An executive convicted of orchestrating a $3 billion fraud as chairman of one of America’s largest private mortgage companies has been sentenced to 30 years in prison. Federal prosecutors in Virginia had sought a life sentence on Thursday for Lee B. Farkas, former chairman of Florida-based Taylor Bean & Whitaker. They called the case against [...]
Continue reading …It’s getting personal now. In a shift still evolving, federal enforcers are targeting individual executives in health care fraud cases that used to be aimed at impersonal corporations. The new tactic is raising the anxiety level — and risks — for corporate honchos at drug companies, medical device manufacturers, nursing home chains and other major [...]
Continue reading …A Denver District Court judge has ordered a roofing company accused of taking payment but not performing work on Colorado Springs and Denver homes to pay $1.7 million in restitution fines. In addition to the $1.7 million, Glenn Jessen, the former president of Claim Specialists International, must pay more than$4.2 million in civil penalties and more [...]
Continue reading …A nationwide law enforcement crackdown targeting financial fraud has led to cases against 343 criminal defendants involving $8.3 billion in estimated losses, Attorney General Eric Holder announced Monday. “Operation Broken Trust” is the first national effort of its kind aimed at a broad array of investment fraud schemes and the 3 1/2-month campaign was organized [...]
Continue reading …Members of the Woodmoor Pines Golf and Country Club near Monument consider the club to be their neighborhood’s crown jewel, a recreational gathering spot that’s near and dear to their hearts and their property values. So it’s no surprise that in 2008, when it faced financial straits for the second time in recent years, some [...]
Continue reading …The Colorado Securities Commission filed a complaint and issued a temporary restraining order against a Boulder company, alleging that they are violating the anti-fraud and licensing provisions of the Colorado Securities Act. Mark Hamilton Yost and his company, Yost Co., are accused of defrauding investors in at least one private fund. The company is accused [...]
Continue reading …A deadline of Aug. 31 has been set to to apply for refunds from an unlicensed health benefits company called American Trade Association. The Colorado Division of Insurance was alerted earlier this year that the company was selling unauthorized, and possibly non-existent, policies. ATA’s assets are being liquidated by the Tennessee Department of Commerce and [...]
Continue reading …With unemployment levels remaining stubbornly high, the Colorado Department of Labor is seeing a rise in unemployment fraud. The state’s Department of Labor and Employment estimates it paid more than $1.69 million last year in fraudulent claims, out of a total of slightly more than $1 billion in claims paid in 2009. That’s about 1.8 [...]
Continue reading …If you discover financial fraud at your company, be prepared to state your name if you want to make a report. A study shows that even when an anonymous allegation involves serious accounting breaches, corporate directors often take no action. However, when the allegations are not anonymous, audit committees often launch into action and corporate directors [...]
Continue reading …Globally, businesses and other organizations lose about 5 percent of their annual revenue to fraud – that’s more than $2.9 trillion. Information from certified fraud examiners in 106 nations was used for benchmarking statistics on occupational fraud losses, detection methods and perpetrators, for the Association of Certified Fraud Examiners’ 2010 Report to the Nations on Occupational [...]
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