October 18, 2021

News

News Network

Senior Executive of Oil-Services Company Pleads Guilty to Securities Fraud Scheme that Caused Over $886 Million in Shareholder Losses

14 min read
<div>A North Dakota man, formerly the executive vice president of U.S. operations at a publicly traded Canadian oil-services company, pleaded guilty today to perpetrating a scheme to fraudulently inflate the company’s reported revenue that resulted in shareholder losses in excess of $886 million.</div>
A North Dakota man, formerly the executive vice president of U.S. operations at a publicly traded Canadian oil-services company, pleaded guilty today to perpetrating a scheme to fraudulently inflate the company’s reported revenue that resulted in shareholder losses in excess of $886 million.

More from: October 13, 2021

News Network

  • Tax Administration: Better Coordination Could Improve IRS’s Use of Third-Party Information Reporting to Help Reduce the Tax Gap
    In U.S GAO News
    Information returns are forms filed by third parties, such as employers and financial institutions that provide information about taxable transactions. These forms are submitted to the Internal Revenue Service (IRS), the Social Security Administration, and taxpayers. Fifty unique types of information returns provide information on individual taxpayers and have a variety of purposes, such as reporting on wages earned or amounts paid that qualify for a tax credit or deduction. IRS identifies mismatches between information returns and tax returns for potential additional review, including enforcement actions. According to IRS research, taxpayers are more likely to misreport income when little or no third-party information reporting exists than when substantial reporting exists. Overview of Internal Revenue Service's (IRS) Process for Matching Information Returns IRS's ability to process and use information returns is limited by its outdated legacy information technology (IT) systems. In 2017, IRS developed a plan to modernize its information return processing systems; however, IRS paused its efforts due to, according to IRS, resource constraints. IRS has an opportunity to capitalize on prior planning efforts by re-evaluating and updating these efforts and integrating them into its broader IT modernization efforts. IRS does not have a coordinated approach with cross-agency leadership that strategically considers how information reporting could be improved to promote compliance with the tax code. While information returns affect many groups across IRS and support multiple compliance programs, no one office has broad responsibility for coordinating these efforts. A formalized collaborative mechanism, such as a steering committee, could help provide leadership and ensure that IRS acts to address issues among the intake, processing, and compliance groups. For example, IRS has not undertaken a broad review of individual information returns to determine if thresholds, deadlines, or other characteristics of the returns continue to meet the needs of the agency. For tax year 2018, IRS received and processed more than 3.5 billion information returns that it used to facilitate compliance checks on more than 150 million individual income tax returns. By matching information reported by taxpayers against information reported by third parties, IRS identifies potential fraud and noncompliance. GAO was asked to review IRS's use of information returns. This report provides an overview of information returns and assesses the extent to which IRS has a coordinated approach to identifying and responding to risks related to the use of information returns in the tax system, among other objectives. GAO reviewed IRS documents and data on information returns filing, processing, and use, and interviewed cognizant officials. GAO compared IRS's efforts in this area to federal internal control standards, and IRS's strategic plan. GAO is making nine recommendations to IRS, including that IRS revise its modernization plans for its information returns processing systems and incorporate it into broader IT modernization efforts and develop a collaborative mechanism to improve coordination among IRS groups that use information returns. IRS neither agreed, nor disagreed with the recommendations; however, IRS outlined actions it plans to take to address the recommendations. Social Security Administration had no comments. For more information, contact James R. McTigue at (202) 512-9110 or McTigueJj@gao.gov.
    [Read More…]
  • Department of Justice Announces Department-Wide Policy on Chokeholds and ‘No-Knock’ Entries
    In Crime News
    The Department of Justice today announced written department-wide policies explicitly prohibiting the use of “chokeholds” and  “carotid restraints” unless deadly force is authorized, and limiting the circumstances in which the department’s federal law enforcement components are authorized to use unannounced entries. The announcement follows a review with the department’s law enforcement agencies led by Deputy Attorney General Lisa O. Monaco.  
    [Read More…]
  • HHS Leverages Public Feedback to Advance Landscape Analysis on Emerging Technologies for Aging, Underserved Populations
    In Human Health, Resources and Services
    February 3, 2021 By: [Read More…]
  • Deputy Secretary Sherman’s Travel to Belgium, Turkey, Indonesia, Cambodia, Thailand, and Hawaii
    In Crime Control and Security News
    Office of the [Read More…]
  • Additional Priority Open Recommendations: Department of Homeland Security
    In U.S GAO News
    What GAO Found In August 2021, GAO identified 38 priority recommendations for the Department of Homeland Security. GAO is now adding two recommendations related to domestic intelligence and information sharing, bringing the total number of priority recommendations to 40. These additional two recommendations are from GAO's August 2021 report on DHS's special event designations as related to the Capitol attack on January 6, 2021. DHS's continued attention to the issues addressed in these 40 recommendations could lead to significant improvements in government operations. Why GAO Did This Study Priority open recommendations are the GAO recommendations that warrant priority attention from heads of key departments or agencies because their implementation could save large amounts of money; improve congressional and/or executive branch decision-making on major issues; eliminate mismanagement, fraud, and abuse; or ensure that programs comply with laws and funds are legally spent, among other benefits. Since 2015, GAO has sent letters to selected agencies to highlight the importance of implementing such recommendations. For more information, contact Charles Michael Johnson, Jr. at (202) 512-8777 or johnsoncm@gao.gov.
    [Read More…]
  • The United States Condemns the Kidnapping of Students in Kankara, Nigeria
    In Crime Control and Security News
    Cale Brown, Principal [Read More…]
  • On the Presidential Elections in the Republic of Palau
    In Crime Control and Security News
    Michael R. Pompeo, [Read More…]
  • Secretary Blinken’s Call with Armenian Acting Prime Minister Pashinyan
    In Crime Control and Security News
    Office of the [Read More…]
  • Singaporean Shipping Company Fined $12 Million in a Multi-District Case for Concealing Illegal Discharges of Oily Water and Garbage and a Hazardous Condition
    In Crime News
    Pacific Carriers Limited (PCL), a Singapore-based company that owns subsidiaries engaged in international shipping, was sentenced today in federal court before U.S. District Court Judge Louise Flanagan in New Bern, North Carolina, after pleading guilty to violations of the Act to Prevent Pollution from Ships, obstruction of justice, and for a failure to notify the U.S. Coast Guard of a hazardous condition on the Motor Vessel (M/V) Pac Antares.
    [Read More…]
  • Statement by Attorney General William P. Barr on Senate Resolution
    In Crime News
    Online child sexual exploitation is a global crime that demands a continued global response. 
    [Read More…]
  • Housing: Preliminary Analysis of Homeownership Trends for Nine Cities
    In U.S GAO News
    Following a decade of decline, including after the 2007–2009 financial crisis, the national homeownership rate started to recover in 2016 (see figure). Homeownership Rate in the United States, 1990–2018 Note: Shaded areas indicate U.S. recessions. However, not all Americans have benefitted from the recovery, even in housing markets that appear to be thriving. GAO examined homeownership trends during 2010–2018 in nine core-based statistical areas (cities)—Chicago; Cleveland; Columbia, South Carolina; Denver; Houston; Pittsburgh; San Francisco; Seattle; and Washington, D.C. In summary, among the nine cities reviewed, GAO found that during 2010–2018: The homeownership rate declined or was flat in all cities. The homeownership rate significantly declined in Chicago, Cleveland, and Houston and remained statistically unchanged in the other cities. Average home prices grew in all cities, but at considerably different rates. For example, real house prices increased significantly in Denver, San Francisco, and Seattle but much less in Chicago, Cleveland, and Columbia. The homeowner vacancy rate dropped in all cities, indicating growing constraints on the housing supply. Most significantly, by 2018, the three cities with the largest house price increases—Denver, San Francisco, and Seattle—all had homeowner vacancy rates below 1 percent and the three lowest rental vacancy rates (below 5 percent), indicating more severe constraints on supply. Most cities became denser, and some also expanded outward. Cities such as Houston and Washington, D.C., both became denser (added more housing units in developed areas) and expanded outward (added housing units in previously undeveloped areas), while cities such as Seattle and Denver grew largely by adding more density to already high-density areas. Chicago, and Pittsburgh became less dense, as limited growth came largely through outward expansion. Homeowners and recent borrowers were increasingly higher-income. All nine cities saw growth in the estimated number and percentage of households reporting annual incomes of $150,000 or more (the highest income category reported by Census). Similarly, with the exception of Columbia, real median incomes of borrowers increased in the selected cities. Homeowners and recent borrowers were increasingly older and more diverse. Most cities saw growth in homeownership among households aged 60 and older, often with corresponding decreases among younger owners. Additionally, loan originations by minority borrowers increased in all cities. GAO's analysis of homeownership trends in these nine cities during 2010–2018 illustrates two main points: (1) Cities grew differently and accommodated growth to differing degrees, and (2) who owns and who can buy a home differs by location and type of buyer, sometimes substantially. Historically, owning a home has been one of the primary ways Americans built wealth and financial security. This is one reason why the availability and price of housing is consequential to both households and policymakers. GAO was asked to assess the state of the current domestic housing market and this report, one in a series, focuses on homeownership trends. To conduct this work, GAO used data from the Census Bureau's American Community Survey and Home Mortgage Disclosure Act data (loan and application data filed by mortgage lenders), among other sources, to identify trends in nine selected cities during 2010–2018, the most current data available at the time of GAO's review. This report examines trends prior to the Covid-19 pandemic and does not account for the profound effect it likely will have on homeowners. GAO has ongoing work that will examine implementation of foreclosure and eviction protections authorized in recent legislation. GAO makes no recommendations in this report. For more information, contact Daniel Garcia-Diaz at (202) 512-8678 or garciadiazd@gao.gov.
    [Read More…]
  • Slovakia Constitution Day
    In Crime Control and Security News
    Antony J. Blinken, [Read More…]
  • Secretary Antony J. Blinken and Canadian Foreign Minister Marc Garneau Before Their Meeting
    In Crime Control and Security News
    Antony J. Blinken, [Read More…]
  • On the Reinstatement of State Department Diversity Training
    In Crime Control and Security News
    Ned Price, Department [Read More…]
  • Four Additional Members of Los Angeles-Based Fraud Ring Indicted for Exploiting COVID-Relief Programs
    In Crime News
    A federal grand jury in Los Angeles returned a superseding indictment, which was unsealed Thursday, charging four additional individuals for their alleged participation in a scheme to submit over 150 fraudulent loan applications seeking over $21.9 million in COVID-19 relief funds guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
    [Read More…]
  • Justice Department, EPA and Texas Settle with DuPont and PMNA and Require Action to Address Violations of Waste, Water and Air Environmental Laws at Texas Facility
    In Crime News
    The U.S. Department of Justice, the Eastern District of Texas, the U.S. Environmental Protection Agency (EPA) and the Texas Commission on Environmental Quality (TCEQ) announced a settlement with E.I. Du Pont de Nemours and Company (DuPont) and Performance Materials NA, Inc. (PMNA) to resolve alleged violations of hazardous waste, air and water environmental laws at the PMNA Sabine River chemical manufacturing facility in Orange, Texas.
    [Read More…]
  • KuuHuub Inc., Kuu Huub Oy and Recolor Oy to Pay Civil Penalty for Children’s Online Privacy Violations
    In Crime News
    The Department of Justice, together with the Federal Trade Commission (FTC), today announced that KuuHuub Inc., a Canadian corporation, and two Finnish corporations, Kuu Huub Oy and Recolor Oy, have agreed to a settlement to resolve alleged violations of the FTC Act and the Children’s Online Privacy Protection Act of 1998 (COPPA) associated with the companies’ “Recolor” mobile app and digital coloring book.
    [Read More…]
  • Justice Department Reaches Settlement with Old Dominion University to Resolve Disability Discrimination Complaint
    In Crime News
    Today the Justice Department announced a settlement agreement with Old Dominion University (ODU) in Norfolk, Virginia, to resolve its investigation into a complaint that ODU discriminated and retaliated against a graduate student based on disability and her related request for reasonable modifications of policy. The Civil Rights Division conducted the investigation under Title II of the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act of 1973.
    [Read More…]
  • Secretary Blinken’s Call with Spanish Foreign Minister González Laya
    In Crime Control and Security News
    Office of the [Read More…]
  • The United States and Japan Join with Vietnam to Advance Shared Energy Goals
    In Crime Control and Security News
    Office of the [Read More…]
Network News © 2005 Area.Control.Network™ All rights reserved.