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Financial and Investment Fraud

This archive displays posts tagged as relevant to financial and investment fraud. You may also be interested in the following pages:

Page 85 of 91

March 16, 2016

New Jersey announced that four individuals have been charged in connection with two separate schemes in which investors allegedly were defrauded of a total of $350,000 that they invested in purported medical ventures. In the first scheme, Joseph Denti Jr., Joseph Giardina and Heidi Francavilla allegedly stole $250,000 from a doctor by convincing him to advance that amount for a bogus investment involving a surgical center. They allegedly diverted his funds for their personal benefit. In the second scheme, Ralph Perricelli Jr. and Joseph Denti Jr. allegedly convinced a married couple to invest $100,000 in a blood-testing laboratory by falsely claiming to be joint owners of the lab. NJ

The UK’s new whistleblowing regime going live: UK financial institutions required to appoint a “whistleblowers’ champion”

Posted  03/10/16
By Yulia Tosheva On 7 March 2016, the new rule requiring UK deposit-takers (banks, building societies and credit unions), PRA-designated investment firms and insurers to appoint a senior manager as their whistleblowing champion came into force. The whistleblowers’ champion will be responsible for ensuring the integrity, independence and effectiveness of the firm’s policies and procedures on whistleblowing. A...

March 9, 2016

New Jersey announced that the owner of a now-defunct Bergen County used car dealership, D.I.B Leasing, along with three employees and a bookkeeper, have been charged with conspiracy, money laundering, and other offenses in connection with bank financing scam that allegedly netted $1.4 million in fraudulent loans for luxury cars. Prosecutors allege the defendants created fake employment records, inflated incomes, and supplied false pay stubs and fictitious employee verifications to dupe banks into approving auto financing for customers whose income levels did not qualify them for loans on the pricey vehicles. NJ

Maybe Too Big To Jail, But Never Too Small

Posted  03/8/16
By Gordon Schnell (Published in Huffington Post) The jury is still out on whether the Department of Justice will follow through on its recent pledge to amp up its crackdown on corporate fraudsters.  Too big to jail is not in our playbook, the agency has taken pains to assure us.  Going after the top-dogs is our number one priority the agency has trumpeted in its newly minted policy of holding the high-ups...

March 7, 2016

A Colorado-based telecommunications and Internet service provider company, Level 3 Communications, has agreed to pay more than $8 million to resolve allegations it improperly withheld rental payments to the Massachusetts Department of Transportation (“MassDOT”) under an agreement that allows it to run fiber optic cables alongside state highways. The settlement agreement resolves allegations that Level 3 Communications breached its contract with MassDOT and violated the Massachusetts False Claims Act by concealing the amount it owed the state agency and knowingly avoiding its annual rent obligations. MA

February 23, 2016

Las Vegas resident Joseph Micelli was sentenced to 60 months in prison and to pay $5.65 million in restitution and to forfeit $505,220 in fraudulent proceeds for his role in an investment fraud scheme that promoted fraudulent investment opportunities and caused more than $5 million in losses to investors.  Micelli admitted he conspired with others in the U.S. and Switzerland to promote investments and loan instruments he knew to be fraudulent.  They did so through a Swiss company known as the Malom Group A.G.  Micelli further admitted he held himself out to investors as an attorney, when in fact he had lost his license to practice law.  DOJ

State Enforcement Spotlight – Natixis Funding And Societe Generale

Posted  02/29/16
By the C|C Whistleblower Lawyer Team This State Enforcement Spotlight features Natixis Funding Corp. and Societe Generale. On Wednesday, Attorney General Eric Schneiderman announced a $56 million joint state-federal settlement for fraudulent and anticompetitive conduct in municipal bond derivative transactions with state and local government entities and nonprofits across the country. See NY AG Press...

February 24, 2016

New York, together with 21 other states, announced multimillion dollar settlements with Natixis Funding Corp. and Societe Generale for fraudulent and anticompetitive conduct in municipal bond derivative transactions with state and local government entities and nonprofits across the country. Natixis and Societe Generale will pay $29,950,000 and $26,750,000 respectively as part of a coordinated 22-state and private class settlement. Pursuant to the settlements, $53,865,000 will be paid into a Settlement Fund and largely applied to restitution for municipalities, counties, government agencies, school districts and nonprofits that the states allege were harmed when they entered into municipal derivatives contracts with Natixis or Societe Generale. NY, NJ, FL

February 23, 2016

The CFPB filed two orders against Citibank relating to the bank’s illegal debt sales and debt collection practices.  The bureau ordered Citibank to provide nearly $5 million in consumer relief and pay a $3 million penalty for selling credit card debt with inflated interest rates and failing to forward consumer payments promptly to debt buyers.  Separately, the CFPB ordered Citibank to comply with a court order requiring the bank to refund $11 million to consumers and forgo collecting an additional $34 million for filing altered affidavits in debt collection litigations.   CFPB
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