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December 2011 Archives

Man Expected to Plead Guilty to Insider Trading

A man who is accused of more than $32 million of insider trading is expected to plead guilty this week. Terms of a plea agreement regarding the white collar criminal charges against him have not been released. Federal prosecutors had charged the man with gathering inside information from a corporate lawyer, through a middle man, and using that information to make millions. He allegedly obtained information regarding pending merger agreements that had not yet been announced. Those agreements included the purchase of Sun Microsystems by Oracle Corp., as well as the purchase of Omniture Inc. by Adobe System Inc. Each deal netted him millions of dollars, according to prosecutors.

Mortgage Fraud a Common Practice

As the former executive vice president in charge of fraud investigations at Countrywide Financial, Eileen Foster has a keen understanding of how the mortgage industry works. She has now acknowledged that mortgage fraud not only occurred at Countrywide, but was in fact a common practice. The concerns over mortgage fraud at Countrywide have followed it to their new owner, Bank of America. Public pressure to hold home lenders accountable for misrepresentations is at an all time high.

Florida Tests New Medicare Payment System

Florida is the lone testing ground in America for a new program for certain types of Medicare hospital payments. As a well known hot bed for Medicare fraud, Florida was chosen by government officials to determine if the new method could reduce the number of improper payments made under the system. The program targets heart operations and a few other specific medical procedures that are commonly used in health care fraud schemes. This particular program requires that all payments for these particular treatments be pre-approved by Medicare contractors.

Florida Executive Faces Investment Fraud Charges

A Florida investment professional is facing charges in the U.S. District Court of Manhattan. The white collar criminal complaint alleges that he collected money by promising his investors that he could get them early shares in big name IPOs for Facebook and Groupon. He then used that money on personal expenses and to pay off his personal IRS tax liability. If convicted, the man faces up to 65 years in federal prison.

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