Two California residents were sentenced today by U.S. District Judge Alvin W. Thompson in Hartford for defrauding Affordable Care Act programs in at least 12 states of more than $27 million. Jeffrey White was sentenced to 36 months of imprisonment and three years of supervised release, and Nicholas White was sentenced to 13 months of imprisonment and three years of supervised release. Both defendants reside in Twin Peaks, California.
Pursuant to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the sentencings occurred via videoconference.
U.S. Attorney John H. Durham of the District of Connecticut, Acting Special Agent in Charge Ramsey E. Covington of IRS Criminal Investigation in New England, Special Agent in Charge Phillip Coyne of the Boston Regional Office of the Office of the Inspector General of the Department of Health and Human Services, Special Agent in Charge David Sundberg of the FBI s New Haven Division, and Inspector in Charge Joseph W. Cronin of the
Litigation Release No. 25033 / February 22, 2021
The Securities and Exchange Commission today announced the entry of a final judgment against former Connecticut investment adviser James T. Booth.
The SEC complaint, filed on September 30, 2019, alleges that Booth operated a multi-million dollar Ponzi scheme that bilked over three dozen retail investors, including senior citizens saving for retirement, of $4 million in assets.
In a parallel action by the U.S. Attorney s Office for the Southern District of New York, Booth pleaded guilty to one count of securities fraud. On November 18, 2020, Booth was sentenced to 42 months in prison followed by three years of supervised probation, and was ordered to pay $4,969,689 in forfeiture.
GE to pay $200M to settle SEC allegation of misleading investors | The Daily Gazette
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The Securities and Exchange Commission announced the agreement Wednesday.
GE in a prepared statement said it neither admits nor denies the allegations but has concluded the settlement was in the best interest of the company and its shareholders.
The investigation dates to a very grim time for owners of General Electric stock: 2017-2018 when the value of a share plunged amid gradual disclosure of the negative impact from numerous strategic and accounting decisions.
Per-share price closed at $31.69 on the first day of trading in 2017 and $7.57 on the last day of trading in 2018, a 76 percent drop.
Litigation Release No. 24979 / December 9, 2020
Securities and Exchange Commission v. Gomes et al.;, Civil Action No. 1:20-cv-11092 (D. Mass. filed June 9, 2020)
United States v. Schmidt, No. 20-mj-06415 (D. Mass. filed June 8, 2020)
On December 4, 2020, the U.S. District Court for the District of Massachusetts entered final judgments against FFS Capital Limited, Paifang Trading Limited, Artefactor Limited, Meadow Asia Limited, and Thyme International Limited. Among other things, the judgments order these entities to pay a total of $12,895,750 in civil penalties, disgorgement, and prejudgment interest.
On June 9, 2020, the Commission filed an emergency action and obtained an asset freeze against five individuals and six offshore entities for an alleged fraudulent scheme that generated more than $25 million from illegal sales of multiple microcap companies stock.
FOR IMMEDIATE RELEASE Washington D.C., Dec. 9, 2020
The Securities and Exchange Commission today announced that General Electric Co. (GE) has agreed to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses. In 2017 and 2018, GE’s stock price fell almost 75% as challenges in its power and insurance businesses were disclosed to the public.
According to the SEC’s order, GE misled investors by describing its GE Power profits without explaining that one-quarter of profits in 2016 and nearly half in the first three quarters of 2017 stemmed from reductions in its prior cost estimates. The order also finds that GE failed to tell investors that its reported increase in current industrial cash collections was coming at the expense of cash in future years and came primarily from internal receivable sales between GE Power and GE’s financial services business, GE Capital. In addition, the order finds that