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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-01-25T17:19:00
The Federal Reserve Board fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program (PPP) loans despite finding significant indications of possible fraud in the loan applications.
The Fed said Popular Bank failed to report the potential fraud in a timely manner, as required by the Small Business Administration (SBA).
According to the Fed’s order, Popular Bank processed six PPP loans in August 2020 worth $1.1 million, “despite having detected that the loan applications contained significant indicia of potential fraud.”
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
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Our lowest price ($1 per day) for one year.
2022-11-29T13:39:00Z By Adrianne Appel
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.
2022-09-26T19:23:00Z By Aaron Nicodemus
A Florida-based investment fund will pay approximately $22,000 as part of a settlement resolving the first False Claims Act whistleblower case involving a Paycheck Protection Program loan in which the United States intervened.
2022-09-14T17:57:00Z By Aaron Nicodemus
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.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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