By Adrianne Appel2024-09-13T18:06:00
Former executives of Medly, an online pharmacy that is now shuttered, have been charged by the Securities and Exchange Commission (SEC) with defrauding investors.
Former CEO Marg Patel, former Chief Financial Officer Robert Horowitz, and former Head of Pharmacy Operations Chintankumar Bhatt, were charged with violating the antifraud provisions of securities laws, according to a press release Thursday. Bhatt was also charged with aiding and abetting Patel and Horowitz to violate securities laws.
Starting at least in February 2021, Bhatt entered millions worth of fake prescriptions into Medly’s system, according to the complaint, filed in U.S. District Court for the Eastern District of New York. Many of the fake prescriptions were for very high-cost medications.
2024-09-17T18:54:00Z By Aaron Nicodemus
Gatekeepers including chief financial officers and the chair of the audit committee have a responsibility to shareholders to report fraud wherever they find it–especially when that fraud involves an artificial intelligence tool meant to combat fraud.
2023-11-17T15:08:00Z By Kyle Brasseur
The chief compliance officer of a defunct pharmacy holding company was sentenced to 4 1/2 years in prison after being found guilty of conspiracy to commit healthcare fraud and wire fraud earlier this year.
2023-06-09T15:20:00Z By Jeff Dale
Steven King, the chief compliance officer of a defunct pharmacy holding company, was found guilty of conspiracy to commit healthcare fraud and wire fraud for unnecessarily billing Medicare for more than $50 million in medical supplies.
2025-09-11T20:53:00Z By Neil Hodge
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
2025-09-10T22:24:00Z By Adrianne Appel
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
2025-09-09T16:51:00Z By Oscar Gonzalez
A Houston-based freight forwarder, Fracht FWO Inc., will pay $1.6 million for violating U.S. sanctions tied to Venezuela and Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC). The fine comes as OFAC ramps up enforcement in recent months.
Site powered by Webvision Cloud