News & Analysis as of October 19, 2024

Enforcement Actions

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The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -

COVID-19 Relief Enforcement Actions Highlight Ongoing Risk

Bass, Berry & Sims PLC on 6/17/2024

The Department of Justice (DOJ) continues to demonstrate its sustained interest in COVID-19 relief fraud as an enforcement priority and we can expect to see persistent enforcement in this area....more

PPP Fraud Enforcement Shows No Signs of Slowing

Buchalter on 11/1/2023

After dozens of high-profile criminal prosecutions and a growing wave of civil investigations, the Department of Justice’s (“DOJ”) Covid-19 Fraud Enforcement Strike Force is poised to continue its pursuit of fraud, abuse, and...more

DOJ Appears to Shift Focus to Lenders in Paycheck Protection Program Investigations: What You Need to Know

Orrick, Herrington & Sutcliffe LLP on 5/30/2023

The Department of Justice appears to be shifting its focus from investigating fraudulent behavior by Paycheck Protection Program (PPP) borrowers to investigating lenders and related institutions....more

DOJ Investigating FinTech Over PPP Loans

Sheppard Mullin Richter & Hampton LLP on 7/29/2022

On June 3, a federal court filing in the Southern District of Florida by an Atlanta-based FinTech company revealed that the small business lender is under DOJ investigation for alleged PPP loan approval practices. According...more

More DOJ Double-Dipping PPP Fraud News

Dorsey & Whitney LLP on 5/23/2022

The Department of Justice (“DOJ”) continues rolling out new settlement agreements related to COVID-19 fraud - highlighting the government’s and a common relator’s efforts to crack down on those alleged to have improperly...more

False Claims Act Case Tracker for Paycheck Protection Program Fraud - Update

Dorsey & Whitney LLP on 10/1/2021

In the Spring of 2020, the Small Business Association (“SBA”) began administering the Paycheck Protection Program (the “PPP” or the “Program”) to provide SBA-backed loans to help eligible businesses maintain their workforces...more

Investigations Newsletter: COVID-19 Task Force Established to Enhance Enforcement Efforts against Fraud

ArentFox Schiff on 5/24/2021

COVID-19 Task Force Established to Enhance Enforcement Efforts against Fraud - On May 17, 2021, the Department of Justice and U.S. Attorney General announced the establishment of the COVID-19 Fraud Enforcement Task Force,...more

Weekly COVID-19 Oversight & Enforcement Report - May 2021 #2

WilmerHale on 5/14/2021

As part of its ongoing investigation into the Federal Reserve’s administration of pandemic relief lending programs, House Select Subcommittee on the Coronavirus Crisis Chair James E. Clyburn sent a letter to Fed Chair Jerome...more

DOJ Targets PPP Fraud and Abuse | Trends in White Collar Enforcement

Downs Rachlin Martin PLLC on 4/29/2021

Under President Biden and Attorney General Merrick Garland, the U.S. Department of Justice (DOJ) is expected to focus more intently on white collar enforcement than it did under the Trump administration. Fraud and abuse...more

SBA Implemented Changes to PPP as a Part of American Rescue Plan Act

Goodwin on 3/25/2021

In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more

Prosecutors Using FIRREA to Investigate Pandemic Conduct

King & Spalding on 3/19/2021

The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) is a powerful tool in the prosecutorial arsenal. Due to its long statute of limitations, expansive penalty provision, and low civil burden of...more

New COVID-19 Relief Bill Includes Targeted Relief for Restaurants and Other Hard-Hit Small Businesses and Nonprofits

Snell & Wilmer on 3/15/2021

Yesterday, President Joe Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (Act), which includes new pandemic-relief grants for small and mid-sized restaurants and bars; expansion of the Paycheck Protection...more

Zeroing In: Early Trends In White-Collar Prosecutions Under Biden’s DOJ

Fox Rothschild LLP on 3/12/2021

If the Biden administration's early moves are any indicator, its Department of Justice (DOJ) is poised to devote more time and energy to the prosecution of white-collar crime than it did under the Trump administration, when...more

PPP Fraud Compliance: The Best Payroll Protection A Company Can Have

McNees Wallace & Nurick LLC on 2/24/2021

After nearly a year of crushing pandemic-related shutdowns and business interruptions, companies facing serious financial challenges are beginning to see the light at the end of the COVID-19 tunnel. Vaccine distribution is...more

Weekly COVID-19 Oversight & Enforcement Report - November 2020 #3

WilmerHale on 11/19/2020

The Congressional Oversight Commission issued a statement on the Secondary Market Corporate Credit Facility (SMCCF), noting that the SMCCF “is still purchasing approximately $20 million worth of corporate bonds per day. The...more

All Consuming - Financial Litigation Insights: Issue 8, October 2020

Spilman Thomas & Battle, PLLC on 10/23/2020

Servicemembers’ Civil Relief Act - What You Need to Know - Between the Civil War and 1940, the United States periodically had legislation that prevented lawsuits against soldiers and sailors during times of conflict. Then,...more

Six Months of COVID-19 Relief: Enforcement and Litigation Trends for Borrowers

Jones Day on 10/12/2020

An uptick in fraud prosecutions and litigation has historically followed federal crisis relief programs. In addition to this historical trend, the attention fraud related to the novel coronavirus ("COVID-19") has garnered...more

SEC Charges Trust Company With Operating Unregistered Investment Companies

Goodwin on 10/8/2020

SEC Charges Trust Company with Operating Unregistered Investment Companies and Failing to Register Securities Offerings. On September 30, the Securities and Exchange Commission (SEC) announced it had settled charges with...more

PPP Lenders and Fraudulent Borrowers: False Claims Act Liability and AML Risk

Ballard Spahr LLP on 9/3/2020

Can BSA/AML Requirements Lead to Deemed Knowledge of Borrower Fraud? The first two weeks of August brought a milestone of sorts in the ongoing recovery from the economic downturn brought on by the COVID-19 pandemic. The...more

PPP Enforcement: It’s Not Funny

Downs Rachlin Martin PLLC on 8/25/2020

While many who have accepted PPP loans now consider the forgiveness aspects and process, be mindful of federal enforcement. To date, the Justice Department has filed 36 PPP fraud cases, charging about 51 defendants....more

Recent DOJ Comments Shed Light on Expected Civil Enforcement of COVID-19 Cases

Mintz - Health Care Viewpoints on 8/19/2020

Comments made by Department of Justice (DOJ) attorneys during a recent webinar provided insight into the government’s civil enforcement priorities related to the coronavirus pandemic. In particular, government attorneys...more

Financial Services Weekly Roundup: SEC Proposes Modified Disclosure Framework For Funds

Goodwin on 8/14/2020

In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more

SBA Inspector General Management Alert And FinCEN Advisory Highlight Banks’ Role In Combating COVID-19 Loan Fraud

Vinson & Elkins LLP on 8/7/2020

On July 28, 2020, the Small Business Administration’s (“SBA”) Inspector General (“IG”), Hannibal “Mike” Ware, issued a Management Alert informing SBA Administrator Jovita Carranza that the IG’s preliminary review of the...more

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on 6/26/2020

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

Financial Services Weekly Roundup: Treasury And SBA Codify Changes To PPP Flexibility Act

Goodwin on 6/18/2020

In This Issue. The U.S. Department of the Treasury (Treasury) and the Small Business Administration (SBA) released an interim final rule to reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act,...more

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