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Grand Slam champion Boris Becker has been jailed for two and a half years after hiding assets and debts worth more than £2.5 million after being declared bankrupt, the Evening Standard reported. The three-time Wimbledon winner deliberately transferred money to family and associates when he ran aground financially in June 2017, successfully keeping £390,000 (€426,930) and the proceeds of a bank loan worth £1.1 million from his creditors. Becker, the former World Number One, also failed to declare his ownership of a £1 million German property and £75,000 in shares he held in a tech firm. The tennis great was made bankrupt after his £38 million sporting fortune was swallowed up by an expensive divorce, child maintenance, and the cost of continuing his luxury lifestyle.

Archegos Capital Management founder Bill Hwang and its former chief financial officer, Patrick Halligan, were indicted on securities fraud and racketeering charges on Wednesday in what prosecutors said was a massive fraud and manipulation scheme that nearly jeopardized the U.S. financial system, the Wall Street Journal reported. Archegos collapsed in March 2021, leaving banks with more than $10 billion in losses and sparking calls for more regulatory oversight. More than $100 billion in stock market value vanished in a matter of days. Damian Williams, U.S. attorney for the Southern District of New York, described the purported scheme as historic in scope, alleging that defendants and their co-conspirators lied to banks to obtain billions of dollars in loans, which they then used to inflate the stock price of publicly traded companies. (Subscription required.)

A California doctor was sentenced today to 93 months in prison for defrauding Medicare, re-packaging single-use catheters for re-use on patients, and submitting false declarations in a bankruptcy proceeding, according to a DOJ press release. According to court documents, Donald Woo Lee recruited Medicare beneficiaries to his clinics, falsely diagnosed the beneficiaries, and provided the beneficiaries with medically unnecessary procedures. Lee billed these unnecessary procedures to Medicare using an inappropriate code in order to obtain a higher reimbursement, a practice known as “upcoding.” In addition, the evidence showed that Lee re-packaged used, contaminated catheters for re-use on patients. These catheters had been cleared by the Food and Drug Administration (FDA) for marketing as single-use only and the re-use of these devices put patients at risk of infection and other bodily injury. Lee submitted claims of approximately $12 million to Medicare for the vein ablation procedures he performed, and received $4.5 million as a result. In October 2019, Lee was convicted after a five-day trial, when a jury found him guilty of seven counts of health care fraud and one count of adulteration of a medical device. Lee also pleaded guilty on March 2, 2020, to one count of submitting false declarations in a bankruptcy proceeding. In addition to the term of imprisonment, Lee was sentenced to serve three years of supervised release and ordered to pay more than $4.5 million in restitution to Medicare.

An attorney for convicted former law partner Evan Greebel urged a U.S. appeals court on Thursday to block federal prosecutors from taking his client's retirement account funds to help pay more than $10.4 million owed to victims of a fraud scheme involving ex-pharma executive Martin Shkreli, Reuters reported. The U.S. Court of Appeals for the Second Circuit in New York weighed Greebel's contention that retirement accounts associated with his work at Katten Muchin Rosenman, where he had been a partner until 2015, and Fried, Frank, Harris, Shriver & Jacobson should be off-limits from the government. A jury found Greebel guilty in 2017 in a conspiracy with Shkreli to dupe investors in his company Retrophin Inc. Greebel was then a partner at Katten Muchin and served as outside counsel to Retrophin. He was sentenced to 18 months in prison for helping Shkreli, and sentenced to seven years for related charges. Greebel's lawyer, Reed Brodsky of Gibson, Dunn & Crutcher, argued his client doesn't meet plan requirements to immediately withdraw the funds to pay for the victims' restitution. He also said that even if the government could reach the accounts, there's a 25% garnishment cap based on the federal Consumer Credit Protection Act.

Balfour Beatty Communities, one of the U.S. military's largest private landlords, continues placing the health of service members and their families at risk even after pleading guilty last year to defrauding the U.S. government and being levied a $65 million fine, a Senate investigation being released Tuesday found, Reuters reported. During their eight-month probe, Senate investigators said they found evidence of environmental hazards at two military housing communities, including mold, faulty gas furnaces, roofing leaks and asbestos concerns, according to the report released by the U.S. Senate’s Permanent Subcommittee on Investigations. Senate staff also said that they unearthed inaccuracies in documentation of military housing maintenance by Balfour Beatty, like the earlier ones identified from 2013 to 2019 in a Department of Justice case that resulted in the company pleading guilty to defrauding the U.S. government last December. At the bases examined in the congressional probe — Army Fort Gordon in Georgia and Sheppard Air Force Base in Texas — Balfour Beatty’s housing management practices have continued to “put the health and safety of military families at risk,” the report said. On Monday, Balfour Beatty said in a statement that the company had not yet seen the Senate report and was unaware of any recent improper practices. The company has enacted a new incentive fee compliance program and new mold prevention procedures as well.

The U.S. Department of Justice on Monday announced the indictment of two Europeans for allegedly conspiring with a recently sentenced American cryptocurrency researcher to help North Korea evade U.S. sanctions, Reuters reported. Alejandro Cao de Benos of Spain, who founded a pro-Pyongyang affinity organization, and Christopher Emms of Britain, a cryptocurrency businessman, were accused of recruiting the researcher Virgil Griffith to illegally provide cryptocurrency and blockchain technology services to North Korea. Both defendants are at large. Lawyers for both could not immediately be identified. Prosecutors said Cao de Benos and Emms arranged for Griffith, who holds a doctorate from the California Institute of Technology, to travel to North Korea via China in April 2019 to attend their Pyongyang Blockchain and Cryptocurrency Conference.