December 8, 2021

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Second Former Deutsche Bank Commodities Trader Sentenced to Prison for Fraud Scheme

15 min read
<div>A former commodities trader was sentenced Monday to 12 months and a day in prison for a scheme to commit wire fraud affecting a financial institution.</div>
A former commodities trader was sentenced Monday to 12 months and a day in prison for a scheme to commit wire fraud affecting a financial institution.

More from: June 29, 2021

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  • Secretary Blinken’s Call with Dutch Foreign Minister Blok
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  • COVID-19: Federal Efforts Accelerate Vaccine and Therapeutic Development, but More Transparency Needed on Emergency Use Authorizations
    In U.S GAO News
    Through Operation Warp Speed—a partnership between the Department of Health and Human Services (HHS) and the Department of Defense (DOD)—the federal government is accelerating efforts to develop vaccines and therapeutics for COVID-19. A typical vaccine development process can take approximately 10 years or longer, but efforts under Operation Warp Speed seek to greatly accelerate this process by completing key steps simultaneously (see figure). As of October 15, 2020, Operation Warp Speed publicly announced financial support for the development or manufacturing of six COVID-19 vaccine candidates totaling more than $10 billion in obligations. It has also announced financial support for the development of therapeutics, such as a $450 million award to manufacture a monoclonal antibody treatment (a treatment that uses laboratory-made antibodies, which also may be able to serve as a prevention option). Operation Warp Speed Timeline for a Potential Vaccine Candidate Note: An Emergency Use Authorization allows for emergency use of medical products without FDA approval or licensure during a declared emergency, provided certain statutory criteria are met. The Food and Drug Administration (FDA) may temporarily allow the use of unlicensed or unapproved COVID-19 vaccines and therapeutics through emergency use authorizations (EUA), provided there is evidence that the products may be effective and that known and potential benefits outweigh known and potential risks. For vaccines, FDA issued guidance in October 2020 to provide vaccine sponsors with recommendations regarding the evidence FDA needed to support issuance of an EUA. For therapeutics, FDA has issued four EUAs as of November 9, 2020. The evidence to support FDA's COVID-19 therapeutic authorization decisions has not always been transparent, in part because FDA does not uniformly disclose its scientific review of safety and effectiveness data for EUAs, as it does for approvals for new drugs and biologics. Given the gravity of the pandemic, it is important that FDA identify ways to uniformly disclose this information to the public. By doing so, FDA could help improve the transparency of, and ensure public trust in, its EUA decisions. The U.S. had about 10.3 million cumulative reported cases of COVID-19 and about 224,000 reported deaths as of November 12, 2020. Given this catastrophic loss of life as well as the pandemic's effects on the U.S. economy, effective and safe vaccines and therapeutics are more important than ever. The CARES Act includes a provision for GAO to report on its ongoing monitoring and oversight efforts related to the COVID-19 pandemic. This report examines, (1) efforts of Operation Warp Speed to accelerate COVID-19 vaccine and therapeutic development; and (2) FDA's use of EUAs for COVID-19 therapeutics and vaccines, among other objectives. GAO reviewed federal laws and agency documents, including HHS and DOD information on vaccine and therapeutic development and EUAs as of November 2020. GAO interviewed or received written responses from HHS and DOD officials, and interviewed representatives from vaccine developers and manufacturers, as well as select public health stakeholders and provider groups covering a range of provider types. FDA should identify ways to uniformly disclose to the public the information from its scientific review of safety and effectiveness data when issuing EUAs for therapeutics and vaccines. HHS neither agreed nor disagreed with the recommendation, but said it shared GAO's goal of transparency and would explore approaches to achieve this goal. For more information, contact Mary Denigan-Macauley at (202) 512-7114 or deniganmacauleym@gao.gov, or Alyssa M. Hundrup at (202) 512-7114 or hundrupa@gao.gov.
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    A North Carolina man was sentenced today to 63 months in prison for perpetrating three fraud schemes between March and July 2020 connected to the COVID-19 pandemic, through which he defrauded consumers and the federal government’s Economic Injury Disaster Loan program (EIDL), created to assist small business owners during the pandemic.
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    In U.S GAO News
    The approach followed by the Social Security Administration (SSA) in awarding and overseeing contracts generally aligns with the requirements GAO reviewed. For the 27 contracts and orders GAO reviewed, SSA varied its approach depending on the contract type used and the dollar value. For example, one of SSA's written acquisition plans acknowledged the risks to the government associated with time-and-materials contracts. From fiscal year 2015 through 2019, SSA obligated 22.7 percent of its contract dollars on time-and-material contracts compared with 10.5 percent at other civilian agencies. In addition, from fiscal year 2015 through 2019, the rate at which SSA used competitive award procedures to achieve the best value for the agency increased by nearly 20 percentage points. This increase was the result of the agency's increased use of competition in its contracting for information technology (IT). SSA relies heavily on IT resources to support the administration of its programs and related activities. During fiscal years 2015 through 2019, about 65 percent of the $8.3 billion in contract obligations were for IT goods and services compared with about 16 percent at other civilian agencies. The figure shows the percentage of obligations for IT goods and services at SSA. Percentage of Social Security Administration's Contract Obligations for Goods and Services during Fiscal Years 2015 through 2019 SSA adopted an Agile approach to software development for some of its critical IT programs in 2015. An Agile approach to software development involves incremental improvements to software rather than the more traditional single-track approach. Subsequently, SSA developed an IT modernization plan in 2017 that states SSA will use an Agile methodology. GAO's draft Agile Assessment Guide states that an organization's acquisition policies and guidance should support an Agile development approach and identify clear roles for contracting personnel, since this is a different approach than federal agencies previously used. However, GAO found SSA's acquisition handbook does not specifically identify a role for contracting personnel with respect to contracts and task orders involving Agile, which GAO has identified as a leading practice. Identifying a role for contracting personnel in the Agile process should better position SSA to achieve its IT modernization goals and provide appropriate levels of oversight. SSA is responsible for delivering services that touch the lives of virtually every American. To do so, SSA relies on a variety of products and services, including information technology (IT) systems. SSA obligates approximately $1.5 billion annually to procure goods and services, 65 percent of which are IT-related. GAO was asked to assess how SSA implements its contracting and acquisition processes. This report examines: (1) how SSA awards and oversees contracts for products and services, and (2) the extent to which SSA has updated its guidance regarding the role of contracting personnel in software development efforts. GAO reviewed SSA's acquisition policies, interviewed contracting officials, and reviewed a non-generalizable sample of 27 high- and lower value contracts and orders with dollars obligated in fiscal years 2014 through 2018. GAO also examined data from fiscal years 2015-2019 to determine what SSA contracted for and reviewed IT guidance. GAO compared SSA's practices to leading practices for Agile software development with respect to the roles of contracting personnel. GAO recommends that SSA revise relevant guidance to identify the roles of contracting personnel in Agile software development. SSA agreed with this recommendation. For more information, contact William Woods at (202) 512-4841 or woodsw@gao.gov.
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    On Monday, September 21, Assistant Attorney General Makan Delrahim concurred in the Federal Trade Commission’s (FTC) Federal Register publication of a Notice of Proposed Rulemaking (NPRM) to revise the premerger notification rules (the Rules) that implement the Hart-Scott-Rodino Antitrust Improvements Act (HSR).
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    In U.S GAO News
    Since 2002, destroying the terrorist threat and closing safe havens have been key national security goals. The United States has provided Pakistan, a key ally in the war on terror, more than $10 billion in funds and assistance. Pakistan's Federally Administered Tribal Areas' (FATA) rugged terrain, poor economic conditions, low literacy, underdeveloped infrastructure, and unique legal structure, all add to the complexity of efforts to address the terrorist threat in the FATA. This testimony discusses the (1) progress of U.S. national security goals in the FATA, (2) status of U.S. efforts to develop a comprehensive plan, and (3) oversight of U.S. Coalition Support Funds (CSF) provided to Pakistan. The testimony is based on recent reports on the status of a comprehensive plan (GAO-08-622) and preliminary observations on the use and oversight of U.S. CSF (GAO-08-735R).The United States has not met its national security goals to destroy terrorist threats and close the safe haven in Pakistan's FATA. According to U.S. officials and intelligence documents, since 2002, al Qaeda and the Taliban have used Pakistan's FATA and the border region to attack Pakistani, Afghan, as well as U.S. and coalition troops; plan and train for attacks against U.S. interests; destabilize Pakistan; and spread radical Islamist ideologies that threaten U.S. interests. GAO found broad agreement that al Qaeda had established a safe haven in the FATA. A 2008 DNI assessment states that al Qaeda is now using the FATA to put into place the last elements necessary to launch another attack against America. The United States has relied principally on the Pakistani military to address its national security goals in the FATA. Of the approximately $5.8 billion directed at efforts in the FATA border region from 2002 through 2007, about 96 percent ($5.56 billion) was U.S. CSF, used to reimburse the Pakistani military. U.S. and Pakistani government officials recognize that relying primarily on the Pakistani military has not succeeded in neutralizing al Qaeda and preventing the establishment of a safe haven in the FATA. The National Strategy for Combating Terrorism (2003), independent 9/11 Commission (2004), and congressional legislation (2004 and 2007) called for a comprehensive plan that included all elements of national power--diplomatic, military, intelligence, development assistance, economic, and law enforcement support to address the threat in the FATA. Since 2002, the U.S. Embassy in Pakistan has not had a Washington-supported, comprehensive plan to combat terrorists and close the terrorist safe haven. In 2006, the United States and Pakistan began an effort to focus on other elements of national power beyond military. However, as of last month there was not a formally approved comprehensive plan and support from the recently elected Pakistani government was uncertain. Continued oversight is required to ensure the development and effective implementation of a comprehensive plan and the proper use of the billions of U.S. dollars devoted to assisting Pakistan in its efforts to combat terrorism in the FATA. Preliminary results from GAO's ongoing work on the oversight of U.S. CSF indicate that Defense may have recently increased its oversight of CSF. In 2007, Defense officials at the U.S. embassy in Pakistan--the Office of the Defense Representative to Pakistan (ODRP)--began playing a larger role in overseeing CSF reimbursement claims. Furthermore, Defense recently deferred or disallowed a larger amount of Pakistani claims. For the months September 2004 - February 2007, Defense disallowed or deferred an average of just over 2 percent of the Pakistani government's CSF claims. For the most recent claims (March - June 2007) processed in February 2008, Defense disallowed or deferred over 20 percent. The extent of ODRP's oversight in the future is unclear, given that its role has not been formalized.
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  • Military Training: DOD’s Report on the Sustainability of Training Ranges Addresses Most of the Congressional Reporting Requirements and Continues to Improve with Each Annual Update
    In U.S GAO News
    A fundamental principle of military readiness is that the military must train as it intends to fight. Military training ranges provide the primary means to accomplish this goal. The Department of Defense's (DOD) training ranges vary in size from a few acres, for small arms training, to over a million acres for large maneuver exercises and weapons testing, and include broad open ocean areas for offshore training and testing. New advances in military technology, coupled with the complexity of recent military operations in Iraq, Afghanistan, and other locations around the world, generate the need to continually update and maintain DOD's training ranges. Senior DOD and military service officials have reported for some time that they face increasing difficulties in carrying out realistic training at military installations due to outside influences. DOD has defined a number of factors--including competition for broadcast frequencies or airspace, air pollution, noise pollution, endangered species, critical habitats and other protected resources, unexploded ordinance and munitions, urban growth around installations, and civilian access--that it says encroach upon its training ranges and capabilities. Because the military faces obstacles in acquiring new training lands, the preservation and sustainment of its current lands is a priority. Sustainable training range management focuses on practices that allow the military to manage its ranges in a way that ensures their usefulness well into the future. As required by section 366(a) of the Bob Stump National Defense Authorization Act for Fiscal Year 2003 (as amended), DOD was to submit a comprehensive plan for using existing authorities available to the department to address training constraints caused by limitations on the use of worldwide military lands, marine areas, and airspace to Congress in fiscal year 2004 with annual progress reports beginning in fiscal year 2005 and extending through 2013. As part of the preparation of this plan, the Secretary of Defense was to conduct an assessment of current and future training range requirements and an evaluation of the adequacy of DOD's current range resources to meet those requirements. The plan was also to include: proposals to enhance training range capabilities and address any shortfalls in resources identified pursuant to that assessment and evaluation; goals and milestones for tracking planned actions and measuring progress; projected funding requirements to implement planned actions; and a designation of an office in the Office of the Secretary of Defense and in each of the military departments responsible for overseeing implementation of the plan. Section 366(a)(5) requires that DOD's annual reports describe the department's progress in implementing its comprehensive plan and any actions taken or to be taken to address training constraints caused by limitations on the use of military lands, marine areas, and airspace. This report discusses (1) DOD's progress to date to address the elements of section 366 and (2) improvements incorporated in DOD's 2009 annual sustainable ranges report as well as DOD's plans for its 2010 report submission. In accordance with the mandate, we are submitting this report to you within 90 days after having received DOD's 2009 sustainable ranges report on August 3, 2009.Since 2004, DOD has shown progress in addressing the elements included in section 366 of the Bob Stump National Defense Authorization Act for Fiscal Year 2003, including the development of an inventory of military training ranges. DOD's 2009 sustainable ranges report and inventory are responsive to the element of 366 that requires DOD to describe the progress made in implementing its sustainable ranges plan and any additional action taken, or to be taken, to address training constraints caused by limitations on the use of military lands, marine areas, and airspace. DOD has also made progress in addressing elements of section 366 that were required as part of DOD's 2004 reporting requirements. For example, DOD has made strides to measure and report the impact that training constraints may have on readiness by developing approaches to incorporate ranges into DOD's readiness reporting system. As part of its comprehensive plan to address training constraints caused by limitations on its ranges, DOD has also developed and included in the 2009 report broad goals for this effort and has begun to include annual estimates of the funding required to meet these goals. However, while DOD has formulated some goals and milestones for tracking planned actions and measuring progress, as it was required to do as part of its 2004 comprehensive plan, it has yet to develop quantifiable goals, which we have previously recommended to better track planned actions and measure progress for implementing planned actions. Without quantifiable goals and time frames associated with achieving milestones, it is difficult to measure and track the extent of progress actually made over time. In addition, while DOD has included some projected funding data, as it was required to do as part of its 2004 comprehensive plan, DOD has not yet included projected funding requirements that will be needed to implement its planned actions, as we also recommended previously, so that decision makers have better information available to make budget decisions. In order to better track its progress to address training constraints caused by limitations on its ranges, we reiterate our prior recommendation that the Secretary of Defense direct the Under Secretary of Defense for Personnel and Readiness to provide a more complete plan to Congress that includes (l) quantifiable goals and milestones for tracking planned actions and measuring progress and (2) projected funding requirements to more fully address identified training constraints. DOD has made several improvements to its most recent 2009 report and plans "revolutionary changes" for 2010. For example, DOD has included detailed capability and encroachment data provided and used by the military services when making their capability assessments for each training range surveyed. DOD officials told us that they expect these data to provide improved information for more precise planning in the future. DOD also added a special interest section to highlight key issues affecting range capability and some of the actions taken to mitigate negative impacts, which should provide congressional decision makers and other users with a better understanding of the approaches being used to improve the capabilities of DOD's ranges. Moreover, DOD has already begun to develop its 2010 report, which DOD officials told us they expect to issue in early 2010. DOD officials have stated that they intend to introduce "revolutionary changes" in that upcoming report, including revamping their goals and increasing the focus on specific encroachment issues such as mitigating frequency spectrum competition, managing increased military demand for range space, and meeting military airspace challenges.
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  • Final Defendant Sentenced in $80 Million Health Care Fraud Conspiracy
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    A Florida man was sentenced today to 210 months in prison for conspiracy to commit health care fraud and wire fraud.
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  • Manufacturers of “Spice” Sentenced for Operating a Continuing Criminal Enterprise and Other Crimes
    In Crime News
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    In Crime News
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