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Financial Institution Fraud

This archive displays posts tagged as relevant to fraud by or involving financial institutions. You may also be interested in the following pages:

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New Campaign Aimed at Wall Street Whistleblowers

Posted  10/8/15
By Marlene Koury A new whistleblower platform and campaign was launched this week in hopes of encouraging banking and financial sector employees to blow the whistle on unfair practices and corruption.  The campaign -- Whistleblow Wall Street – will include billboards on Wall Street, along with a leaflet campaign in New York, Washington D.C., St. Louis, and Orlando. The campaign aims to connect with anyone...

Wall Street Still Behaving Badly

Posted  05/21/15
By the C|C Whistleblower Lawyer Team In the wake of the Great Financial Crisis, there was both a public and private battle cry of "Never Again!"  Dodd-Frank was passed with its sweeping regulations to keep Wall Street in check, and federal and state enforcers went on regulatory rampage extracting 9 and10-figure settlements from a who's who list of the world's top financial firms.  Not many Wall Street...

March 19, 2015

Bank of New York Mellon agreed to pay $714 million to settle charges the bank engaged in fraud and other misconduct when providing foreign exchange (“FX”) services to its customers. As part of the settlements with the US and New York, BNYM admitted that contrary to representations to clients that it provided “best rates” and “best execution” for FX transactions, the Bank actually gave clients the worst reported interbank rates of the trading day. The charges originated in a lawsuit brought by a whistleblower under the New York False Claims Act.

February 11, 2015

Pennsylvania Attorney General Kathleen G. Kane announced Advance America will pay Pennsylvania consumers $8M in restitution as part of a settlement to resolve claims the company illegally provided payday loans, some with interest rates as high as 368 percent. PA

January 21, 2015

New York Attorney General Eric T. Schneiderman joined the SEC and the office of the Massachusetts Attorney General in announcing a settlement with Standard and Poor’s Financial Services LLC regarding false and misleading statements made by S&P in connection with its rating of certain Commercial Mortgage Backed Securities (CMBS). According to the government, from February 2011 to July 2011, S&P loosened the criteria it applied to rate eight CMBS, failed to disclose this fact to investors, and misled market participants into thinking the ratings for their investments were based on more conservative assumptions than was actually the case. Under the settlement, New York will receive $12M in penalties, Massachussetts will receive $7M in penalties, and the SEC will receive $35M in penalties as well as $7M in disgorgement and interest. The SEC also resolved two other matters related to S&P bringing the total government recovery to nearly $80M. NY

January 16, 2015

Massachusetts Attorney General Martha Coakley announced Bank of America, JP Morgan Chase Bank, Citi, and Wells Fargo Bank agreed to pay $2.7M million and undertake obligations to facilitate the repair of defective property titles, resolving claims they violated Massachusetts foreclosure law and the Massachusetts Consumer Protection Act by illegally foreclosing upon Massachusetts residents’ homes when the banks lacked the legal authority to do so. MA

December 24, 2014

MF Global Holdings Ltd. must pay $1.212 billion in restitution (or such amount as necessary to ensure that claims of customers of its subsidiary, MF Global Inc. are paid in full). The CFTC previously filed and settled charges against MFGI for misuse of customer funds and related supervisory failures in violation of the Commodity Exchange Act and CFTC Regulations. CFTC

The Billion-Dollar Mortgage Fraud Club – New Members Welcome!

Posted  08/7/14
By Gordon Schnell Apparently, Bank of America is close to inking a deal with the government under which it would pay about $17 billion to settle charges of its mortgage machinations in the run-up to the financial crisis.  If finalized, BofA would be just the latest big bank to cement its membership in the Billion Dollar Mortgage Fraud Club.  Some of the other major banks that make up this elite assemblage, and...
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