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Top Ten Federal Financial Fraud Recoveries of 2018

While 2018 has been a banner year for FCPA, Tax, and SEC & CFTC recoveries, in the bottomless pit of financial frauds that hurt taxpayers, the government, consumers, investors, and the American economy, 2018 brought us additional stunning recoveries for violations related to residential-mortgage backed securities, international economic sanctions, consumer protection, anti-money-laundering, EB-5 investment fraud, and...

Catch of the Week: RBS Agrees to Pay $4.9 Billion

This week’s Department of Justice “Catch of the Week” goes to The Royal Bank of Scotland Group plc (RBS), who agreed to pay $4.9 billion to settle claims that RBS misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) between 2005 and 2008.   See DOJ Press Release. The settlement’s statement of facts details how RBS routinely made misrepresentations and omissions...

Texas Mortgage Companies Face $296.3M Judgment Related to Mortgage Fraud

By the C|C Whistleblower Lawyer Team Allied Home Mortgage, and several other Allied companies, are facing a judgment over fraudulent conduct while participating in the FHA program. In a trial last November, a jury in Houston found that the companies and their CEO violated both the FCA and FIRREA, causing over $92M in single damages to the government. Now a judgment has been ordered by the court which trebled the...

DOJ Catch of the Week -- Bank of America

This week's Department of Justice "catch of the week" goes to Bank of America.  Yesterday, the North Carolina based banking giant agreed to pay $16.65 billion to resolve federal and state mortgage fraud claims against the bank and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch.  It is the largest civil settlement with a single entity in American history.   See 

Tagged in: Catch of the Week, FCA Federal, FIRREA, Housing and Mortgage Fraud,