$203M fine for Health Care Fraud
The settlement resolves a whistle-blower lawsuit filed by a Massachusetts physician. The law allows citizens with knowledge of fraud to file civil actions on behalf of the United States and share in any recovery.
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Clawback and settlement issues continue for Madoff victims
Results after two years of trying to claw back false returns paid to big banks, hedge funds and money managers who never questioned the profits they were earning from Madoff scheme. Some of the victims were unaware of the Ponzi scheme.
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Company Director Faces Massive Confiscation Order
The courts are increasingly exercising the powers given them by the Proceeds of Crime Act to confiscate assets and to use the seized assets to compensate their victims.
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Deutsche Bank to pay over $550M in fraud probe
The non prosecution agreement requires the bank to continue cooperating and to submit to the appointment of an independent expert, who will review its compliance measures, ensure it does not help people dodge taxes in the future and bars the bank from involvement with any prepackaged tax products of the type the bank had previously offered.
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Ernst & Young sued for an alleged Lehman accounting fraud
The lawsuit from US attorney general Andrew Cuomo claims that Ernst & Young did not tell Lehman's board about a whistleblower's concerns about the endorsed "Repo 105" transactions that made Lehman seem to have more cash than it actually did. It also claims that the accounting firm failed to object when Lehman misled analysts during its earnings calls about its leverage ratios.
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India Has Lost At Least a Half-Trillion Dollars to Corruption since Independence
India should adopt policy measures to improve both public and corporate governance such as improving tax compliance and collection. These domestic measures need to be complemented by tighter regulatory oversight of banks and OFCs by developed countries in order to ensure that financial institutions do not facilitate the absorption of illicit capital.
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Report Says Three-Fourths of World Is Corrupt
Transparency International calls itself a "global civil society organization" crusades against corruption throughout the world because it traps people in poverty, fosters unrest throughout nations, and ultimately undermines democracy and rule of law. Transparency and accountability is key to ending global corruption.
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The Biggest Corporate Bribery Scandals, Caught in the Corruption Net
The Foreign Corrupt Practices Act (FCPA) has been around since 1977, but the five biggest cases under that law, which prohibits bribing foreign officials, have been settled in the last four years. While the U.S. Department of Justice has cranked up FCPA enforcement, there is no data that shows the effort has reduced global corruption.
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33 years of non compliance
The Foreign Corrupt Practices Act (FCPA) from 1977 continues to be a cash cow. Companies settling FCPA-related charges in 2010 paid a record $1.8 billion in financial penalties to the DOJ and SEC. That compares with $641 million in 2009 and $890 million in 2008. Isn’t it about time that the lax corporate control environment is replaced by good governance, risk management and internal controls that detect non compliance? Attend Copenhagen Compliance Conference and be inspired on how to reduce huge penalty costs, improve internal controls and reduce damaging loss of corporate reputation
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Let's not complicate the globalized Corruption.
Western cultures are built on governance rules and transparency. In other part of the world relationships are an essential cultural element. People and enterprises in the 'West' have trust in their rule-based institutions while other nations trust their friends and family.
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European Police in a major cross border offensive against corruption
Efforts are underway to combat cross-border economic crimes throughout the EU countries. The authorities wish that economic crimes related to fraud, bribery and corruption must be fought with new and common investigation teams within the Europol.
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Bribes and Corruption issues are rampant in China
When international companies make major inroads in China, it often means meeting with strong demand for bribes. As a general rule, these companies often lack the knowledge, procedures and the tools to combat or tackle fraud and corruption in their daily transactions.
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