Enforcement against foreign bribery on a global scale has hit an historic low, according to a report by Transparency International. In Transparency International’s report, “Exporting Corruption 2022,” 43 signatories to the OECD Anti-Bribery Convention were assessed, along with China, India, Hong Kong SAR, and Singapore. Together, the countries analyzed account Read More
The Securities and Exchange Commission has charged two insurance executives and their Malta-based registered investment adviser, Standard Advisory Services Limited, for defrauding clients out of more than $75 million through undisclosed transactions that benefited themselves and their companies. In a statement, Osman Nawaz, Chief of the Division of Enforcement’s Complex Read More
A federal grand jury ordered Eli Lilly to pay more than $61 million to a former executive of a network of regional drug wholesalers over allegations the drug manufacturer underpaid rebates required under the Medicaid Drug Rebate Program. Under the Medicaid Drug Rebate Program, the rebates drugmakers must pay are Read More
A lawsuit filed by the Federal Trade Commission alleges Walmart turned a blind eye to fraudsters who used its money transfer services in its stores to scam consumers out of hundreds of millions of dollars, so that the retail giant could pocket the fees. Calling the allegations “factually flawed,” Walmart Read More
The Securities and Exchange Commission announced that it took another step in clamping down on the booming blockchain technology space, charging two Florida men and their Cayman Islands company for allegedly selling more than $30 million of securities to investors in fraudulent offerings over the course of a year. The Read More
The medical device company Avanos Medical agreed to pay $22 million to resolve criminal charges relating to fraudulent misbranding of its surgical gowns. The company was charged under the Food, Drug, and Cosmetic Act (FDCA), for the mislabeling of its MicroCool surgical gowns. It also faced charges for obstruction of Read More
Ohio-based public utility holding company FirstEnergy will pay a $230 million fine for its connection to a bribery scheme to entice lawmakers to pass a $1 billion bailout for two of its nuclear power plants. The U.S. Justice Dept. charged the company with conspiring to commit honest services wire fraud, Read More
The European Union has launched a new law enforcement agency to investigate crimes such as corruption and tax fraud. Its first order of business will be to look for fraud in how the billions of dollars in EU COVID-19 relief funds are being spent. Launched in the wake of the Read More
GUEST BLOGInternal auditors, compliance officers, and other “lines of defense” professionals are in unique positions to spot fraud and wrongdoing at the companies where they work. In most cases it is enough to report the problems to senior management or to the board of directors in situations where senior executives Read More
