Category: EU/Europe

Regulatory Watch News

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  SFC issues restriction notices to four brokers to freeze client accounts linked to suspected account hacking and market manipulation

  Securities and Futures Commission

  November 21, 2024

  The Securities and Futures Commission (SFC) has issued restriction notices to four brokers, prohibiting them from dealing with or processing certain assets held in their client accounts for suspected market manipulation or fraud involving unauthorised online trades placed through hacked accounts between 24 October and 6 November 2024

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  Victorian woman sentenced for defrauding the ATO of $452,000

  Australia Federal Police

  November 21, 2024

  This is a joint media release between the Australian Federal Police and the Australian Taxation Office as part of the Serious Financial Crime Taskforce A Victorian woman was sentenced yesterday (20 November, 2024) to three years and six months’ imprisonment, with a non-parole period of 20 months, for defrauding the Australian Taxation Office (ATO) of $452,000 and attempting to swindle a further $245,000 across a 15-month period.

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  Laboratory Owner Charged for $79M Fraud Scheme

  US Department of Justice

  November 20, 2024

  The owner and operator of a Texas laboratory was charged yesterday in connection with his role in a $79 million respiratory pathogen panel (RPP) testing fraud scheme. According to court documents, Osman Syed, 34, also known as Syed Osman, an Indian national, caused BioDX Labs LLC (BioDX) to submit more than $79 million in fraudulent claims to Medicare and Texas Medicaid for RPP tests that were not provided and were medically unnecessary. Osman used the personal identifying information of a physician, without the physician’s knowledge or consent, to cause the submission of millions of dollars in claims to Medicare and Medicaid for RPP tests for beneficiaries and recipients, even though the physician had no prior relationship with the beneficiaries and recipients, was not treating the beneficiaries and recipients for respiratory symptoms, and did not use the tests to treat the beneficiaries and recipients.