News & Analysis as of

Wire Fraud

Cryptocurrency Debit Card Startup Founders Indicted

The U.S. Attorney’s Office in the Southern District of New York has announced that a federal grand jury has returned an indictment against three Florida men who co-founded cryptocurrency company Centra Tech, Inc. The...more

The SEC Has an Opportunity You Won’t Want to Miss - HoweyCoin; The USOA Files Another Crypto Offering Case

by Dorsey & Whitney LLP on

SEC Office of Investor Education - The first part of the headline above was written by the U.S. Securities and Exchange Commission’s Office of Investor Education (slightly modified). The second part of the headline shows...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Commerce Department data released yesterday showed strong across-the-board consumer spending in April, a nominally good sign but one that pushed bond yields higher and sent most equities lower for the day, snapping an 8-day...more

Justice Department Charges Former Volkswagen CEO in Diesel Vehicle Emissions Cheating Scheme

by Michael Volkov on

We all know the saying – A fish rots from the head. Sometimes a clear and simple statement says it all. The Volkswagen diesel emissions cheating scandal is yet another example of C-Suite, even CEO, misconduct....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Meet ZTE (well, meet them again.  We’ve discussed them before), the massive Chinese electronics maker banned last month by the White House from using US-made components that could well be the “first casualty of the high-tech...more

Former Autonomy CFO Convicted of Fraud: eDiscovery Trends

by CloudNine on

Remember the fiasco that was the Hewlett-Packard (HP) acquisition of Autonomy (and our coverage of it back then)? Back in 2012, HP took a multi billion charge resulting from its acquisition of Autonomy back in 2011, one of...more

Political Intelligence Consultant, CMS Official, Guilty of Insider Trading

by Dorsey & Whitney LLP on

A political intelligence consultant, a former employee at the Centers for Medicare and Medicaid Services or CMS, and two partners at a New York hedge fund were found guilty by a jury on charges of conspiracy, securities fraud...more

When it Looks Like a Strad but Isn’t: Protecting Yourself from Wire Fraud in Your Real Estate Transaction

Fine violins do not have serial numbers, but they do typically have a label inside identifying the maker and frequently the year and location where the violin was made. Many violin makers, or luthiers[i] as they are known,...more

White Collar Criminal Law/Money Laundering - The World in US Courts: Spring 2018

Wire Fraud Statute Applies to Any Fraudulent Electronic Transmission Between the US and Another Country - United States v. McClellan, US District Court for the District of Massachusetts, February 27, 2018....more

USAOs Bring Two More Cryptocurrency Related Fraud Actions

by Dorsey & Whitney LLP on

All things cryptocurrency related continue to be significant draws for investors. Unfortunately that attraction often leads to a loss of investor cash. The losses, however, are not typically from the cryptocurrency but from...more

Feds Charge Alleged Sham Small Businesses Owners

by Davis Wright Tremaine LLP on

On April 3, 2018, a federal grand jury indicted two Wisconsin residents and a construction business of fraud and other charges accusing them of wrongfully obtaining $200 million in contracts set aside for small businesses by...more

Criminal And Civil Charges Filed In Connection With Initial Coin Offering By Centra Tech

by Shearman & Sterling LLP on

On April 2, 2018, the U.S. Department of Justice (“DOJ”) and Securities Exchange Commission (“SEC”) announced criminal and civil charges against two startup co-founders for allegedly defrauding and conspiring to defraud...more

Court Declines to Allow Defendants in Fraud Scheme to Utilize 28 U.S.C. § 2255 or Writ of Coram Nobis to Challenge Order of...

In United States v. Rutigliano, No. 16-3754 et al., the Second Circuit (Jacobs, Raggi, Droney) refused to endorse the reduction of a restitution order against defendants who had conspired to submit fraudulent disability...more

Identity Theft in Violins and Tax Scams

My violin was made in 1962 by a luthier named Umberto Lanaro, but it bears the label of Eligio Puccini and says it was made in 1947. Lanaro chose in effect to use Puccini’s identity when making my violin, as Lanaro...more

EDNY Decision Shows Breadth of Fraud Restitution Recoverable By Hospital For Mold-Contaminated Intravenous Bags

by Farrell Fritz, P.C. on

A hospital victimized by the sale of adulterated and mislabeled drug products successful obtained a Court order imposing restitution of over $825,000 earlier this month. ...more

DOJ Settles Follow-On FCPA Case: Transport Logistics Pays $2 Million Penalty

by Michael Volkov on

Last week, the Justice Department announced its first FCPA enforcement action in 2018 – a follow-on settlement from prior FCPA enforcement actions centering on a bribery scheme involving a Russian government official from a...more

Court Ruling Signals Potential Expansion of Civil RICO Liability to Include Automotive Suppliers in Emissions Violations Cases

by Dechert LLP on

A U.S. federal district court, on February 20, 2018, declined to dismiss class plaintiffs’ civil RICO claim against GM and a major automotive supplier, where plaintiffs alleged that GM and the supplier conspired to defraud...more

Two Mortgage Company Executives Plead Guilty to Fraud

by Weiner Brodsky Kider PC on

Two mortgage company senior executives recently pleaded guilty in federal court to wire and bank fraud charges stemming from a scheme in which they conspired to obtain over $8.9 million in warehouse loans from banks by...more

Chris Lazarini Provides Insight on "Remmer Hearing" in Juror Influence Allegations

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini provided insight on a case in which a former broker sought to overturn a jury verdict finding him guilty of securities fraud, obstruction of justice and wire fraud by arguing, among...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Red Notice Newsletter - January 2018

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd....more

HSBC Enters Into Deferred Prosecution Agreement To Settle Charges Arising From Traders' Alleged FX Front-Running

by Shearman & Sterling LLP on

On January 18, 2018, HSBC Holdings Plc (“HSBC”) entered into a deferred prosecution agreement with the Department of Justice, Criminal Division, Fraud Section (“DOJ”) pursuant to which it will pay $101.5 million in criminal...more

U.S. Supreme Court To Review Ex-CEO's Appeal Regarding Restitution Of Legal Fees Associated With An Internal Investigation

by Shearman & Sterling LLP on

On January 12, 2018, the Supreme Court granted certiorari to hear an appeal from a two-judge, Fifth Circuit panel decision regarding whether federal law permits restitution orders in criminal cases to cover the costs of...more

NY Fines Money Transfer Company $60M for Lax Controls, Facilitating Suspicious Transaction

by Weiner Brodsky Kider PC on

The New York State Department of Financial Services fined a large money transfer company $60 million for allowing some of its agents to aid in a significant number of money laundering transactions—including payments that...more

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Cybersecurity

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