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$2.9 trillion lost to fraud annually

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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… Continue Reading $2.9 trillion lost to fraud annually

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An El Paso County District Court ordered a Colorado Springs business, the Immigration Center, to stop doing business today, saying it has been defrauding customers wanting help completing immigration forms. The Office of the Attorney General filed a lawsuit against owners Charles Doucette, Deborah Stilson and Alfred Boyce, in August accusing them of posing as… Continue Reading Springs business shut down, accused of defrauding immigrants

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Drug company pays state to settle lawsuit

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Alpharma will pay Colorado more than $79,000 as its part of a multi-state settlement against the pharmaceutical company for fraudulent Medicaid claims. The total settlement equals $19.2 million for states involved in the suit and the federal government. The allegations are that the company submitted false claims for the drug Kadian, a painkiller intended for… Continue Reading Drug company pays state to settle lawsuit

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Regional Business News

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Broomfield tech company sued for investor fraud  Colorado’s securities commissioner filed suit against a Broomfield-based entity and its principals, saying they defrauded investors into raising nearly $3 million to fund a technology that has not made it to market. The state’s complaint was filed in Denver District Court against Colorcom Ltd. and its related businesses — IFR Technologies… Continue Reading Regional Business News

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MIAMI – Federal authorities arrested 32 people, including doctors, in a major Medicare fraud bust today in New York, Louisiana, Boston and Houston, targeting scams such as “arthritis kits” – expensive braces that many patients never used. It’s the third major sweep since Attorney General Eric Holder and Health and Human Services Secretary Kathleen Sebelius… Continue Reading Dozens arrested in Medicare fraud busts across U.S.

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Colorado Securities Commissioner Fred Joseph filed a fraud complaint today in Denver District Court against four businesses, saying their investment marketing tactics violated the Colorado Securities Act. The companies, HEI Resources, Heartland Energy Development Corp., Bedrock Energy Development and Gulf Coast Western, along with a number of associates and attorneys named in the complaint, are accused of perpetrating a long-running… Continue Reading Springs oil and gas investment promoters charged with fraud

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AG recovers $5 million in Medicaid fraud

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The Medicaid Fraud Control Unit in Colorado recovered more than $5.3 million in settlements and restitution for the 2008-2009 fiscal year. The money compensates the state for Medicaid payments made to providers as the result of fraud, waste and abuse of public money. “The unit’s work serves as a warning to those who are considering… Continue Reading AG recovers $5 million in Medicaid fraud

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The Statewide Grand Jury has indicted Ernie Colter on three counts of theft and one count of forgery for his role in fraudulently obtaining a loan for a client and then stealing some proceeds from a related real estate transaction. According to the indictment, Colter, acting as the originating broker for a real estate transaction,… Continue Reading Indictment obtained in mortgage fraud, theft case

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During tough times, there is often more incentive for internal fraud, and even long-term, trusted employees could be tempted to steal, if their personal finances are at risk. “That’s no different for a medical practice, than it is for any other business,” said Steve Hochstetter of Stockman Kast Ryan and Co. accounting services. “Doctors who… Continue Reading Internal controls key to preventing fraud, theft

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Colorado had the 10th-highest level of residential mortgage fraud during 2008, according to the Mortgage Bankers Association. The No. 10 spot is up from the state’s 2007 ranking of No. 17. The state was No. 8 on the list during 2006, No. 6 in 2005 and No. 3 in 2004. Rhode Island was No. 1… Continue Reading Colorado ranks 10th in nation for mortgage fraud

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