Danske Bank whistleblower to testify before European parliament

The whistleblower who helped to reveal a major money laundering scandal at Denmark’s largest bank, Danske Bank (DANSKE.CO), will testify before the European Parliament and the Danish Parliament at two events in November. read more » 

SEC Announces $23.8 Million Settlement with the Self-Proclaimed “Frack Master”

The Securities and Exchange Commission today announced it has agreed to a settlement with Christopher A. Faulkner—the self-proclaimed “Frack Master”—in connection with his wide-ranging securities-fraud scheme that raised over $80 million from hundreds of investors nationwide. Faulkner has simultaneously entered into a plea agreement relating to the same misconduct under which he will serve 12 years in federal prison for securities fraud, money laundering, and tax evasion.

According to the SEC’s June 2016 complaint, Faulkner systemically deceived investors across the country by disseminating false and misleading offering materials, misappropriating millions of dollars of investor funds, and manipulating the stock of Breitling Energy Corporation (BECC), a publicly traded company Faulkner controlled.  Faulkner started the scheme in 2011 through privately held Breitling Oil and Gas Corporation (BOG), which offered and sold “turnkey” oil-and-gas working interests to investors using a team of commissioned cold-callers. As part of these offerings, Faulkner lied to investors about his experience, the drilling-cost estimates for the prospects, and the use of their invested funds. read more » 

Vascular Access Centers to Pay at Least $3.825 Million to Resolve False Claims Act Allegations

Philadelphia-based Vascular Access Centers L.P., along with its 23 subsidiary and related corporations (collectively “VAC”), has agreed to pay at least $3.825 million to resolve claims that it violated the False Claims Act by billing Medicare for non-reimbursable vascular access procedures performed on End Stage Renal Disease (ESRD) beneficiaries and engaging in an alleged kickback scheme related to referrals for such procedures, the Department of Justice announced today.

The settlement resolves allegations originally brought in two lawsuits filed by whistleblowers under the qui tam, or whistleblower, provisions of the False Claims Act, which permit private individuals to sue on behalf of the government for false claims and to share in any recovery.  The whistleblowers will collectively receive at least $612,000 as their share of the settlement. read more » 

Has Corruption Stalled ‘The Shenzhen Of Indonesia’?

A spate of illegal payments and arrests involving developer Lippo Group has cast doubts over the future of the US$21 billion Meikarta megacity project.

With plans for dozens of gleaming skyscrapers that could eventually house a million residents, the megacity development Meikarta was sold to aspirational Indonesians as the antidote to Jakarta, the country’s notoriously congested and polluted capital.

Detectives from Indonesia’s anti-graft agency this week arrested staff and raided the homes and offices of senior executives from Lippo Group, the Indonesian conglomerate behind Meikarta, which also has significant business interests in Hong Kong and South Asia. read more »