2012 January | Tycko & Zavareei LLP

Whistleblower suit against Boeing has been settled

Posted on January 31st, 2012 No Comments

Boeing Co. has finally settled a whistleblower lawsuit, in the amount of $4.4 million.

The whistleblower, a former employee, alleged that the company was boosting bills that they were submitting to the U.S. government on their Chinook Helicopter program. They were citing that their employees were working on special modifications to the helicopters, when in reality they were only performing basic work on the models.

The government investigated these claims and determined that Boeing was deceiving the U.S. government dating back to 2005. The settlement was reached in December and the documents were unsealed on January 17, 2012. The whistleblower in the case stands to make $813,000 for his part in the discovery.

If you have information regarding fraud and would like to file a Qui Tam lawsuit, please contact the Qui Tam lawyers of Tycko & Zavareei LLP by calling 202-973-0900 today.

Investment adviser convicted of securities fraud

Posted on January 24th, 2012 No Comments

A 62-year-old Colorado man was convicted on several charges stemming from a $5.7 million securities fraud scam he pioneered. Out of the seven charges he faced, he was convicted of six of them.

The securities fraud scheme began when the Colorado man, a former investment adviser, solicited clients claiming that he would keep their money safe while investing it. Instead, he used their money to pay off other investment deals or to invest it in hazardous schemes. He victimized more than 70 people, many of whom lost their entire life savings.

Each charge that the man was convicted of carries a 12-year prison sentence and a $750,000 fine. He will remain out on bond until his March 7 sentencing hearing.

If you have information pertaining to securities fraud, please contact the securities fraud lawyers of Tycko & Zavareei, LLP by calling 202-973-0900 today.

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Student loan fraud case results in 7 year prison sentence

Posted on January 18th, 2012 No Comments

A 63-year-old Laguna Hills, California woman will spend the next seven years behind bars as a result of her student loan fraud scheme.

The scheme began in August 2007 and continued until December of that same year. The woman had convinced five separate students that she could help them obtain financial aid for college. She made the students, ranging in age from 17 to 23, sign documents that she said was for financial aid, but what they were actually signing were student loan forms.

At the end of the student loan fraud scheme, the woman had received more than $262,000 in student loan money on behalf of the students. This money was used to pay off state taxes that the woman owed from a previous tax fraud conviction and also for personal reasons. Besides the seven year prison sentence, she is now obligated to pay several fines, including $524,000 to the county.

If you have information pertaining to student loan fraud, please contact the federal student loan fraud lawyers of Tycko & Zavareei, LLP by calling 202-973-0900 today.

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Another whistleblower lawsuit filed against a healthcare company

Posted on January 12th, 2012 No Comments

The healthcare company, Omnicare Inc., has been delivered another whistleblower lawsuit.

The second whistleblower lawsuit against the company was filed by a former pharmacist. It claims that Omnicare Inc. was charging the federal government and the state of Illinois more than it should have for medication. The whistleblower shows that the deception by the healthcare company could have cost the federal government millions of dollars.

The first lawsuit brought against the pharmaceutical company came back in 2010 when an auditor stated that Omnicare Inc. had filed for reimbursement claims without properly following guidelines and regulations of Medicaid Services.

Please contact the healthcare fraud lawyers of Tycko & Zavareei, LLP at 202-973-0900 if you or someone you know has information regarding healthcare fraud.

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Social media sites target for securities fraud

Posted on January 5th, 2012 No Comments

Social media sites are the current target of numerous securities fraud schemes.

One financial adviser was charged by US regulators after attempting to sell $500 billion in fraudulent securities on the popular social media site, LinkedIn. The Securities and Exchange Commission, SEC, is putting a vast amount of effort into securities fraud on social media sites.

The SEC has called for anti-fraud systems to be updated to the modern times of the internet. Sites such as Facebook and Twitter make it very easy for potential scams to develop and firms are able to reach numerous individuals fairly easy. Firms are required to keep each piece of information they post on these sites so that they can be evaluated for fraudulent activity.

If you have information regarding securities fraud, please contact the securities fraud lawyers of Tycko & Zavareei, LLP by calling 202-973-0900 today.