Blog
OIG Releases First Guide for Hospital Boards Regarding Detecting and Avoiding Overbilling, Healthcare Privacy and Illegal Kickbacks Apr 21, 2015
The Office of Inspector General at the U.S. Department of Health and Human Services has just released the first guide for hospital governing boards on how to detect and avoid overbilling, kickbacks and privacy breaches that can cause civil and criminal penalties. The guide is unique because it represents a collaboration between…
Appellate Division of NY Supreme Court Tosses $10.8 Million FINRA Investor ARB Award Against Citi Based on Manifest Disregard of the Law and Prior Settlement Apr 13, 2015
A New York Appeals Court affirmed a New York Supreme Court decision to vacate a $10.8 million FINRA arbitration award to a former Citigroup customer, finding that the arbitrators failed to enforce a settlement between the parties that was reached before arbitration took place. Interestingly, the Court also noted that…
Brazilian Prosecutors Use U.S. Legal Tactics and Tools in Petrobras Corruption Scandal Apr 7, 2015
Petrobras (Petroleo Brasileiro S.A-NYSE ADR:PBR) is currently being investigated for a number of public corruption scandals. The biggest ones involve the oil giant’s gouging billions out of public coffers by allowing construction firms to over-charge for refineries in exchange for kickbacks. Offshore accounts were opened. Some are now in jail.…
SEC Announces First Ever Whistleblower Protection Case Involving Illegal Restrictive Language in Employee Agreement Apr 2, 2015
In a very significant move for whistleblowers, the U.S. Securities and Exchange Commission has, for the first time, charged a company, KBR, a global engineering, logistics and U.S. military contractor, with violating whistleblower protection Rule 21F-17 enacted under the Dodd-Frank Act for using improperly restrictive language in confidentiality agreements with…
Former Credit Suisse AG Bankers Avoid Five-Year Prison Sentence in U.S. Tax Evasion Case After Cooperating with DOJ Mar 30, 2015
Two former Credit Suisse AG bankers (who are both Swiss residents-one of whom is 72 years old), plead guilty to helping Americans evade taxes in a criminal case pending in Virginia. They are among eight former employees facing U.S. tax-evasion charges in Virginia case since 2011. They will avoid prison…
U.S. Dual Citizen Contractor Agrees to Plea and Fines in First U.S. Extradition from Iraq Bribery Prosecution Mar 30, 2015
A former U.S Department of Defense contractor, with dual U.S and Turkish citizenship, who headed two companies that sought U.S. military contracts connected with operations in Iraq from 2006 to 2008, agreed to plead guilty in a Ohio federal court to conspiracy to commit wire fraud and failure to appear…
NEWS FLASH: SEC Adopts Rules to Facilitate “IPO LIGHT”-Smaller Companies’ Access to up to $50 Million of Capital Mar 26, 2015
03/26/15 - Yesterday, the U.S. Securities and Exchange Commission adopted final rules to facilitate smaller companies’ access to capital. The exemption would be limited to companies organized in and with their principal place of business in the United States or Canada. The final rule provides two tiers of capital raising…
FATCA Update-BVI Mar 26, 2015
We have been advised by BVI counsel that the British Virgin Islands International Tax Authority (“ITA”) this week released an updated version of its’ Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements (“IGAs”) between the British Virgin Islands and the United States and the United Kingdom.The…
US Supreme Court Ruling May Limit Certain Liability for Statements of Opinion in SEC Registration Statements Mar 26, 2015
The U.S. Supreme Court reversed and remanded a Sixth Circuit ruling on Tuesday that executives can be held responsible for opinions expressed to investors that ultimately turn out to be false. In its’ March 24, 2015 opinion in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, the U.S. Supreme…
BNY Mellon Settles Foreign Exchange Lawsuits and Agrees to Pay $714 Million pursuant to, among other things, the False Claims Act, the Martin Act and FIRREA Mar 24, 2015
Bank of New York Mellon Corp has agreed to pay $714 million to settle lawsuits brought by the U.S Department of Justice, the State of New York, the SEC, the U.S. Department of Labor and private investors involving foreign exchange services claiming that the bank overcharged pension funds and other clients over…