INTRODUCTION - On 24 January 2023, the Board of Governors of the Federal Reserve System (the FRB) announced it entered into a consent order (Consent Order) with a member bank imposing.
Federal Reserve System the FRB announced it entered into a consent order Consent Order with a member bank imposing an approximately US$2.3 million civil money penalty against the bank for its role in processing and funding six fraudulent Paycheck Protection Program.
Monday, April 19, 2021
On March 26, 2021, the U.S. Department of Justice (“DOJ”) reported on the agency’s heightened criminal and civil enforcement activities in connection with COVID-19-related fraud.
[1] As of that date, DOJ had publicly charged 474 defendants with criminal offenses in connection with COVID-19-related schemes across 56 federal districts to recover more than $569 million in U.S. government funds.
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a federal law, enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. The CARES Act provides relief through a number of different programs, including the Paycheck Protection Program (“PPP”), Economic Injury Disaster Loans (“EIDL”), the Provider Relief Fund, and Unemployment Insurance (“UI”).
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On March 26, 2021, the U.S. Department of Justice (“DOJ”) reported on the agency’s heightened criminal and civil enforcement activities in connection with COVID-19-related fraud.[1] As of that date, DOJ had publicly charged 474 defendants with criminal offenses in connection with COVID-19-related schemes across 56 federal districts to recover more than $569 million in U.S. government funds.
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a federal law, enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. The CARES Act provides relief through a number of different programs, including the Paycheck Protection Program (“PPP”), Economic Injury Disaster Loans (“EIDL”), the Provider Relief Fund, and Unemployment Insurance (“UI”).[2] With the promulgation of
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On March 26, 2021, the Department of Justice (“DOJ”) issued a press release trumpeting the agency’s “historic level of enforcement action” in response to COVID-19 related fraud.
1 Roughly one year after Congress passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, DOJ announced that it had criminally charged 474 individuals for their alleged efforts to fraudulently obtain a collective $569 million through schemes related to the COVID-19 pandemic. Most of these cases involve garden-variety frauds perpetrated by individuals who saw the government’s historic economic intervention as an opportunity for illicit profit (or a quick way to buy a Lamborghini). However, if past is prologue, as DOJ churns through the low-hanging fruit of COVID-19 fraud over the coming months, the Department will likely turn its sights toward corporate entities and pursue cases involving more complex