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August 17, 2016

Louis Yeung, the former vice president of California wholesale tool company Eastern Tools & Equipment was sentenced to 63 months in prison and ordered to pay roughly $9.6 million in restitution for his role in a scheme to defraud East West Bank that resulted in losses of over $9 million.  Yeung admitted that he and his co-conspirators defrauded East West Bank by making material misrepresentations about Eastern Tools’ accounts receivable and its financial statements to obtain and maintain a loan with the bank.  DOJ

Tagged in: Financial Institution Fraud,

August 16, 2016

Pittsburgh-based national banking association PNC Bank N.A. agreed to pay $9.5 million to resolve allegations it violated the False Claims Act in connection with the issuance of loans guaranteed by the Small Business Administration (SBA).  According to the government, for numerous loans brokered by Jade Capital & Investments LLC., PNC failed to adhere to the requirements of the SBA program including demanding adequate bank and IRS tax records from the borrowers, ensuring that the borrowers had the ability to repay the loans, and failing to apply prudent lending standards.  Whistleblower Insider

Tagged in: FCA Federal, Financial Institution Fraud,

August 25, 2016

The CFPB ordered First National Bank of Omaha to provide $27.75 million in relief to roughly 257,000 consumers harmed by illegal practices with credit card add-on products. The bank used deceptive marketing to lure consumers into debt cancellation add-on products and charged consumers for credit monitoring services they did not receive. First National Bank of Omaha will also pay a $4.5 million civil money penalty to the CFPB.  CFPB

Tagged in: Financial Institution Fraud,

August 22, 2016

The CFPB sued Wells Fargo Bank for illegal private student loan servicing practices that increased costs and unfairly penalized certain student loan borrowers.  The consent order requires Wells Fargo to pay at least $410,000 to compensate consumers for illegal late fees, improve its consumer billing and student loan payment processing practices, and pay a $3.6 million civil penalty to the CFPB.  CFPB

Tagged in: Education Fraud, Financial Institution Fraud,

August 22, 2016

Irina Feldman, Cindium Inc., and Einstein Exchange Group Inc. agreed to pay more than $600,000 to settle charges of committing solicitation fraud and misappropriation in connection with operating a commodity pool that offered foreign currency and commodity futures transactions, and for failing to register with the CFTC as Commodity Pool Operators.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Misrepresentations, Regulatory Violations,

August 18, 2016

The CFTC filed a complaint in the Southern District of New York charging Deutsche Bank AG with multiple swap reporting violations, failing to supervise its employees responsible for swap data reporting, and violating a prior CFTC order.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,

August 15 , 2016

The CFTC obtained a summary judgment order requiring Robert S. Leben and Amy L. Leben of Columbia, South Carolina, to pay over $10 million in penalties and restitution for misappropriating pool participant funds and failing to register as commodity pool operators, among other charges.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,

August 8, 2016

HSBC Finance Corporation, as successor to HSBC Auto Finance Inc., agreed to pay $434,500 to resolve allegations that it violated the Servicemembers Civil Relief Act by repossessing 75 cars owned by protected servicemembers without obtaining the necessary court orders.  DOJ

Tagged in: Financial Institution Fraud,

August 12, 2016

The U.S. District Court for the Southern District of Florida ordered International Monetary Metals, Inc., a Florida corporation, and its controlling person, Martin Sommers to pay almost $10 million in disgorgement and a civil monetary penalty for engaging in illegal, off-exchange precious metals transactions and registration violations.  CFTC

Tagged in: Fraud in CFTC-Regulated Markets, Regulatory Violations,

August 12, 2016

Ralph Metters, formerly of Los Angeles, California, was ordered to pay $1 million in penalties and disgorgement in connection with operating an off-exchange foreign currency fraud scheme.  CFTC

Tagged in: Foreign Exchange, Regulatory Violations,

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