The Securities and Exchange Commission has awarded more than $1.3 billion to 281 whistleblowers since 2012. It can now add two more people and more money to that list after an August 9 announcement of $16.3 million to two whistleblowers who provided useful information...
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Year: 2022
SEC announces fraud charges against Equitable Financial Life Insurance Company
The Securities and Exchange Commission announced on July 18, 2022, that Equitable Financial Life Insurance Company would pay $50 million to 1.4 million variable annuity investors. The company provided false or misleading statements and omissions to the investors, many...
Another billion-dollar fraud involving the health care industry
On July 20, the Department of Justice announced a $1.2 billion health care fraud case. This action involves coordinated nationwide enforcement to charge 36 defendants in 13 federal districts with fraud schemes involving telemedicine, clinical laboratory and durable...
Two JPMorgan gold traders convicted of spoofing
A federal grand jury convicted two precious metals traders working for JPMorgan. One was the bank’s top gold trader, and the other was the head of its’ precious metals desk. They were charged with manipulating gold prices by sending misleading orders that they later...
Two individuals fight over SEC award
Noted short seller Carson Block and his equity firm Muddy Waters LLC and a former business associate Kevin Barnes are in dispute over a $14 million whistleblower award by the SEC enforcement action in 2015. In a lawsuit not involving this firm but filed in the New...
Can the Feds have a qui tam case dismissed?
On June 21, 2022, the U.S. Supreme Court agreed to hear a case that hinges on whether the federal government can drop cases taken up on its behalf as a qui tam action. The dispute involves whether the government can drop the case regardless of whether the relator or...
SEC denies award to a whistleblower
Whistleblowers may be awarded between 10% and 30% of the funds recovered by government agencies. Of course, there are specific rules for getting that money, and one of them is that the whistleblower must voluntarily come forward with useful information for a...
Two charged by DOJ in $1.4 billion health care fraud scheme
The Middle District of Florida convicted two men of a $1.4 billion health care fraud after a 24-day trial. They conspired to fraudulently bill private insurers using a sophisticated pass-through billing system where drug test analyses were reportedly conducted in...
Ernst & Young to pay $100 million to SEC for ethics lapses
The Securities and Exchange Commission recently charged Ernst & Young LLP for ethics lapses involving audit professionals cheating on their ethics exams, which are required for acquiring and maintaining a CPA license. The company then covered up the lapse by...
Hospitals face penalties for not making prices public
The Centers for Medicare and Medicaid Services (CMS) hit two hospitals in Georgia with $1.1 million in financial penalties for violating the 2021 rules requiring hospitals to share their medical procedures and treatment prices. This change (which the CMS will enforce)...