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Corruption Suspects Win Landmark Appeal in London - Theranos is shutting down for good - Societe Generale Looks at Huge US Penalties - And More
9/6/2018 1:35:00 PM

 

 

Corruption Suspects Win Landmark Appeal in London

On Sept. 5, Bloomberg reported, “A U.K. appeals court on Wednesday overturned a decision forcing a Kazakh mining company to hand over documents to prosecutors who are investigating the firm for corruption, marking a decisive victory for law firms helping firms manage fraud and bribery cases. The ruling means that Eurasian Natural Resources Corp. no longer has to provide the files, which it claims are subject to attorney-client privilege, to prosecutors. … The case sets a precedent with implications for companies and lawyers beyond ENRC and pulls the U.K. closer to U.S. rules.”

 

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Theranos is shutting down for good

On Sept. 5, CNN tech reported, “The Wall Street Journal reported late Tuesday that Theranos CEO David Taylor emailed shareholders to announce the blood-testing company will dissolve. Taylor said the investment bank with which Theranos was working reached out to more than 80 potential buyers, but none were interested. … The biotech company, which was once valued at $9 billion, built its reputation on the claim that it had come up with a cheaper, more efficient alternative to traditional medical tests. But that unraveled spectacularly under the scrutiny of Wall Street Journal investigative reporter John Carreyrou.”

 

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Societe Generale Looks at Huge US Penalties

On Sept. 5, ToInnov.com reported, “One of the largest French banks, Societe Generale, expects the size of possible penalties on the part of the US authorities for violation of the sanctions regime may exceed 1.1 billion euros ($ 1.27 billion), Reuters reports citing the bank's release. ‘Societe Generale expects that the amount of the penalties in the U.S. Sanctions Matter will be almost entirely covered by the provision for disputes allocated to this matter,’ the bank said. In total, the credit institution has reserved 1.43 billion euros to cover possible penalties.”

 

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Tnuva hit with Israel’s largest-ever antitrust fine for price fixing

On Sept. 5, The Times of Israel reported, “Dairy giant Tnuva was hit with a NIS 25 million ($6.9 million) fine after it admitted to illegal price fixing, the largest-ever financial penalty on a firm in Israel for violating antitrust laws. Under an agreement last month with the Antitrust Authority that was approved by an antitrust tribunal, details of which were cleared for publication on Monday, two former senior executives at the company were also fined NIS 75,000 ($20,000) apiece.”

 

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Dutch bank ING fined $900 million for failing to spot money laundering

On Sept. 4, Reuters reported, “Dutch bank ING Groep NV admitted criminals had been able to launder money through its accounts on Tuesday and agreed to pay 775 million euros ($900 million) to settle the case. Dutch financial crime prosecutors said ING had violated laws on preventing money laundering and financing terrorism ‘structurally and for years’ by not properly vetting the beneficial owners of client accounts and by not noticing unusual transactions through them. ING, the Netherlands’ largest financial services provider, said it was impossible to estimate how much money was laundered through its accounts, but lead prosecutor Margreet Frohberg told Reuters ‘hundreds of millions of euros’ were involved.”

 

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Houston Psychiatrist Sentenced to More Than 12 Years in Prison for Role in $155 Million Medicare Fraud Scheme

On Sept. 4, the U.S. Department of Justice reported, “A Houston psychiatrist was sentenced today to 150 months in prison for his role in a $155 million Medicare fraud scheme involving false and fraudulent claims for psychiatric services. … According to the evidence at trial, from 2006 until February 2012, [Riyaz Mazcuri] and others engaged in a scheme to defraud Medicare by submitting to Medicare, through Riverside, approximately $155 million in false and fraudulent claims for partial hospitalization program (PHP) services. A PHP is a form of intensive outpatient treatment for patients with severe mental illness.”

 

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Sanofi Pays $25 Million to Settle Bribery Charges

On Sept. 4, The Wall Street Journal reported, “French pharmaceutical company Sanofi agreed to pay $25.2 million to resolve Securities and Exchange Commission allegations that its subsidiaries made bribery payments to win business. The alleged schemes spanned multiple countries and involved bribes to government procurement officials and health-care providers to receive tenders and increase prescriptions of the company’s products, the SEC said. The alleged payments violated the Foreign Corrupt Practices Act, which bars bribes of foreign officials for business purposes, the SEC said.”

 

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Nigeria says whistleblower triggered MTN $8.1 bln probe –official

On Sept. 4, Reuters reported, “The office of Nigeria’s attorney general said on Tuesday that a whistleblower prompted an investigation into alleged MTN infractions that last week led to a demand for $8.1 billion taken out of Nigeria to be brought back. Ladidi Mohammed, head of asset recovery, told Reuters in a phone interview that an investigation was then carried out by the central bank.”

 

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Former Enron CEO released from prison to halfway house

On Aug. 30, Reuters reported, “Jeffrey Skilling, the former chief executive officer of Enron who received a 24-year prison sentence for his role in the company’s spectacular collapse, has been released from an Alabama prison camp and moved to a halfway house, records from the U.S. Bureau of Prisons showed on Thursday. … In May 2006, a jury convicted Skilling of 19 counts of conspiracy, securities fraud, insider trading and lying to auditors for his role in maintaining a facade of success as Enron’s energy business crumbled.”

 

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Product features

 

The Complete Compliance and Ethics Manual - 2018

The Complete Compliance and Ethics Manual — 2018

 

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Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers

Workplace Investigations: Techniques and Strategies for Investigators and Compliance Officers

 

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