Clover Health shares dip as SEC looks into short-seller allegations

REUTERS

U.S. regulators are following up on a critical report about Clover Health Investments Corp by short-selling specialist Hindenburg Research and have told the insurance company to preserve any relevant documents. read more »

A Bigger Risk Than GameStop? Beware the Ponzi Scheme Next Door

NEW YORK TIMES

Experts have seen an increase in the frauds, many of which are preying on investors who feel they lost out on the market gains of the last few years. read more »

Head Of Merchant Bank Sentenced To 24 Months In Prison In Connection With Multimillion-Dollar Securities Fraud Scheme

DOJ

Audrey Strauss, the United States Attorney for the Southern District of New York, announced today that CRAIG ZABALA, the chairman, chief executive officer, and president of Concorde Group Holdings Inc. (“Holdings”), was sentenced today to 24 months in prison for participating in a scheme to defraud investors in Holdings, a purported merchant banking firm.  Among other illicit activity, ZABALA fraudulently induced at least 17 investors to invest approximately $4.38 million based on false and misleading statements, by failing to use investors’ funds as promised, and by converting investors’ money to his own use.  ZABALA pled guilty to conspiracy to commit securities fraud and wire fraud on October 22, 2020, before U.S. District Judge J. Paul Oetken, who also imposed today’s sentence. read more »

Florida Businesswoman Pleads Guilty to Criminal Health Care and Tax Fraud Charges and Agrees to $20.3 Million Civil False Claims Act Settlement

DOJ

A Florida businesswoman has agreed to resolve criminal charges and civil claims arising out of false claims to the United States for braces and other durable medical equipment (DME), the Justice Department announced today. read more »