TALLAHASSEE— Authorities have charged the former longtime president of the Florida Coalition Against Domestic Violence and a former chief financial officer of the agency with fraud, grand theft and official misconduct, accusing the women of bilking the state out of more than $3.7 million from money earmarked for domestic violence shelters.
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Allstate, other insurers among those facing robocall lawsuits
Lawsuits seeking class-action status allege marketers, particularly insurance companies, are guilty of cold-calling millions of consumers.
Big rules are coming; Prudential exec hopes they aren’t ‘overly conservative’
Rules and regulation is top of mind now in financial services as artificial intelligence, climate change, fiduciary duty and private equity are all drawing attention.
Fed: No interest rate change, but future tweak possible
The Fed, said it will maintain its target range for the federal funds rate but would consider a future hike depending on data.
The U.S. Attorney for the Southern District of New York, Damian Williams, issued the following news release on Sept. 19, 2023:. Damian Williams, the United States Attorney for the Southern District of New York, announced that STEPHEN BUYER, a former Indiana Congressman, was sentenced today to 22 months in prison by U.S. U.S. Attorney Damian Williams said: "Stephen Buyer…
But this week the federal government more than doubled its estimate in stolen payments to as much as $135 billion. The finding is a rebuke to the Biden Administration, which had previously put the fraud total as low as $45 billion based on surveys of state programs. Fraud claimed 11 percent to 15 percent of the nearly $900 billion that Washington paid out over…
SEC cracks down on 9 firms for Marketing Rule violations
In a significant crackdown on misleading financial industry marketing, the SEC moved against nine registered investment advisers.
The walls seem to be closing in on freshman U.S. Rep. George Santos as federal prosecutors asked Judge Joanna Seybert to postpone the Sept. 7 status conference to continue discussions on "possible paths forward" in his fraud case. Prosecutors accused him of fraudulently obtaining unemployment benefits, using campaign contributions to pay down personal debts…
AUSTIN— After a 10- day trial, Texas senators on Saturday voted to acquit Texas Attorney General Ken Paxton on allegations of bribery and corruption, clearing him to return to his duties as the state's top lawyer. The case has been delayed for years by pretrial disputes— including a back-and-forth battle over the trial venue that saw it moved to Houston from…
The U.S. Attorney for the Northern District of Texas, Leigha Simonton, issued the following news release on Sept. 14, 2023:. An Irving man pleaded guilty today to submitting fraudulent insurance claims for COVID-19 testing, resulting in a more than $7 million loss to insurers, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.
DOL not done defending existing investment advice rules in court
The DOL filed a brief reiterating its defense of investment advice rules published during the Trump administration. Those rules were sued in Florida and Texas upon taking effect in February 2022.
DOL fiduciary rule likely to tinker with popular exemption, analysts say
The Department of Labor finished its fiduciary rule last week. Analysts say prohibited transaction 84-24 is the place to look for changes once the rule details are known.
Fraudsters stole up to $135 billion in unemployment benefits during the coronavirus pandemic, the Government Accountability Office reported Tuesday, delivering the most thorough government examination of the problem to date. In addition to fraud, states say they have identified another $50.5 billion in overpayments in the Unemployment Insurance…
Industry accuses SEC of ‘outright hostile’ regulatory approach to technology
Industry trade organizations blasted the Securities and Exchange Commission’s “continued war on technology” in a comment letter addressing a new rule proposal.
A controller at a Louisville firm used her access to company debit and credit cards to steal more than $260,000, according to a federal news release. A grand jury in Louisville indicted Amy D. Hall, 37, on seven charges of wire fraud. Hall, the accounting controller of a design and construction company, stole more than $260,000 from her employer between December…
Insurance commissioner warns on false Calif. LTC plan information
California’s insurance commissioner puts long-term care insurers and agents on notice for spreading misleading marketing materials and emails.
Donald Trump and his advisers are mapping out an economic agenda with harsher trade policies and deeper tax cuts if he returns to the White House, stirring anxiety within the U.S. business community of potential retaliatory measures. Jacking up tariffs could spur inflation, hurt U.S. manufacturing and prompt other countries to increase their tariffs as well,…
DOL sends new fiduciary rule to the White House for review
The Department of Labor sent its long-delayed fiduciary rule rewrite to the White House Office of Management and Budget late Friday.
The U.S. Attorney for the District of New Jersey, Philip R. Sellinger, issued the following news release on Aug. 30, 2023:. An Indian national admitted today that he conspired with others to devise a scheme to defraud various telephone providers and insurance companies out of millions of dollars by using stolen or fake identities to submit fraudulent claims for…
Mixed expectations for impending DOL fiduciary rule
The Department of Labor stayed silent Wednesday on a new fiduciary rule rewrite it promised to unveil by the end of August.
