Yearly Archives: 2012
Landlord Settles Qui Tam Suit Alleging Rental Housing Fraud
Georgia landlord, Yinka T. Omole (“Omole”), has agreed to settle a lawsuit filed by whistleblower Lowanda Strickland under the qui tam provisions of the False Claims Act for $42,900. The whistleblower suit alleges that between July 2007 and March 2010, Omole fraudulently received federally funded housing assistance payments while requiring Lowanda Strickland to pay… Read More »
FINRA Issues Investor Alert Reminding Investors to Carefully Review Account Statements and Trade Confirmations For Red Flags
The Financial Industry Regulatory Authority (“FINRA”) issued an Investor Alert reminding investors to carefully review their account statements and trade confirmations for potential red flags. Securities regulators take the accuracy of account documents very seriously. A careful review of these documents can alert investors to errors, or possible misconduct, by financial professionals, such as… Read More »
Oil and Gas Companies Settle Whistleblower Lawsuit for $15 Million
The Justice Department announced that Total Fina, S.A., Total Minatome Corporation, Total Exploration Production USA, Inc., Fina Oil and Chemical Company, Elf Exploration, Inc. and Total E & P USA, Inc. (collectively “Total Companies”) have agreed to settle a qui tam lawsuit with payment of $15 million to the United States government. The qui… Read More »
Orthofix International Close to Resolving Pending Qui Tam Lawsuits
Orthofix International, N.V. (“Orthofix”) announced that it is close to resolving two pending qui tam lawsuits with the federal government. Bone growth stimulator lawsuit Orthofix announced that it is finalizing definitive agreements with the U.S. Attorney’s Office, the U.S. Department of Justice, and the Office of the Inspector General of the U.S. Department of… Read More »
4th U.S. Circuit Court of Appeals Affirms $1.1 Million FINRA Arbitration Award Against Wachovia
The 4th U.S. Circuit Court of Appeals issued a unanimous decision affirming an August 2010 judgment by South Carolina Judge Terry L. Wooten. Judge Wooten’s judgment confirmed an arbitration award issued by a Financial Industry Regulatory Authority (“FINRA”) arbitration panel ordering Wachovia Securities (“Wachovia”) to pay $1.1 million in attorneys’ fees to four former… Read More »
Broward Man Accused of Running a Ponzi Scheme
A Ft. Lauderdale man, George Elia, who is currently under investigation by the Florida Office of Financial Regulation, is also facing a $4 million lawsuit alleging that he has been running a Ponzi scheme. In October 2011, Michael Imbesi of San Diego, along with his father, step-mother and sister, filed the Broward Circuit Court… Read More »
Gunnison Energy and SG Interests Pay $550,000 to Settle Whistleblower Action
The Department of Justice announced that Gunnison Energy Corporation (“GEC”), an affiliate of Oxbow Corporation, and SG Interests I Ltd. and SG Interests VII Ltd. (collectively “SGI”) have agreed to settle antitrust and False Claims Act allegations for $550,000, with each firm to pay $275,000. The claims relate to an alleged agreement by the… Read More »
CitiMortgage Agrees To Settle Whistleblower Lawsuit For $158.3 Million
The United States Attorney for the Southern District of New York and the General Counsel of the U.S. Department of Housing and Urban Development (“HUD”) announced that CitiMortgage, Inc. (“CitiMortgage”), a subsidiary of Citibank, N.A., has agreed to settle a qui tam lawsuit for $158.3 million. The government joined the whistleblower lawsuit filed in… Read More »
FINRA Fines Citigroup $750,000 For Failing To Retain E-Mails
The Financial Industry Regulatory Authority (“FINRA”) announced it has censured and fined Citigroup $750,000 for the firm’s failure to retain millions of e-mails sent by or to approximately 2,800 Citigroup brokers. Pursuant to a Letter of Acceptance, Waiver and Consent (“AWC”) submitted by Citigroup, the failure was the result of a technical glitch that… Read More »
LPL Financial Hit With $1.4 Million Award
Last week, a Financial Industry Regulatory Authority (“FINRA”) arbitration panel awarded an elderly California couple $1.4 million for losses in two tenant-in-common (“TIC”) investments. TICs are a form of real estate ownership in which two or more parties have a fractional interest in the property. According to the investors’ lawyer, LPL Financial, LLC (“LPL”)… Read More »