The SEC charged insurance magnate Greg Lindberg and a lieutenant with defrauding insurers out of more than $75 million through a series of undisclosed related-party transactions and advisory fees paid to a Malta entity. “We allege a massive fraudulent scheme involving unique financial structures and various complex investments,” said Osman Nawaz, chief of the Securities… Continue reading SEC Goes After Insurance Executive for Alleged Fraud
Tag: fraud
Berkshire Hathaway Says Blue-Chip Law Firm Aided M&A Fraud
Berkshire Hathaway may have found a way to get back some of the hundreds of millions of dollars it lost after buying a seemingly solid German pipe maker that turned out to be on the verge of going bust. The conglomerate, led by Warren E. Buffett, is suing Jones Day, the law firm that represented… Continue reading Berkshire Hathaway Says Blue-Chip Law Firm Aided M&A Fraud
NICB Creates COVID-19 Fraud Resource Center
The National Insurance Crime Bureau (NICB) is continuing to monitor the impact the coronavirus (COVID-19) is having on consumers, our membership, law enforcement, and our strategic partners. As with all catastrophes, we often see an accompanying influx of insurance fraud cases. Therefore, we know it is essential to be there for you as you navigate… Continue reading NICB Creates COVID-19 Fraud Resource Center
AbbVie to Pay $16.8M in Fraud Suit Settlement
Plaintiffs attorneys stand to make $5 million from the proposed $16.75 million settlement of a class action suit by investors against North Chicago-based drugmaker AbbVie, which alleged the company hid information that led investors to lose money after AbbVie backed out of a merger with a European company. A group of hedge funds and other… Continue reading AbbVie to Pay $16.8M in Fraud Suit Settlement
DOJ Probing Wells Fargo’s Wholesale Banking Unit
The Justice Department is probing whether employees committed fraud in Wells Fargo & Co.’s wholesale banking unit, following revelations that employees improperly altered customer information, people familiar with the matter said. The Wall Street Journal previously reported that some employees in the unit added information on customer documents, such as Social Security numbers and dates… Continue reading DOJ Probing Wells Fargo’s Wholesale Banking Unit