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Regulatory Watch News

  • Investigation ‘Hermes’: 62 detained in probe into €410 million VAT carousel fraud involving mobile phones

    European Public Prosecutor's Office

    The European Public Prosecutor’s Office (EPPO) has conducted searches in eight countries and detained 62 suspects in a probe against criminal organisations suspected of operating a carousel VAT fraud selling mobile phones and electronic devices. The criminal scheme under this investigation, code-named ‘Hermes’, caused an estimated damage of at least €410 million in VAT losses to several EU Member States. Over 300 searches took place today in Austria, France, Germany, Italy, Malta, the Netherlands, Portugal and Spain, at the suspects’ homes and offices of companies belonging to the organised crime group, as well as tax advisers, lawyers and transport companies. In addition, 62 suspects were detained in Portugal (39), Spain (20) and Italy (three).

  • Medical Supply Company Owner Sentenced to 14 Years in Prison for $30M Medicare, TRICARE, and CHAMPVA Fraud

    US Department of Justice

      An Oklahoma business owner and chiropractor was sentenced yesterday to 14 years in prison for his role in a years-long scheme that attempted to bilk Medicare, TRICARE, and the Civilian Health and Medical Program of the Department of Veterans Affairs (CHAMPVA) out of over $30 million for orthotics braces, continuous glucose monitors, and other durable medical equipment (DME) that beneficiaries did not want or need.

  • Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Pegasus Worldwide Logistics; International Criminal Court Designation and General Licenses; Burma-related Designation Removal

    OFAC

      The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a settlement with Pegasus Worldwide Logistics, a freight forwarding firm involved in cross-border shipments. Pegasus has agreed to remit $175,015 to settle its potential civil liability for four apparent violations of the Illicit Drug Trafficking Sanctions Regulations and six apparent violations of the Reporting, Procedures and Penalties Regulations. Between September 2023 and February 2024, Pegasus dealt in blocked property by facilitating the importation of a machine supplied by a designated company. Pegasus also failed to respond fully for six months to an OFAC subpoena. The settlement amount reflects OFAC's determination that Pegasus's conduct was non-egregious and not voluntarily disclosed. For more information, please visit the following Enforcement Release

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