Law Blog
Stay informed of the latest announcements relating to financial fraud law.
Fri, 06/04/2010 - 2:22pm
.jpg)
An “overflow crowd of more than 1,000” attended an auction of “the world's finest supercars and luxury yachts” owned by Ponzi schemer Scott Rothstein, yielding nearly $6 million that will be used to repay his victims.
Fri, 06/04/2010 - 2:00pm
.jpg)
The FBI continues to receive reports of counterfeit check schemes targeting U.S. law firms. In this scheme, scammers send e-mails to lawyers, claiming to be overseas and seeking legal representation to collect delinquent payments from third parties in the U.S. The law firm receives a retainer agreement, invoices reflecting the amount owed, and a check payable to the law firm.
Fri, 06/04/2010 - 1:45pm
.jpg)
St. Jude Medical Inc. (a heart device manufacturer), Parma Community General Hospital, and Norton Healthcare have paid the federal government $3,898,300 to resolve false claim allegations that St. Jude paid illegal kickbacks to two hospitals to secure heart device business. The federal government alleges that the kickbacks caused false claims to be submitted to federal health care programs in violation of the False Claims Act.
Thu, 06/03/2010 - 1:45pm
.png)
Chicago attorney and Certified Public Accountant John B.
Thu, 06/03/2010 - 11:06am
.jpg)
The Financial Crimes Enforcement Network (“FinCEN”) today announced the assessment of a civil money penalty of $1 million against Pamrapo Savings Bank, S.L.A., of Bayonne, N.J. for violating requirements under the Bank Secrecy Act (“BSA”).
Thu, 06/03/2010 - 9:13am
.jpg)
The brakes have been put on the business practices of an operation that was selling spyware and showing customers how to remotely install it on other people’s computers without their knowledge or consent. According to the Federal Trade Commission, the sellers of the “RemoteSpy” keylogger have agreed to be barred from advertising that the spyware can be disguised and installed on someone else’s computer without the owner’s knowledge.
Thu, 06/03/2010 - 7:24am
.jpg)
A number of New York City law firms have been victimized recently by a hoax, according to New York State Insurance Fund (“NYSIF”) Chief Deputy Executive Director Francine James. The scam reportedly involves a person who has called approximately two dozen law firms in the past 30 days, identifying himself only by first name, usually “Jimmy, ” and saying he is visiting from out-of-state, usually Maryland.
Wed, 06/02/2010 - 4:06pm
.jpg)
A former executive at a San Diego-based biotechnology company has been charged with making false statements to investors about her company's prenatal test for Down syndrome. The SEC alleges that Elizabeth A. Dragon, the former Senior Vice President of Research and Development at Sequenom, Inc., lied during at least three public events where she made presentations to analysts and investors.
Wed, 06/02/2010 - 12:58pm
.jpg)
The former managing director of Pamrapo Saving Bank’s investment company was arrested today and charged with allegedly diverting and embezzling more than $600,000. Brian M. Campbell is charged with mail fraud and money laundering in a 54 count indictment returned under seal by a federal grand jury. The indictment also contains a forfeiture allegation.
Wed, 06/02/2010 - 11:42am
.jpg)
The oil spill in the Gulf of Mexico is an environmental and economic disaster. According to the SEC and FINRA, it also poses a financial threat to investors in the form of scams promising financial gains from investments in companies that claim to be involved in cleanup operations.
Wed, 06/02/2010 - 11:17am
.jpg)
Corporate monitors, which sometimes are included as a part of a criminal disposition, are engaged by a corporate defendant to review the company’s compliance with the terms of a deferred prosecution or non-prosecution agreement and to evaluate the company’s compliance practices, among other things. In 2008, then-Deputy Attorney General Craig S. Morford issued a memorandum providing guidance to prosecutors regarding the use of monitors.
Wed, 06/02/2010 - 8:45am
.jpg)
The U.S. Court of Appeals for the Third Circuit has reversed a district court decision granting summary judgment to
Tue, 06/01/2010 - 6:04pm
.jpg)
Mass marketing fraudsters lure victims with false promises of significant cash prizes, goods, and services in exchange for up-front fees, taxes, or donations. Mass marketing fraud takes many forms, but these schemes typically use one or more mass communication method such as the Internet, telephones, the mail, or mass meetings in person.
Tue, 06/01/2010 - 12:50pm
.png)
U.S. Attorney General Eric Holder spoke yesterday at the Organisation for Economic Co-Operation and Development in Paris.
Tue, 06/01/2010 - 11:33am
.jpg)
Under the law, business entities and other organizations may be criminally liable for the acts of individuals. Now, the Manhattan District Attorney, Cyrus R. Vance Jr. (pictured), has issued a memorandum to prosecutors explaining the factors its office will consider when deciding whether to prosecute such entities. As the memo notes, the D.A.’s policy is that “an organization will not be shielded from criminal prosecution because of that status, nor will it be subject to harsher treatment.”
