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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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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

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

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

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

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

December 18, 2015

Virginia reached a settlement with MoneyKey, Inc., a Delaware-based online consumer lender, for alleged violations of the state’s consumer finance statutes and the Virginia Consumer Protection Act. MoneyKey has agreed to provide approximately $4 million to over 5,000 Virginia customers to resolve allegations that it imposed illegal charges on borrowers who received open-ended credit loans. VA

New York State Enforcement Spotlight -- Deutsche Bank

Posted  11/6/15
By the C|C Whistleblower Lawyer Team On Wednesday, the New York State Department of Financial Services (NYDFS) announced that Deutsche Bank will pay $258 million for New York Banking Law violations stemming from financial transactions it made on behalf of countries and entities subject to US sanctions.  Specifically, the government found that from at least 1999 through 2006, Deutsche Bank conducted more than...

A Step in the Right Direction for UK Whistleblowers: Financial Services Regulator Requires Whistleblowing Arrangements Be Beefed Up

Posted  10/9/15
By Richard Pike As we announced earlier this week, the UK’s Financial Conduct Authority (FCA) has imposed new rules to promote whistleblowing. This post discusses the new requirements and identifies some shortcomings. Readers outside the UK will need some background to put the new rules in context. The existing whistleblower regime in the UK does not go down the US route of providing financial rewards for...

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...
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