Financial Crime

Provista Health, a Dallas-based hospice provider, has been ordered to pay $26.3 million for billing Medicare for a variety of medically unnecessary respiratory pathogen panel (RPP) tests that were given to nursing homes during the pandemic, the Department of Justice announced on Thursday. On July...

“Thousands of ordinary people lost their savings,” said prosecutors in the trial of Sam Bankman-Fried this week, urging the judge to enact the harshest possible punishment when the disgraced founder of collapsed cryptocurrency exchange FTX is sentenced next week. Bankman-Fried was...

A woman on trial for allegedly laundering billions of dollars of Bitcoin into cash told a London court on Friday that she was the victim of skillful manipulation by a “super villain.” Jian Wen is on trial for allegedly laundering Bitcoin in cash for Yadi Zhang, who ran a fraudulent...

The Securities and Exchange Commission reported this week that it had obtained final judgments against a California-based beverages company that marketed a scam share scheme whose proceeds were spent on luxury items and casino binges. SHE Beverage Company and its principals Lupe Rose, Sonja Shelby...

The Securities and Exchange Commission (SEC) this week won rulings against two defendants in a cryptocurrency scam that allegedly defrauded up to $45 million out of private investors. The U.S. Court for the Northern District of Illinois entered final judgments against Arline Woodbury of Ridgewood,...

The former chief financial officer of cloud services provider Synchronoss Technologies (NASDAQ:SNCR) allegedly overstated the company’s finances to match revenue expectations it otherwise would have failed to meet. Last week, a New York District Court granted the Securities and Exchange...

Amit Dagar, once a trusted statistician for pharmaceutical behemoth Pfizer Inc (NYSE: PFE), and Atul Bhiwapurkar, his close business ally, now find themselves mired in allegations that could see their financial futures irreparably tarnished. In this week's installment of Financial Crime...

Rashawn Russell, a 27-year-old former investment banker at Deutsche Bank AG (NYSE: DB), and a Gates Millennium Leadership Scholarship recipient, found himself deep in a scandal earlier this year that is likely to see him banned professionally trading — at the very least. The Brooklyn native,...

Crypto.com, a prominent player in the cryptocurrency sector, has made strides in expanding its footprint in Europe. What Happened: The company just secured a coveted registration as a Virtual Asset Service Provider (VASP) from the Bank of Spain. This green light allows the platform to...

An estimated $800 billion to $2 trillion (2-5% of global GDP) is laundered globally every year, according to the United Nations. Financial institutions are on their back heels when it comes to fighting financial crime and the issue is only getting worse. In an ideal scenario, financial institutions...