Bitcoin Traders Claim There’s Method to Their Madness

They’re not exactly trading on economic or technical analysis. Tracking the daily moves of the cryptocurrency craze can be exhausting. For now, Friday looks like the reckoning, with bitcoin prices plummeting. But just a day earlier, investors were sending the stock of a company up as much as 289 percent after it changed its name from Long Island Iced Tea Corp. to Long Blockchain. The day before that, the news was dominated by insinuations of insider trading on a prominent exchange. And who can even remember Tuesday at this point? read more »

Justice Department Recovers Over $3.7 Billion From False Claims Act Cases in Fiscal Year 2017

The Department of Justice obtained more than $3.7 billion in settlements and judgments from civil cases involving fraud and false claims against the government in the fiscal year ending Sept. 30, 2017, Acting Assistant Attorney General Chad A. Readler of the Justice Department’s Civil Division announced today.  Recoveries since 1986, when Congress substantially strengthened the civil False Claims Act, now total more than $56 billion.

“Every day, dedicated attorneys, investigators, analysts, and support staff at every level of the Justice Department are working to root out fraud and hold accountable those who violate the law and exploit critical government programs,” said Acting Assistant Attorney General Chad A. Readler of the Justice Department’s Civil Division.  “The recoveries announced today are a testament to the efforts of these valuable public servants and a message to those who do business with the government that fraud and dishonesty will not be tolerated.”

Of the $3.7 billion in settlements and judgments, $2.4 billion involved the health care industry, including drug companies, hospitals, pharmacies, laboratories, and physicians.  This is the eighth consecutive year that the department’s civil health care fraud settlements and judgments have exceeded $2 billion.  The recoveries included in the $2.4 billion reflect only federal losses.  In many of these cases, the department was instrumental in recovering additional millions of dollars for state Medicaid programs. read more »

Ex-Embraer executive pleads guilty to US corruption charges

A former executive at Brazilian aircraft maker Embraer on Thursday pleaded guilty to U.S. charges that he arranged a bribe to an employee of Saudi Arabia's state-owned Saudi Aramco to secure a contract for the sale of three jets.

Colin Steven, 61, entered his plea before U.S. District Judge Alison Nathan in Manhattan. He said at the hearing that others at Embraer had approved of the payment and that he had agreed to cooperate with U.S. prosecutors.

He said he used a South African company as an intermediary to conceal the nature of the payment.

Steven, who was charged with violating the U.S. Foreign Corrupt Practices Act, wire fraud, money laundering and conspiracy, was released on bail following his court hearing. read more »

SEC Charges Operators of $1.2 Billion Ponzi Scheme Targeting Main Street Investors

The Securities and Exchange Commission today announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

SEC investigators filed this action to prevent further dissipation of investor assets after obtaining court orders in September and November in subpoena enforcement actions that forced the unregistered companies to open their books.

According to the SEC’s complaint, unsealed today in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds. read more »