- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-26T19:23:00
A Florida-based investment fund will pay approximately $22,000 as part of a settlement resolving the first False Claims Act (FCA) whistleblower case involving a Paycheck Protection Program (PPP) loan in which the United States intervened.
Pan African Interchange and its owner, Stanley Damas, applied for two PPP loans on consecutive days in May 2020 and received the two loans in June 2020, according to a Thursday press release from U.S. Attorney Juan Antonio Gonzalez of the Southern District of Florida. The business had falsely certified it would not receive more than one PPP loan, the Justice Department stated.
Pan African Interchange and Damas repaid $208,332 to the United States, which was the proceeds of the second PPP loan it received. Under the settlement, the firm and Damas must pay an additional $21,583.
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The Federal Reserve Board fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program loans despite finding significant indications of possible fraud in the loan applications.
The Department of Justice requested Rennova Health repay Covid-19 relief funds it received in 2020 as part of a whistleblower lawsuit against the healthcare services provider alleging ineligible use of the money.
Houston-based Prosperity Bank will pay approximately $18,700 to resolve allegations it processed a Paycheck Protection Program loan for an ineligible recipient in what is believed to be a landmark False Claims Act settlement.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
