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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-08-09T20:36:00
The Federal Trade Commission (FTC) ordered a Florida-based company to refund $100 million to consumers who received sham healthcare insurance plans bundled with services they did not order.
Benefytt Technologies, along with two subsidiaries, former Chief Executive Gavin Southwell, and former Vice President of Sales Amy Brady, lied to consumers “about their sham health insurance plans” and used “deceptive lead generation websites to lure them in,” the FTC alleged in a press release Monday. Benefytt also made it difficult to cancel plans and services, including those they did not order.
Benefytt and Southwell were repeatedly warned by the company’s compliance professionals that sales representatives from Benefytt and a major subsidiary misled customers about the health plans offered, according to a complaint filed by the FTC in U.S. District Court for the Middle District of Florida. Those warnings were ignored, the complaint stated. The practices began when Southwell, a former chief risk officer for a large independent global wholesale and reinsurance brokerage, joined the company, the FTC said.
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2022-07-20T20:04:00Z By Aaron Nicodemus
Health Insurance Innovations and its former CEO Gavin Stockwell will pay a total of more than $12 million to settle SEC charges of misrepresenting the robustness of the company’s compliance program and misleading investors about customer complaints.
2024-07-26T19:49:00Z By Aaron Nicodemus
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
2024-07-24T17:19:00Z By Adrianne Appel
Prysmian Cables and Systems USA agreed to pay $920,000 to settle allegations it falsified tests and compliance certifications concerning cable it sold to the U.S. military for use in vehicles, the Department of Justice said.
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