NEWS: British banks given more time to check payments for scams

Regulatory Watch News

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  Justice Department’s 10th Distribution Brings Total Provided to Over $4.3B in Nearly Full Recovery to Over 40,000 Victims in Madoff Ponzi Scheme

  US Department of Justice

  December 31, 2024

  Distribution of Over $131M Brings Madoff Victim Recovery to Nearly 94% of Fraud Losses

  The Justice Department announced today that the Madoff Victim Fund (MVF) began its 10th and final distribution of over $131.4 million to victims of the Bernard L. Madoff fraud scheme. These funds were forfeited by the U.S. government in connection with the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme. In this distribution, payments will be sent to more than 23,000 victims across the globe. With this 10th distribution, over 40,000 victims in the Madoff scheme will have recovered 93.71% of their fraud losses. Most of these victims were small investors who lost less than $500,000 in the fraud. Through its 10 distributions, MVF has paid over $4.3 billion from forfeited funds to 40,930 victims in 127 countries for losses they suffered from the collapse of BLMIS.

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  Reports for Licensing Activities Undertaken Pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA)

  OFAC

  December 31, 2024

  The Department of the Treasury's Office of Foreign Assets Control (OFAC) has released Quarterly Reports of Licensing Activities pursuant to Section 906(b) of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), covering activities undertaken by OFAC under Section 906(a)(1) of the TSRA from October 2022 through September 2024. Under the procedures established in its TSRA-related regulations, OFAC processes license applications requesting authorization to export agricultural commodities, medicine, and medical devices to Iran and Sudan under the specific licensing regime set forth in Section 906 of the TSRA.

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  Food City Agrees to Pay over $8M to Settle False Claims Act Allegations Related to Opioid Dispensing

  US Department of Justice

  December 23, 2024

  K-VA-T Food Stores Inc. doing business as Food City (Food City), a regional grocery store chain headquartered in Abingdon, Virginia, has agreed to settle the government’s allegations under the False Claims Act (FCA) related to its dispensing of opioids and other controlled substances. Under the settlement, Food City will pay the United States $8,488,378. Food City will pay an additional $78,621 to the states of Virginia and Kentucky for claims paid to Food City by state Medicaid programs.