The Securities and Exchange Commission filed a Complaint
in the United States District Court for the Western District of Washington alleging that Digi Outdoor Media Inc.'s former chief executive officer, Donald MacCord Jr., and chief financial officer Shannon Doyle raised nearly $4.5 million in promissory notes by claiming they would use the funds to construct and install digital signs for commercial advertising around Washington, D.C.; however, they allegedly diverted millions for their personal use and use fake invoices and sham loans to further their fraud. Separately, federal criminal charges were filed against MacCord for conspiracy to commit wire fraud, submitting false writings to a government agency, obstruction of official proceedings, and destruction, alteration or falsification of records in federal investigations; and against Doyle for conspiracy to commit wire fraud and obstruction of official proceedings. READ the FULL TEXT SEC COMPLAINT
Health Care Fraud: Texas Doctor, Nurses Exploited 'Trust-Based' System
(FBI Press Release
In August 2017, Dr. Jacques Roy was sentenced to 35-years in federal prison and ordered to repay $268 million for his role in a conspiracy involving hundreds of thousands of patients in a home health care fraud; recently, Cynthia Stiger was the last of seven defendants sentenced in the scheme.
With Wall Street's Baby Boomers heading into retirement and
new blood angling to take over the departing reps' accounts, today's featured
FINRA disciplinary settlement offers some guidance concerning what appears to
be a succession plan that arranged to migrate shared accounts to the exclusive
oversight of the eventual successor rep. As with such hand-offs of business
from the former to the new guy, not everything was anticipated and it seems
that no one fully thought through how the former rep would stay connected with
customers during the transition. You got "my" business, you got
"our" business, and you got "your" business and all those
different states came crashing together in a problematic fashion. By way of
comparison, consider how the New York Giants football team has to decide this
weekend whether Eli Manning will be the starting QB for the rest of the season
and who will be the General Manager and Coach.
Some things you plan for, some things you have to deal with on the run,
and some things you have to fudge.