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Page 60 of 66

September 9, 2014

Don Langford, former chief credit officer and senior vice president of Nebraska-based TierOne Bank, pleaded guilty for his role in a scheme to defraud TierOne’s shareholders and regulators. Specifically, Langford conspired with others to hide losses at the bank by cooking the bank’s books and reporting falsified information to stakeholders, regulators, external auditors, and the investing public. The bank even made an unsuccessful attempt to get taxpayer TARP funds in November 2008. TierOne filed for bankruptcy shortly after the Office of Thrift Supervision shut the bank down in June 2010. DOJ

Tagged in: Accounting Fraud, Financial Institution Fraud, Securities Fraud,

August 21, 2014

Bank of America 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 andMerrill Lynch. It is the largest civil settlement with a single entity in American history. And it includes a $5 billion penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA), the largest FIRREA penalty ever. As part of the settlement, BofA acknowledged misrepresenting the quality of billions of dollars worth of risky mortgage loans. Whistleblower Insider

Tagged in: Financial Institution Fraud, FIRREA, Housing and Mortgage Fraud, Securities Fraud,

July 28, 2014

Lloyds Banking Group agreed to pay $86M for manipulating submissions for the London InterBank Offered Rate (LIBOR), a leading global benchmark interest rate. DOJ

Tagged in: Financial Institution Fraud,

July 24, 2014

An $80M False Claims Act judgment was entered against BNP Paribas for submitting false claims for payment guarantees issued by the U.S. Department of Agriculture. The judgment resolves government charges that from 1998 to 2005 the French bank participated in a scheme to defraud the USDA’s Supplier Credit Guarantee Program under which American agricultural companies are encouraged to sell their products abroad. DOJ

Tagged in: FCA Federal, Financial and Investment Fraud, Financial Institution Fraud,

July 14, 2014

Citigroup agreed to pay $7B to resolve government claims related to the bank’s packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) which, according to the government, “contributed mightily to the financial crisis that devastated our economy in 2008.” The settlement includes a $4B civil penalty — the largest penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). Whistleblower Insider

Tagged in: Financial Institution Fraud, FIRREA, Housing and Mortgage Fraud, Securities Fraud,

June 30, 2014

US Bank agreed to pay the $200M to resolve allegations it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Federal Housing Administration (FHA) that did not meet applicable requirements. DOJ

Tagged in: FCA Federal, Financial Institution Fraud, Housing and Mortgage Fraud,

January 20, 2016

The CFTC announced that it filed a civil enforcement action charging Kevin J. Davis of Ponca City, Oklahoma with acting as an unregistered commodity pool operator, failing to operate his commodity pool as a separate legal entity, accepting funds from pool participants in his own name, and commingling pool participants’ funds with his own.  CFTC

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

January 13, 2016

Otkritie Capital International, Ltd., a London-based financial services company, agreed to pay a $140,000 penalty to settle charges that it violated CFTC Regulation 30.4 by permitting two of its U.S. customers to trade futures and options in foreign markets while not registered as a futures commission merchant.  CFTC

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

January 7, 2016

The CFTC filed a complaint against Ghassan Tawachi (a/k/a Marco Tawachi) and his firm, Intelligent Trades, LLC, alleging the defendants fraudulently marketed commodity futures trading software, under which Tawachi indirectly controlled the trading of his customers’ commodity futures accounts and collected substantial fees for the use of his trading software. In all, the defendants allegedly defrauded clients of over $479,755.  CFTC

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

December 22, 2015

Rome Finance Company, Inc. will pay compensation exceeding $3.7 million to settle claims that it engaged in predatory lending practices targeted at men and women in the military. Rome Finance, which did business most recently as Colfax Capital Corporation and Culver Capital, LLC, financed consumer debts exclusively to service members, typically for computers, gaming systems, and other goods and services from retailers online or at malls near military bases. Over 550 New York State service members benefited directly from this settlement and ancillary resolutions. NY

Tagged in: Financial Institution Fraud,

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