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Regulatory Watch News
Dallas Laboratory, Owners, and Investors Pay $24M to Resolve COVID-19 Testing Fraud Allegations
US Department of Justice
Magnolia Diagnostics, a clinical laboratory based in Dallas, Texas, and its owners, John Bains and Kelly Bains, have agreed to pay the United States $19.2 million to resolve allegations that they violated the False Claims Act by billing Medicare for medically unnecessary respiratory pathogen panel testing performed on seniors receiving COVID-19 tests. Magnolia investors will pay an additional $4.8 million to resolve common law claims for unjust enrichment and payment by mistake and claims under the Federal Debt Collection Procedures Act, arising from distributions they received from Magnolia.
FCA decides to ban father and son following fraud and misuse of client money
Financial Conduct Authority
In light of the High Court judgment, dated 27 September 2023, the FCA decided that Alec Finch and Robert Finch failed to act with honesty and integrity in their roles at AFL Insurance Brokers Limited (AFL). The father and son misused client money to fund AFL’s business expenses. When they later wanted to sell AFL, the pair made the business appear more financially attractive by creating false financial records to mislead the buyer, as well as their own accountants and auditors. They concealed the misuse of client money and overstated the firm’s financial position, leaving AFL burdened with a significant client money deficit.
Frequently asked questions on the reporting package for identifying provisionally eligible entities
AMLA
AMLA has published a document answering the questions most frequently raised about the reporting package on the identification of provisionally eligible obliged entities for direct supervision.
The document is intended to support reporting obliged entities throughout the data collections organised at national level. The FAQ compiles queries received from national financial supervisors, covering the main points of interpretation, operational clarifications and practical implementation issues. It is designed as a working resource for those preparing submissions, helping them report accurately and efficiently.
