Legal Eagle Review
SEC Announces Fraud Charges Against Collateral Manager Of CDO
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- Written by LER
The Securities and Exchange Commission announced charges against a Morristown, N.J.-based investment advisory firm and its owner for misleading investors in a collateralized debt obligation (CDO) and breaching their fiduciary duties.
Boston Scientific and Subsidiaries to Pay $30 Million for Guidant’s Sale of Defective Heart Devices for Use in Medicare Patients
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- Written by LER
Boston Scientific Corp. and its subsidiaries, Guidant LLC, Guidant Sales LLC and Cardiac Pacemakers Inc. (Guidant), have agreed to pay $30 million to settle allegations that, between 2002 and 2005, Guidant knowingly sold defective heart devices to health care facilities that in turn implanted the devices into Medicare patients, the Justice Department announced today. Boston Scientific acquired Guidant, a medical device manufacturer, in 2006.
Operator of $2.5 Million Sacramento Ponzi Scheme Convicted by Jury
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- Written by FBI
After a three-day trial, a federal jury returned a guilty verdict against James G. Berghius, 41, of Sacramento, convicting him of four counts of mail fraud, four counts of wire fraud, and one count of money laundering related to a Ponzi scheme that he operated, announced United States Attorney Benjamin B. Wagner, Sacramento FBI Special Agent in Charge Monica M. Miller, and Special Agent in Charge IRS-Criminal Investigation José M. Martínez.
National Respiratory Services LLC Ordered to Pay Restitution in the Amount of $2 Million for FDA Violations and for Committing Health Care Fraud
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- Written by LER
National Respiratory Services LLC (NRS) was ordered to pay restitution in the amount of $2 million by U.S. Senior District Judge Charles R. Simpson, III for committing health care fraud, announced David J. Hale, United States Attorney for the Western District of Kentucky.
Frank Vennes Sentenced to 15 Years in Federal Prison for Lying to Investors About Petters’ Ponzi Scheme
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- Written by LER
In federal court in St. Paul, Frank Elroy Vennes, Jr. was sentenced to 180 months in prison in connection with fraudulently raising money from individuals and through hedge funds for investment in Petters Company Inc. (PCI).
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