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fraud

Booz Allen pays $15.8M to settle fraud allegations tied to military contracts

Booz Allen pays $15.8M to settle fraud allegations tied to military contracts

Booz Allen Hamilton has agreed to pay $15.875 million to settle allegations that its subsidiary, Booz Allen Hamilton Engineering Services (BES), violated the False Claims Act. The settlement follows claims that BES managers John G. Hancock and Karen K. Paulsen collaborated with Air Force employee Keith A. Seguin and

SBA writes off $18.6 billion in Covid-era loans amid oversight challenges

SBA writes off $18.6 billion in Covid-era loans amid oversight challenges

The Washington Business Journal is reporting SBA charged off $18.6 billion in Covid Economic Injury Disaster Loans (EIDL) in fiscal 2024, representing 6.5 percent of the active $287 billion portfolio. This charge-off rate is notably higher than traditional SBA disaster loans, which typically range between 1.5 and

Bid rigging cost Dell and Iron Bow $4.3M in Justice settlement

Bid rigging cost Dell and Iron Bow $4.3M in Justice settlement

Dell Technologies and Iron Bow Technologies will pay a combined $4.3 million to resolve allegations they manipulated Army contract bids through a deceptive pricing scheme that created a false appearance of competition while overcharging for computer hardware from 2020 to 2024: * Initial Setup (May 2020): Dell established a deal

SBA's nonbank lending program faces scrutiny over fraud risks

SBA's nonbank lending program faces scrutiny over fraud risks

The Washington Business Journal flags SBA IG findings that nonbank lenders contribute to widespread Paycheck Protection Program (PPP) loan fraud. Nonbank lenders, who issued $61 billion in PPP loans, were found to be five times more likely than traditional banks to process fraudulent loans, accounting for $14 billion in suspected