December 4, 2021

News

News Network

Four Executives Plead Guilty to Fraud Scheme that Caused Over $4.5 Million in Losses to the Small Business Administration

9 min read
<div>Three former executives of Valley Bank, a defunct financial institution based in Moline, Illinois, and the President of Vital Financial Services (Vital Financial), a lending service provider, have pleaded guilty to scheming to defraud the Small Business Administration (SBA) in connection with its programs to guarantee loans made to small businesses. </div>
Three former executives of Valley Bank, a defunct financial institution based in Moline, Illinois, and the President of Vital Financial Services (Vital Financial), a lending service provider, have pleaded guilty to scheming to defraud the Small Business Administration (SBA) in connection with its programs to guarantee loans made to small businesses. 

More from: November 18, 2021
More from Area Control Network
1. Global Warming Network
2. Christians Online
3. Put your website in the archives
4. Area Control Network News

News Network

  • Financial Audit: Office of Financial Stability’s (Troubled Asset Relief Program) FY 2021 and FY 2020 Financial Statements
    In U.S GAO News
    What GAO Found GAO found (1) the Office of Financial Stability's (OFS) financial statements for the Troubled Asset Relief Program (TARP) as of and for the fiscal years ended September 30, 2021, and 2020, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) OFS maintained, in all material respects, effective internal control over financial reporting for TARP as of September 30, 2021; and (3) no reportable noncompliance for fiscal year 2021 with provisions of applicable laws, regulations, contracts, and grant agreements GAO tested. In commenting on a draft of this report, OFS stated that it is proud to receive an unmodified opinion on its financial statements and its internal control over financial reporting. OFS also stated that it is committed to maintaining the high standards and transparency reflected in these audit results. Why GAO Did This Study The Emergency Economic Stabilization Act of 2008 (EESA) that authorized TARP on October 3, 2008, includes a provision for TARP, which is implemented by OFS, to annually prepare and submit to Congress and the public audited fiscal year financial statements that are prepared in accordance with U.S. generally accepted accounting principles. EESA further states that GAO shall audit TARP's financial statements annually. For more information, contact Cheryl E. Clark at (202) 512-3406 or clarkce@gao.gov.
    [Read More…]
  • Virginia Attorneys Sentenced for Attempting to Extort a Multinational Chemicals Company
    In Crime News
    Two Virginia attorneys were sentenced today on federal extortion charges for their roles in a scheme to extort a multinational chemicals company by threatening to inflict substantial financial and reputational harm on the company if their demands for a $200 million payment disguised as a purported “consulting agreement” were not met.
    [Read More…]
  • [Protest of GSA Contract Award for Office Space]
    In U.S GAO News
    A firm protested the General Services Administration (GSA) decision to increase its required office space under an existing contract, contending that since GSA failed to afford it an opportunity to bid on the additional space, GSA should: (1) resolicit its requirements; and (2) allow it an opportunity to bid on the current requirements. GAO held that it would not consider the protest, since there was a pending appeal concerning the initial award of the lease, which could ultimately render any GAO decision academic. Accordingly, the protest was dismissed.
    [Read More…]
  • On the Anniversary of the Marine Barracks Terrorist Attack 
    In Crime Control and Security News
    Michael R. Pompeo, [Read More…]
  • State Department Coordinator for Global COVID-19 Response and Health Security Gayle Smith On the Upcoming Virtual COVID-19 Ministerial
    In Crime Control and Security News
    Gayle E. Smith, [Read More…]
  • Texan sentenced in CARES Act unemployment fraud scheme
    In Justice News
    A 29-year-old Corpus [Read More…]
  • Statement by Assistant Attorney General Eric Dreiband for the Civil Rights Division on Veterans Day
    In Crime News
    The Civil Rights Division of the U.S. Department of Justice and its Servicemembers and Veterans Initiative would like to wish a happy Veterans Day to our soldiers, both past and present. We owe you our thanks, but more than that, we owe you our freedom. As the head of the Civil Rights Division, I am entrusted with enforcing laws that protect the rights of the brave men and women of our nation’s armed forces, and the veterans who have served in the past. Enforcement of these very important federal civil rights laws helps ensure that these men and women can continue to safeguard our freedom. 
    [Read More…]
  • Chicago Woman Sentenced to 56 months for Home Health Care Fraud
    In Crime News
    An Illinois woman was sentenced yesterday in the Northern District of Illinois to 56 months in prison and ordered to pay $6.3 million in restitution for her participation in a conspiracy to commit health care and wire fraud.
    [Read More…]
  • Pharmacy Owner Pleads Guilty to $6.5 million Health Care Fraud Schemes
    In Crime News
    A New York woman pleaded guilty today to perpetrating schemes to defraud health care programs, including obtaining more than $6.5 million from Medicare Part D Plans and Medicaid drug plans.
    [Read More…]
  • Tennessee Emergency Medical Doctor Sentenced to Prison for Unlawfully Distributing Controlled Substances
    In Crime News
    A Tennessee emergency medical doctor was sentenced today to serve 24 months in prison followed by three years of supervised release for his role in unlawfully distributing controlled substances.
    [Read More…]
  • Media Freedom Coalition Statement on Hong Kong’s Apple Daily
    In Crime Control and Security News
    Office of the [Read More…]
  • Former Taliban Commander Charged with Killing American Troops in 2008
    In Crime News
    A federal grand jury in New York unsealed a superseding indictment today charging an Afghanistan national with federal terrorism-related offenses spanning approximately 2007 to 2009 and stemming from his role as a Taliban commander in Afghanistan.
    [Read More…]
  • Alien Smuggling: DHS Could Better Address Alien Smuggling along the Southwest Border by Leveraging Investigative Resources and Measuring Program Performance
    In U.S GAO News
    This testimony discusses federal efforts to address alien smuggling along the southwest border. Alien smuggling along the southwest border is an increasing threat to the security of the United States and Mexico as well as to the safety of both law enforcement and smuggled aliens. One reason for this increased threat is the involvement of drug trafficking organizations in alien smuggling. According to the National Drug Intelligence Center's (NDIC) 2008 National Drug Threat Assessment, the southwest border region is the principal entry point for smuggled aliens from Mexico, Central America, and South America. Aliens from countries of special interest to the United States such as Afghanistan, Iran, Iraq, and Pakistan (known as special-interest aliens) also illegally enter the United States through the region. According to the NDIC assessment, Mexican drug trafficking organizations have become increasingly involved in alien smuggling. These organizations collect fees from alien smuggling organizations for the use of specific smuggling routes, and available reporting indicates that some Mexican drug trafficking organizations specialize in smuggling special-interest aliens into the United States. As a result, these organizations now have alien smuggling as an additional source of funding to counter U.S. and Mexican government law enforcement efforts against them. Violence associated with alien smuggling has also increased in recent years, particularly in Arizona. According to the NDIC assessment, expanding border security initiatives and additional U.S. Border Patrol resources are likely obstructing regularly used smuggling routes and fueling this increase in violence, particularly violence directed at law enforcement officers. Alien smugglers and guides are more likely than in past years to use violence against U.S. law enforcement officers in order to smuggle groups of aliens across the southwest border. In July 2009, a border patrol agent was killed while patrolling the border by aliens illegally crossing the border, the first shooting death of an agent in more than 10 years. Conflicts are also emerging among rival alien smuggling organizations. Assaults, kidnappings, and hostage situations attributed to this conflict are increasing, particularly in Tucson and Phoenix, Arizona. Communities across the country are at risk since among those individuals illegally crossing the border are criminal aliens and gang members who pose public safety concerns for communities throughout the country. Within the Department of Homeland Security (DHS), the Immigration and Customs Enforcement's Office of Investigations (OI) is responsible for investigating alien smuggling. In addition, DHS's Customs and Border Protection (CBP) and ICE's Office of Detention and Removal Operations (DRO) have alien smuggling-related programs. This testimony is based on a May 2010 report we are releasing publicly today on alien smuggling along the southwest border. As requested, like the report, this testimony will discuss the following key issues: (1) the amount of investigative effort OI has devoted to alien smuggling along the southwest border since fiscal year 2005 and an opportunity for ICE to use its investigative resources more effectively; (2) DHS progress in seizing assets related to alien smuggling since fiscal year 2005 and financial investigative techniques that could be applied along the southwest border to target and seize the monetary assets of smuggling organizations; and (3) the extent to which ICE/OI and CBP measure progress toward achieving alien smuggling-related program objectives. Our May 2010 report also provides a discussion of the extent to which ICE/OI and CBP have program objectives related to alien smuggling.We found the following: (1) OI work years devoted to investigating alien smuggling along the southwest border increased from about 190 work years in fiscal year 2005 to about 197 work years in fiscal year 2009, an overall increase of 4 percent, with hundreds of arrests, indictments, and convictions resulting. The overall number of work years decreased from about 190 work years in fiscal year 2005 to 174 in fiscal year 2008, but increased 23 work years from fiscal years 2008 to 2009 primarily due to an increase in one office. The percentage of time OI investigators spend on alien smuggling investigations, versus other investigative areas, such as drugs, has remained steady during this time period at 16-17 percent. (2) The value of OI alien smuggling asset seizures has decreased since fiscal year 2005, and two promising opportunities exist that could be applied to target and seize the monetary assets of smuggling organizations. According to OI data, the value of alien smuggling seizures nationwide increased from about $11.2 million in fiscal year 2005 to about $17.4 million in fiscal year 2007, but declined to $12.1 million in fiscal year 2008 and to about $7.6 million in fiscal year 2009. (3) OI and CBP have not fully evaluated progress toward achieving alien smuggling-related program objectives. Federal standards for internal control call for agencies to establish performance measures and indicators in order to evaluate the effectiveness of their efforts. One of the major objectives of OI's alien smuggling investigations is to seize smugglers' assets, but OI does not have performance measures for asset seizures related to alien smuggling cases. Tracking the use of asset seizures in alien smuggling investigations as a performance measure could help OI monitor its progress toward its goal of denying smuggling organizations the profit from criminal acts. Thus, in our May 2010 report, we recommended that ICE develop performance measures for asset seizures related to alien smuggling investigations. ICE concurred with the recommendation and stated that ICE is in the process of assessing all of its performance measures and creating a performance plan.
    [Read More…]
  • Under Secretary of State for Political Affairs David Hale Addresses the International Coalition for the Sahel Ministerial
    In Crime Control and Security News
    Office of the [Read More…]
  • Remarks by Assistant Attorney General for National Security John C. Demers on ISIS Militants Charged with Deaths of Americans in Syria
    In Crime News
    Good morning.  I’m [Read More…]
  • Malawi Travel Advisory
    In Travel
    Do not travel [Read More…]
  • Secretary Blinken’s Call with Qatari Foreign Minister Mohammed bin Abdulrahman Al-Thani
    In Crime Control and Security News
    Office of the [Read More…]
  • United States Files Complaint to Forfeit Iranian Missiles and Sells Previously-Transferred Iranian Petroleum
    In Crime News
    The Justice Department today announced the filing of a complaint to forfeit two shipments of Iranian missiles that the U.S. Navy seized in transit from Iran’s Islamic Revolutionary Guard Corps (IRGC) to militant groups in Yemen, as well as the sale of approximately 1.1 million barrels of Iranian petroleum that the United States previously obtained from four foreign-flagged oil tankers bound for Venezuela. 
    [Read More…]
  • Terrorist Designation of ISIS Leader Amir Muhammad Sa’id Abdal-Rahman al-Mawla
    In Crime News
    Office of the [Read More…]
  • Attorney General Merrick B. Garland Delivers Remarks Announcing a New Initiative to Combat Redlining
    In Crime News
    More from: October 22, [Read More…]

Crime

Network News © 2005 Area.Control.Network™ All rights reserved.