News & Analysis as of

Paycheck Protection Program (PPP) Money Laundering Coronavirus/COVID-19

ArentFox Schiff

Investigations Newsletter: DOJ Secures Plea in $50 Million Medicare Fraud and Kickback Scheme

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DOJ Secures Plea in $50 Million Medicare Fraud and Kickback Scheme - On April 26, the US Department of Justice (DOJ) announced that Manishkumar Patel pleaded guilty to charges related to a $50 million health care fraud and...more

ArentFox Schiff

Investigations Newsletter: Home Health Care Owner Sentenced to Nine Years in Prison for Medicare Fraud Scheme

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Home Health Care Owner Sentenced to Nine Years in Prison for Medicare Fraud Scheme - This week, the owner of a home health company was sentenced to nine years in prison for orchestrating a nearly $2.8 million scheme...more

Fox Rothschild LLP

The Federal Government’s Continued Focus on COVID-19 Aid Fraud Leads to New Charges, Convictions and Sentencings

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The Justice Department recently announced new charges, convictions and sentencings in its ongoing initiative to target pandemic-related fraud, emphasizing the government’s commitment to identify and hold accountable those who...more

Fox Rothschild LLP

Justice Department Announces First False Claims Act Settlement With PPP Lender and Unveils New COVID-19 Fraud Strike Force Teams

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The Justice Department has announced the first-ever False Claims Act settlement with a lender to resolve allegations related to processing a Paycheck Protection Program loan on behalf of an ineligible customer. This...more

Foley Hoag LLP - White Collar Law &...

Criminal Tax Violations: 2022 Enforcement Trends

This is the third post in this year’s series examining important trends in white collar law and investigations. Our previous post discussed trends in anti-corruption. Up next: State AG enforcement trends. Tax season is...more

Fox Rothschild LLP

Federal Judges Imposing Increasingly Harsh Prison Sentences for Paycheck Protection Program Fraud

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The U.S. Department of Justice continues to seek long prison sentences for those convicted of COVID-19 related fraud. Recently, courts have agreed with prosecutors, and have issued increasingly lengthy prison terms to those...more

ArentFox Schiff

Investigations Newsletter: Texas Man Sentenced to More Than Nine Years in Prison for COVID-19 Fraud Scheme

ArentFox Schiff on

Texas Man Sentenced to More Than Nine Years in Prison for COVID-19 Fraud Scheme - After pleading guilty to two charges of wire fraud and money laundering, a Texas man was sentenced to 110 months in prison for his scheme to...more

ArentFox Schiff

Investigations Newsletter: New York Man Pleads Guilty to PPP Loan Fraud

ArentFox Schiff on

On October 26, Marcus Frazier of New York pled guilty to two counts of wire fraud affecting a financial institution for his alleged role in a scheme to obtain $6.9 million in Paycheck Protection Program (“PPP”) funds designed...more

Fox Rothschild LLP

Paycheck Protection Program-Related Convictions Result In Harsh Federal Prison Sentences

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The U.S. Department of Justice took several victory laps this month, touting long prison sentences it has secured for COVID-19 related fraud. These prison terms send a clear message to any individual or business that...more

ArentFox Schiff

Investigations Newsletter: Four Convicted of Scheme to Fraudulently Obtain Millions in COVID-19 Relief Programs

ArentFox Schiff on

After an eight-day trial, a federal jury convicted four California residents for their scheme to submit fraudulent loan applications seeking millions of dollars in the Paycheck Protection Program (PPP) and Economic Injury...more

Arnall Golden Gregory LLP

Update: The Growing Wave of PPP Loan Prosecutions

As the pandemic slowly recedes, leaving a host of hastily-enacted funding and programs in its wake, the government’s recovery and clean-up efforts are well underway. In April and May 2021, the Department of Justice (DOJ)...more

Robins Kaplan LLP

Financial Daily Dose 10.2.2020 | Top Story: Covid-Infected POTUS Injects Volatility to Skittish Global Markets

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Markets globally and U.S. futures are down as investors digest the news out of D.C. overnight... Jobs Report Friday again. Here’s what we’re watching for in the numbers....more

ArentFox Schiff

Investigations Newsletter: Nine Individuals Charged in $24 Million Paycheck Protection Program Fraud Scheme

ArentFox Schiff on

Nine Individuals Charged in $24 Million Paycheck Protection Program Fraud Scheme - In one of the largest COVID-relief fraud cases to date, nine Ohio and Florida individuals are alleged to have conspired to obtain...more

K2 Integrity

PPP Lending—A Unique Compliance Challenge for Banks

K2 Integrity on

A commitment to PPP compliance now will not only align with regulator expectations, but can help guide innovation and the introduction of new products in the long run. ...more

Cadwalader, Wickersham & Taft LLP

PPP Oversight Efforts May Impact Lenders

Recent press coverage concerning transparency and oversight with respect to the Paycheck Protection Program (“PPP”) has largely focused on PPP borrowers and the ability of Congress and federal inspectors general to obtain PPP...more

Ballard Spahr LLP

FATF Issues Paper on COVID-19 Enhanced AML and Fraud Risks

Ballard Spahr LLP on

On May 4, the Financial Action Task Force (“FATF”) issued a paper entitled “Covid-19-Related Money Laundering and Terrorist Financing – Risk and Policy Responses (“Paper”). ...more

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