- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-09-14T17:57:00
A Houston-based regional bank will pay approximately $18,700 to resolve allegations it processed a Paycheck Protection Program (PPP) loan for an ineligible recipient in what is believed to be a landmark False Claims Act settlement.
Prosperity Bank, which holds $37.4 billion in assets across more than 270 banking locations in Texas and Oklahoma, processed a $213,400 PPP loan in May 2020 for a customer that bank employees knew was facing criminal charges, according to a press release issued Tuesday by Jennifer Lowery, U.S. attorney for the Southern District of Texas.
The bank received a $10,670 fee “to which it was not entitled” for processing the improper loan, the press release said.
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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.
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.
Eight business executives, including the billionaire owner of Indian energy company Adani Group, were charged with fraud for their alleged roles in a multi-million bribery scheme to win a solar energy contract in India.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
