A former chief executive of a large steel pipe manufacturer has been accused by the Department of Justice (DOJ) of defrauding more than $66 million from a bank and investors.
Regulatory Enforcement
Posted inRegulatory Enforcement
OFAC sanctions Russian web company that hosted LockBit ransomware
Two Russian web-hosting services that provide cover for ransomware operators, including Lockbit, have been sanctioned by the U.S. Treasury’s OFAC and international partners.
Posted inRegulatory Enforcement
Nursing home chain and former CEO pay $146M each for federal health fraud
A New Jersey and Midwest nursing home chain, and its former chief executive, must pay more than $146 million each for extensive health care fraud for engaging in widespread fraud related to Medicare and Medicaid.
Posted inRegulatory Enforcement
Horizon Blue Cross Blue Shield pays $100M to settle state false claims allegations, while denying wrongdoing
Horizon Blue Cross Blue Shield of New Jersey has agreed to pay $100 million to settle allegations that its 2020 contract with the state was fraudulent, according the state’s Attorney General.
Posted inRegulatory Enforcement
FinCEN cuts off 10 Mexican casinos from U.S. financial system for laundering cartel drug money
Ten Mexican cartels will be severed from the U.S. financial system for laundering money for the Sinaloa Cartel criminal organization, according to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Posted inEurope
U.K. outlines AI sandbox plan as regulators weigh compliance risks
The U.K. has set out a new blueprint for AI regulation, which aims to slash bureaucracy and ramp up the safe adoption of new and emerging technology to unlock potential and boost investment.
Posted inRegulatory Enforcement
Former Capula CCO alleges misconduct and retaliation at the hedge fund firm
The former U.S. chief compliance officer of hedge fund firm Capula Investment Management has blown the whistle against his former employer, alleging he was terminated for raising concerns about improper expensing practices.
Posted inRegulatory Enforcement
FINRA fines First Trust $10M for allegedly giving too-generous gifts to brokers
First Trust Portfolios has been fined $10 million by FINRA for allegedly providing excessive meals, gifts, and other incentives to broker-dealers.
Posted inRegulatory Enforcement
Q&A with former FCPA Unit chief Charles Duross on the DOJ’s monitorship policy
Compliance Week recently interviewed Charles Duross, former Chief of the DOJ’s Fraud Section’s FCPA Unit, to talk about the Department of Justice’s recently revised monitorship policy.
Posted inRegulatory Enforcement
Compliance officers accused of helping criminals run $346 million international payment fraud network
Four U.S. citizens were arrested in California Wednesday in connection with a massive, $346 million international credit card fraud scheme based in Germany, in which compliance officers were allegedly complicit, according to the DOJ.
