A 61-year-old man lost his coveted knighthood title from Antiqua after he was arrested and convicted of fraud and several other charges. Some of the charges include conspiracy and obstructing the U.S. Securities and Exchange Commission's investigation into the matter. The U.S. government closed the man's empire in February 2009 and arrested him in June 2009. In his 2012 trial, the government found him guilty on 13 of 14 criminal counts. The man is expected to appeal the government's decision.
A lawsuit was reportedly filed last week in federal court in Dallas against a Baton Rouge law firm and several New Orleans attorneys for allegedly playing a key role in helping prominent Texas financier Allen Stanford convince people to invest their retirement accounts in unsafe offshore investments.
The fallout from the real estate crisis will continue for years to come. After all, the numbers are staggering. There have been about 5 million homes foreclosed upon in the last five years. Another 11 million homeowners are underwater are their mortgages. And in many areas of the country, prices continue to go down.
On Thursday, a Baton Rouge grand jury issued an indictment against three individuals and a personal care company based in Baton Rouge of forgery charges.
On Wednesday, five individuals pleaded guilty in connection with participation in health care fraud scheme run out of clinic in Jefferson Parish. The scheme apparently involved claims submitted to Medicare and Medicaid.
One of the categories of crime we write about on this blog is white collar crimes. These are offenses which, according to the website of the Federal Bureau of Investigation, involve lying, cheating and stealing. Fraud is the crime most often associated with this category. Unfortunately, we are all too familiar with the damage fraud schemes can wreak on companies, families and investors.
According to the Internal Revenue Service, the number of fraudulent claims for federal income tax refunds has increase fourfold over the past two years. In response, the IRS is now introducing new efforts to fight against fraud, including new screening procedures designed to flag questionable returns and refunds.
In our previous post, we began speaking about the FBI's efforts to prosecute financial crimes in connection to the financial crisis. As we mentioned, federal officials have apparently found that pursuing firms and individual executives for criminal charges has been more difficult since probes have began.
According to David Cardona, a former top U.S. official who was responsible for investigating the financial crisis, a three-year review of probes at large mortgage lenders and securities firms has caused federal officials to conclude that many financial crimes cannot be successfully prosecuted, and are best pursued for civil charges.
In our previous post, we began looking at a recently report by the U.S. Department of Health and Human Services inspector general's office. The report, which was released Monday, revealed the difficulties federal officials face in monitoring the effectiveness of fraud detection programs which seek to prevent Medicare fraud.