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5G Cancer Risks: Asbestos of a New Generation?

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5G Cancer Risks: Asbestos of a New Generation?

The next generation of cell phone technology could pose serious cancer risks to the public

You have probably already heard about 5G and the plans to roll out the new technology over the next two years. 5G is the new fifth-generation wireless broadband technology that promises big improvements in bandwidth (projected speeds up to 50 or 100 times faster than current 4G networks), decreased latency (delay) times, energy efficiency, and greater network capacity. While the benefits of 5G have been widely touted by the telecom industry, there are potential downsides that have received scant media attention. The new 5G standard will require a massive investment to build new infrastructure to support the technology. More importantly, numerous studies suggest that 5G could expose the public to increased risks of cancer and other maladies.

Electronic Health Records: A Prognosis for Missteps and Potential Fraud

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The Wall Street Journal recently reported that the Department of Veterans Affairs is in discussions with Apple to provide portable electronic health records (“EHRs”) to military veterans. The plan reportedly calls for Apple to develop specialized software tools that would allow veterans and their families to access their EHRs through Apple’s Health Records EHR data viewer. The proposed plan is intended to simplify and streamline health data access for patients visiting VA healthcare sites.

Hacking and Insider Trading Continue to Mix

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It was more than a year ago that the U.S. Securities and Exchange Commission (SEC) cracked down on a group of hackers and traders who obtained confidential, non-public information about publicly traded companies by hacking websites for press releases. A recently released report by a cybersecurity company suggests that such insider trading continues, although this time with data obtained through phishing from personnel at publicly traded companies who typically file reports to investors with the SEC.

CFTC Regulation of Automated Trading Approaches

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The U.S. Commodity Futures Trading Commission is preparing to announce new regulations aimed at managing the risk of automated trading. Automated trading strategies are used for more than 40 percent of futures traded in Treasury, energy, metals and agricultural markets.

One focus of the new regulations will be trading in Treasury bonds. The concern with the nearly $13 trillion government bond market stems from the flash rally in Treasuries last October where there was substantial volatility during a short 12 minute window.

The regulations have been debated for more than two years at the agency and could be announced as soon as a month from now. CFTC Chairman Timothy Massad spoke about this area in a speech this week. Any regulations will still need to go through notice and comment rulemaking so it would still be months or even years before they were actually implemented.

Among the proposals under considerations are increased registration requirements for proprietary trading firms, pretrade risk controls, and possibly even kill switches to aid efforts to stop out of control computer programs from impacting the markets.

The CFTC has placed increased emphasis on algorithmic trading and has begun enforcement actions against several traders and firms for spoofing, the placement of orders intended to manipulate the market rather than execute. It is unlikely to impose special requirements on high-frequency trading of the type that was detailed in Flash Boys because of the difficulties in defining the term.

As always, reporters of violations of these regulations, once they are implemented, will be eligible for whistleblower rewards when the monetary sanctions for noncompliance exceed $1 million and the individual otherwise meets the terms and conditions of the program set form in the Dodd-Frank Act and CFTC rules. Our CFTC whistleblower attorneys can assist you with answers to questions about this information as well as assistance reporting violations of the Commodity Exchange Act to the U.S. Government. To speak to an attorney, fill out our contact form or call 1-800-590-4116.

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Hacking Case Settles with SEC for $30 Million

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The insider trading case brought against the Ukrainian investment banking firm Jaspen Capital Partners and its chief executive as part of the SEC’s recent freeze on accounts trading early on information from hacked press releases has resolved with an agreement to pay the Securities and Exchange Commission $30 million.

The allegations in these cases involve the identification of companies expected to make newsworthy announcements, the hacking of three different press release sites to obtain the news early, and the passing of information to various traders to buy or sell stocks on the basis of the nonpublic information.

Insider trading is prosecuted under the anti-fraud section 10(b) of the Securities Act and Rule 10b-5. Although insider trading typically involves a corporate insider with nonpublic information, it can also apply to outsiders who acquire material, non-public company information under the misappropriation theory popularized by U.S. v. O’Hagan, 521 U.S. 642 (1997).

This is one of the first, if not the first, settlement of a securities case involving hacking. We expect more cases of this type in the future involving both insider trading and improper disclosures by public companies. In this case, the SEC is continuing to pursue the other defendants in the ring.

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VMware settles Best Price Whistleblower Suit for $75.5 Million

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The Department of Justice has settled a False Claims Act case against VMware for $75.5 million. The lawsuit, initiated by a whistleblower, contained allegations that the company concealed its commercial pricing practices and overcharged the U.S. Government on products and services sold pursuant to the GSA Multiple Award Schedule contract entered into by VMWare and Carahsoft Technology Corporation.

The U.S. Government requires contractors to disclose the prices and discounts offered to commercial customers in order to ensure that government agencies are getting the supplier’s best price. The GSA regulations specify that prospective vendors applying for a MAS contract make After negotiation of the price(s) and establishment of the government contract, contractors must subsequently inform the government of changes to their pricing practices or discounts for commercial customers.

If they do not make accurate disclosures, the submission of claims for payment under the contracts can overcharge the federal government and violate the False Claims Act. In this case, the settlement resolved the allegations without a determination of liability.

The U.S. Government spends more than $80 billion a year on information technology currently. It is divided between civilian and defense spending, with civilian agency spending accounting for approximately $48 billion a year. With growing spending in this area, it seems like there is more False Claims Act litigation as well. Last summer, the Government intervened in another best price case brought by a whistleblower against CA Technologies.

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