British Airways and Iberia Airlines Agree to Pay $5.8 Million to Settle False Claims Act Allegations

The Justice Department announced today that British Airways Plc (BA) and Iberia Airlines (Iberia) have agreed to pay $5.8 million to resolve their liability under the False Claims Act for falsely reporting the times they transferred possession of United States mail to foreign postal administrations or other intended recipients under contracts with the United States Postal Service (USPS).  BA and Iberia are international airlines headquartered in Harmondsworth, United Kingdom, and Madrid, Spain, respectively.  BA and Iberia Airlines are both subsidiaries of the International Airlines Group. read more »

Justice Department and SEC subpoena Snap

The Justice Department and the Securities and Exchange Commission have subpoenaed Snap, the company behind Snapchat, for information about its initial public offering, according to the company.

Snap said it believes government regulators are investigating issues related to a class-action lawsuit, in which shareholders alleged that the company misled investors by downplaying the negative effects Facebook-owned Instagram had on its business. read more »

Trader Gets 15 Months for Cryptocurrency Fraud

A trader was sentenced to 15 months in prison for misappropriating $1.1 million in Bitcoin and Litecoin. Prosecutors say Joseph Kim stole $600,000 in the cryptocurrency from his firm, Consolidated Trading LLC, to cover personal losses trading crypto futures on foreign exchanges. They called it the first criminal prosecution in Chicago involving crypto trading. read more »