of a stablecoin settlement solution that leverages technology by Fireblocks, a digital...more

Foodman CPAs & Advisors

¿Víctima De Cripto-Fraude? Un Contador Forense Puede Ser Capaz De Ayudar

Los inversionistas en el espacio de cripto deben estar conscientes de que el cripto-fraude existe en el espacio criptográfico de la misma manera que existe y tiene lugar en el espacio fiduciario tradicional. Los...more

K2 Integrity

The Regional Impact of Covid-19 on Corruption

K2 Integrity on

Corruption can manifest in many different forms, including cronyism, embezzlement, extortion, and bribery, and taints industries and jurisdictions arounds the world on a daily basis. It slows economic growth, thwarts...more

ArentFox Schiff

Investigations Newsletter: DOJ Intervenes Against Skilled Nursing Facilities in FCA Suit

ArentFox Schiff on

On June 15, 2021, the Department of Justice (DOJ) filed a False Claims Act (FCA) suit against Paksn Inc., Prema Thekkek and one of its owners, and seven skilled nursing facilities (SNFs) owned by Thekkek and/or operated by...more

Farrell Fritz, P.C.

Commercial Division Denies Application to Enforce Stipulation of Settlement for Lack of Standing

Farrell Fritz, P.C. on

The Full Faith and Credit Clause of the United States Constitution provides that “Full Faith and Credit shall be given in each State to the public acts, records, and judicial proceedings of every other state.” In terms of...more

Bass, Berry & Sims PLC

PPP Investigations, Settlements and Litigation on the Horizon

Bass, Berry & Sims PLC on

In the last year, the Department of Justice (DOJ) has brought more than 100 criminal cases relating to Paycheck Protection Program (PPP) Fraud. These criminal prosecutions started at a blistering pace, with the first...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Embezzlement: Sometimes It's Just Too Easy

Takeaway: Financial crimes are not exclusively available to senior management, but rather anyone with access to company information could misuse confidential data....more

Fox Rothschild LLP

DOJ Announces First Criminal Prosecution For Misuse Of COVID-19 Relief Funds Dedicated To Health Care Providers

Fox Rothschild LLP on

The Justice Department has widened its crackdown on COVID-19 fraud, announcing the first criminal case alleging misuse of federal relief funds designated for medical providers. The egregious nature of the alleged fraud and...more

Cozen O'Connor

Expect an Uptick in Employee Embezzlement Following COVID-19 Lockdowns

Cozen O'Connor on

As businesses across the country begin to reopen in the wake of COVID-19, they should prepare for an anticipated surge of embezzlement schemes by employees — and banks and financial institutions should prepare for a surge of...more

Farrell Fritz, P.C.

How Not to Start a Corporate Dissolution Proceeding

Farrell Fritz, P.C. on

Strict procedural rules apply to corporate dissolution proceedings in New York, a difficult truth learned the hard way by a five-time rejected, would-be dissolution petitioner in a recent decision by Bronx County Supreme...more

Thomas Fox - Compliance Evangelist

Some Great Bluegrass and Five Famous Fraudsters

In a special five-part podcast series, I interview John Gill, Vice President for Education at the Association of Certified Fraud Examiners (ACFE). In this series, John discusses five well-known fraudsters, including what...more

BCLP

New SDNY Case Illustrates Broad Reach of Prosecutors’ Power to Pursue Insider Trading Claims Despite Personal Benefit Requirement

BCLP on

A decision last week from the U.S. District Court for the Southern District of New York illustrates the broad reach of prosecutors and regulators in pursuing recipients of insider trading tips, despite the case-law...more

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