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The Treasury's main payment system, PAM, handles about $5 trillion a year, roughly a billion dollars an hour. When we first looked at it, payments could be processed with no categorization or description – basically, untraceable blank checks. If this were a public company, it would be delisted, and the executives would be in jail. We recommended making payment categorization codes mandatory with some explanation required for each payment. This radical change is being implemented now, and I think it probably saves $100 billion a year. Where was that money going? It's hard to say what was waste and what was fraud. If the government sends money to someone who doesn't deserve it, is that waste, or fraud?

"effective today, new fines will range from $50,000 to a $150,000." "For a first offense, when a ticket is issued, fines will increase from $75 to $50,000." "and imprisonment in default of payment will increase from three days to up to six months." "For a subsequent offense, fines will increase from a $150 to $75,000." "Imprisonment for not paying will increase from six days to up to six months." "Where there's a summons issued, a first offense fines will increase from $500 to $50,000 to a $100,000 range and imprisonment will increase from up to three months to up to one year." "It's very clear that these penalties for violating the regulations needed to be higher, and everyone needs to take this very seriously."

Four people are pleading guilty in a half-billion-dollar bribery scandal involving USAID. According to the Justice Department, USAID official Roderick Watson sold his influence starting in 2013. Contractors Walter Barnes and Daryl Britt funneled payoffs through subcontractor Paul Young. Barnes' company kept receiving federal funds, including $5,000 for human resources consulting and a contract worth up to $800,000,000 after suing the government. The Justice Department's Matthew r Gagliotti stated that the scheme violated the public trust by corrupting the federal government's procurement process. Some suggest USAID funneled taxpayer dollars into ideological projects and that the agency needs to be redone. The Justice Department says this kind of fraud erodes public trust.

The federal government uses only one bank account, the treasury general account, to disperse all monies. There is allegedly $500 billion of fraud every year, and hundreds of billions of dollars in improper payments. The consolidated financial report produced by the treasury cannot pass an audit due to material weakness. Until recently, the federal government could not pass an audit because it lacked necessary payment information, such as payment codes, explanations, and contact information. Previously, over 580 agencies could make payments without verification, and the treasury would send them out as fast as possible. This is likened to a household where many people can access the bank account and disperse funds without justification or verification.

We are announcing today charges against 324 defendants for their alleged participation in health care fraud schemes involving approximately $14,600,000,000 in false claims submitted to Medicare, Medicaid, and other health care programs. These criminals didn't just steal someone else's money. They stole from you. The days of transnational criminal organizations using the American health care programs as their personal piggy bank are over. Third, this takedown resulted in criminal charges against 74 defendants including medical professionals who fueled America's deadly opioid crisis for personal profit. This is not health care. It is a staggering breach of trust. Today's enforcement action represents the largest health care fraud takedown in American history, but it's not the end. It's the beginning of a new era of aggressive prosecution and data driven prevention.

The Department of Justice announced a historic $2.3 billion settlement with Pfizer and its subsidiary Pharmacia and Upjohn, the largest health care fraud settlement in DOJ history. This settlement addresses civil and criminal allegations regarding Pfizer's illegal promotion of drugs, particularly Bextra, for off-label uses not approved by the FDA. The settlement includes a criminal fine of $1.195 billion, the largest criminal fine ever imposed. Off-label marketing poses risks to public health because medical providers may lack complete information about a drug's risks and benefits. The investigation, lasting four years, implicated Pfizer and identified senior managers responsible for the fraud.

Speaker 1: Well, the intersection with the global financial crisis specifically is a wild story that to be truly told, you need to put the evidence on screen as well. But the short version is that he had a company called Liquid Funding Limited that was domiciled in The Bahamas that was partially owned by Bear Stearns. And Bear Stearns, you know, is where he had come up for a long time. And Liquid Funding Limited was selling CDOs, the same types of CDOs that eventually caused the global financial crisis. It was capitalized at, I believe, dollars 100,000,000 and allowed to sell $20,000,000,000 with a B of CDOs. Speaker 1: And I actually just was looking at that statistic earlier today because this is the craziest story. And that little CDO factory that Jeffrey Epstein was running tied into Bear Stearns. And if you recall, Bear Stearns was one of the, you know, the first to collapse, right? That shut down in the months directly preceding Bear Stearns starting to collapse. And Jeffrey Epstein redeemed all of those CDOs, all of those assets. Speaker 1: The terms are I don't know the technical terms for what he did. But basically, he made a run on the bank on those exact assets that were the exact problem. And he was tied into the exact bank that was financially distressed. And then he wound that whole company, Liquid Funding Limited, up and disappeared. And later, JPMorgan, the bank that he later worked with after, you know, Bear Stearns was his early banking career, and then he later was doing all of his money laundering and banking and referring of people at JPMorgan, They came in, swooped up Bear Stearns for pennies on the dollar. Speaker 1: They also later spun Liquid Funding Limited back up. There's a whole There's a very overt financial paper trail that Jeffrey Epstein was better acquainted with the problem than almost anyone in the world because he was deeply enmeshed in Bear Stearns and knew the leadership of Bear Stearns very well. And he understood CDOs, he was selling CDOs. And then he just so happens to wind his whole shop up and close it down and redeem it all right at the moment when things are about to go bust. So, that's a wild rabbit hole, and it's very interesting. Speaker 0: I mean, what is that? I mean, that suggests Well, it doesn't suggest it's like direct evidence of, if I'm assuming we can verify what you're saying, that the biggest events in the world are actually not quite as organic or accidental as we're led to believe and that, you know, this is like puppet master stuff. Mean, it is. I don't know what to say. I don't want this to be true, Speaker 1: but Speaker 0: that's what it looks

The presentation outlines the scope and impact of United States support to Ukraine, detailing how American resources and expertise are engaged across multiple areas to assist Ukraine’s reform efforts. US advisers are operating in almost a dozen Ukrainian ministries and localities, where they help to deliver public services, eliminate fraud and abuse, improve tax collection, and modernize Ukrainian institutions. This involvement aims to strengthen governance, promote accountability, and foster more efficient and transparent public administration at both central and local levels. In addition to governance work, US support extends to security and law enforcement. With US assistance, newly vetted and trained police officers are patrolling the streets of 18 Ukrainian cities, contributing to public safety and the enforcement of the rule of law at the local level. In the judicial sphere, free legal aid attorneys funded by the United States have been active in Ukrainian courtrooms, and they have won two thirds of all acquittals, highlighting the role of publicly supported legal assistance in upholding defendants’ rights and supporting fair proceedings across the country. Financial sector reform is another focus of the collaboration, with Treasury and State Department advisers helping Ukraine shutter over 60 failed banks and protect the assets of depositors. This effort addresses systemic risks in the financial system, aims to restore confidence among savers and investors, and stabilizes the broader economy by removing insolvent or fraudulent institutions from operation and safeguarding public funds. A central premise of the security-related aid is that reform cannot be achieved without security, and therefore a substantial portion of the assistance is allocated to the security sector. Specifically, over $266,000,000 of US support has been directed to security sector activities, including training 1,200 soldiers and 750 Ukrainian National Guard personnel, as well as equipping them with life-saving gear. This investment reflects a commitment to enhancing Ukraine’s defensive and law enforcement capacities as part of a comprehensive reform program. Looking ahead, the plan for Fiscal Year 2016 emphasizes continuing the training and equipment programs for Ukraine’s border guards, military personnel, and coast guard forces. The ongoing emphasis on training, equipment, and professional development for these security and border-related forces indicates a sustained US commitment to strengthening Ukraine’s ability to manage border security, deter threats, and support sovereign governance.

Pfizer was fined $4.66 billion for various healthcare, public market, safety, competition, and environmental violations. They also faced penalties for promoting unapproved medical products, making false statements, and violating drug and medical equipment security. Johnson & Johnson, on the other hand, was fined $4.248 billion for healthcare, public market, safety, competition, consumer protection, unapproved products, false statements, foreign corruption, and anti-competitive practices.

In 2015, Ukrainian money held in the account of a company called Buri H was transferred to a US bank, M.S. The payment amounted to $3.4 million and was connected to a related company.

We can't track $2.3 trillion in transactions. That's two trillion, three hundred billion dollars.

The Department of Justice announced the largest coordinated health care fraud takedown in its history, charging 324 defendants for alleged participation in health care fraud schemes involving approximately $14,660,000,000 in false claims submitted to Medicare, Medicaid, and other health care programs. Key points emphasized: - First, these health care fraud schemes affect every hardworking American family. The announcement states that criminals didn’t just steal money from others; they stole from taxpayers who fund these programs. Every fraudulent claim, fake billing, and kickback scheme represents money taken from American taxpayers, driving up the national deficit and threatening the long-term viability of health care for seniors, disabled Americans, and vulnerable citizens. The enforcement action involves seizure of cash as well as luxury vehicles and properties, returning real money to taxpayers and to government health care programs. - Second, there is a disturbing trend of transnational criminal organizations engaging in increasingly sophisticated schemes. The takedown identifies and charges defendants operating from Russia, Eastern Europe, Pakistan, and other foreign countries, who have infiltrated the U.S. health care system to steal taxpayer dollars. An example described involves a sophisticated operation run from Russia and Eastern Europe that bought dozens of medical supply companies in the United States and submitted more than $10,000,000,000 in fraudulent health care claims to Medicare. This operation used the stolen identities of more than 1,000,000 Americans spanning all 50 states. Federal agents intercepted and arrested key members of that organization at U.S. airports and the U.S.–Mexico border, cutting off their escape routes. The days of transnational criminal organizations using the American health care programs as their personal piggy bank are over. - Third, 74 defendants, including medical professionals, were charged, highlighting those who fueled America’s deadly opioid crisis for personal profit. Pill mill operators who prescribed unnecessary opioids were charged, and networks of corrupt pharmacies that distributed drugs to addicts and dealers were dismantled, feeding the addiction crisis that has devastated communities. This is described as a staggering breach of trust, and the Department’s Criminal Division will prosecute these criminals aggressively, equating them with drug dealers. - Fourth, some defendants targeted vulnerable citizens in nursing homes, individuals with disabilities, and those battling serious illnesses. Prosecutors charged seven defendants, including five medical professionals, in connection with approximately $1,000,000,000 in fraudulent claims to Medicare and other health care benefit programs for performing medically unnecessary skin grass on dying patients as they sought to spend their final days with dignity and peace. This conduct is described as callous and disturbing, reflecting a breach of trust between patients, families, and providers. The overall message: today’s enforcement action represents the largest health care fraud takedown in American history, signaling the beginning of a new era of aggressive prosecution and data-driven prevention.

A suspicious activity report (SAR) is filed by a bank when they suspect their client has committed a crime, although it doesn't mean they actually did. SARs are rare, with only two being issued by the speaker's bank in 10 years. However, over 170 SARs were filed concerning Hunter Biden and the Biden family. One example involved a $3 million wire from China to an account that typically had a balance of $40,000 to $50,000. The money was then transferred to various Biden shell companies, which are fake companies used for money laundering. Multiple banks, including JPMorgan and Wells Fargo, filed these reports, suspecting money laundering and connections to the Chinese Communist government.

A suspicious activity report (SAR) is filed by a bank when they suspect their client has committed a crime, although it doesn't mean they actually did. SARs are rare, with only two being issued by the speaker's bank in 10 years. However, concerning Hunter Biden and the Biden family, over 170 SARs were filed. One example involved a $3 million wire from China to an account that typically had a balance of $40,000 to $50,000. The bank found this suspicious and within 24 hours, incremental payments were made to different Biden shell companies. These shell companies, totaling 20, were used for money laundering purposes. Multiple major banks, including JPMorgan and Wells Fargo, filed these SARs, suspecting money laundering and connections to the Chinese Communist government.

TD Bank pled guilty to felonies, including conspiring to violate the Bank Secrecy Act and commit money laundering, and agreed to a $1.8 billion criminal penalty. Combined with civil enforcement actions, the United States will impose approximately $3 billion against TD Bank. TD Bank became the largest bank in US history to plead guilty to Bank Secrecy Act program failures and the first bank to plead guilty to conspiracy to commit money laundering. This is also the largest penalty under the Bank Secrecy Act, and the first time the Justice Department has assessed a daily fine against a bank. TD Bank will restructure its corporate compliant program at its US-based bank and agreed to a 3-year monitorship and a 5-year term of probation. The bank will continue to remediate and improve its anti-money laundering compliance program.

for many years, J. P. Morgan was basically the primary bank serving Epstein. first and foremost, it set up accounts for not only him and his companies, but also quite a few of his victims who had been trafficked into The United States. and it arranged for Epstein to be able to pay those victims both in The US and in Eastern European countries and in Russia. The bank lent him money that was associatedfor projects associated with sex trafficking. In some cases, it just paid him cash, millions of dollars of it, over the years, to thank him for some of the services he had provided the bank. Epstein's sex trafficking operation, we now know, operated in large part because he had unfettered access to the global financial system. And for many years, it was JPMorgan that was providing him with that access.

JPMorgan failed to prevent Bernie Madoff from laundering billions of dollars in Ponzi scheme proceeds through its accounts for decades. As early as 1998, a JPMorgan fund manager suspected Madoff's returns were "possibly too good to be true" and noted numerous red flags. By 2007, concerns persisted that Madoff's operation was a "wholesale and systemic fraud" and "speculated to be a Ponzi scheme." In February 2008, JPMorgan reduced its London trading desk's exposure to Madoff's funds. Criminal BSA charges are being filed against JPMorgan, and the bank is admitting responsibility. JPMorgan is forfeiting $1.7 billion to compensate Madoff's victims.

Pfizer, a company too big to fail, made a deal with the government to avoid being excluded from Medicare and Medicaid. They created a shell company, Pharmacia and Upjohn Company Incorporated, to take the blame for any convictions. This allowed Pfizer to continue doing business with the federal government. Despite paying a $1.2 billion criminal fine and settling civil suits for $1 billion, Pfizer's punishment may not be enough to deter other big pharma companies from engaging in illegal activities. The fear is that dealing with the Department of Justice is just seen as a cost of doing business.

Do you remember Sam Bankman-Fried? He was seen as a genius, so powerful and wealthy that he attended meetings with prominent figures like Bill Clinton and Tony Blair while looking disheveled. Where is he now? I believe he is in prison, as noted in a Netflix series. That's right, he’s a crook. And who was responsible for his downfall? The Department of Justice.

JPMorgan has faced various controversies and legal issues over the years. They settled a $75 million agreement in the Jeffrey Epstein sex litigation case. The bank was accused of enabling Epstein's abuses and had embarrassing disclosures of relationships with him. There were also allegations of money laundering and financing illegal activities. JPMorgan faced fines for market manipulation in precious metals and a $13 billion fine for its role in the mortgage meltdown. They were also involved in fraud charges related to the financial crisis and settled for $154 million. The bank has been accused of involvement in terrorist financing and using crypto for illegal activities. They settled criminal charges related to Bernard Madoff's Ponzi scheme for $1.7 billion. These controversies highlight the need to update the Bank Secrecy Act to address new threats.

Infosys will pay $34 million to settle visa fraud charges, marking the largest fine of its kind in U.S. history. The company, a major software exporter with 30,000 U.S. employees, faced allegations of systemic fraud that displaced American workers. Whistleblower Jay Palmer revealed that Infosys brought in Indian workers under false pretenses, claiming they had unique expertise or were only attending meetings. Internal documents suggested employees were instructed to deceive immigration officials. Palmer stated that some workers required training from the very Americans whose jobs they took. Infosys denied intentional wrongdoing but faces scrutiny over whether this fine is merely a cost of doing business. The upcoming announcement will shed light on the potential consequences for the company.

Banks like Santander, Deutsche Bank, and Royal Bank of Scotland are broke due to fractional reserve banking, allowing them to lend money they don't possess. This practice is a criminal scandal that has been ongoing for too long.

JPMorgan is close to a $2 billion settlement with federal authorities over allegations that it ignored signs of fraud in the Bernard Madoff Ponzi scheme. Madoff himself claimed that the banks "had to know" about his scheme. The settlement would include a deferred prosecution agreement, ruling out criminal charges against the bank. JPMorgan has been working to resolve a long list of legal issues, including paying $20 billion this year alone. Investors are concerned about the bank's legal troubles, but a settlement over Madoff would ease some of those concerns.

We are talking about a total of $125 billion in settlements. Bank of America settled for $15 billion, Bank of New York Mellon for $3 billion, Citigroup for $25 billion, Goldman Sachs for $10 billion, JPMorgan for $25 billion, Merrill Lynch for $10 billion, Morgan Stanley for $10 billion, State Street for $2 billion, and Wells Fargo for $25 billion.

Ripple Labs faced trouble due to their lack of appropriate anti-money laundering and know your customer policies. The government conducted undercover buys and found that significant amounts of money could be moved on the Ripple network without providing any identifying information. This raised concerns, leading to an investigation into Ripple Labs. It is important to note that this was not a criminal prosecution but a FinCEN enforcement action. After a couple of years, a settlement agreement was reached between Ripple Labs and the government.