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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:

Page 23 of 23

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...

Party in the (Wall) Street?

Posted  06/5/14

By Jason Enzler

The Second Circuit Court of Appeals has overturned a decision that many had hailed as one of the first to really hold Wall Street accountable for its behavior in the years leading up to the Great Recession.  The opinion, issued yesterday, found that New York District Court Judge Jed Rakoff abused his discretion in rejecting a deal brokered between the Securities and Exchange Commission and Citigroup,...

What's Really Behind This Whole “Too Big To Jail” Thing – One Bold Judge Speaks His Mind

Posted  12/24/13
By the C|C Whistleblower Lawyer Team So why have no Wall Street executives gone to jail for their role in contributing to the Great Recession?  It is a question that just won’t quit.  And for good reason.  The billion dollar fines keep rolling in from one bank after another.  But the titans that run these institutions have not been called to answer for any of their company’s financial misdeeds.  One...

Banks Put Up Over $20 Billion in One Day to Settle Charges of Mortgage and Foreclosure Abuses, But is it Enough?

Posted  01/16/13
By Jason Enzler Last week, the Federal Reserve and the Comptroller of the Currency announced that ten banks have agreed to an $8.5 billion settlement to resolve allegations of foreclosure abuses.  The banks, which include Bank of America, JP Morgan Chase, Wells Fargo, and Citigroup, agreed to pay $3.3 billion directly to eligible borrowers and an additional $5.2 billion in other relief, such as loan...

Government Ups the Ante for Financial Fraud With Criminal Charges Against UBS for LIBOR Misdeeds

Posted  12/27/12
By Gordon Schnell It was just two weeks ago that the government slapped HSBC with a record $1.9 billion fine to settle charges of money laundering and dealing with terrorist states. As steep as the payment was, however, there seemed to be an overriding consensus that the government let the banking giant off easy by foregoing any criminal charges. To many, it was just the latest iteration of the...

Too Big to Prosecute? -- HSBC Pays Record Fine for "Aiding and Abetting Drug Lords and Terrorists" But Dodges Criminal Sanctions

Posted  12/17/12
By Gordon Schnell The London-based mega-bank HSBC agreed last week to pay $1.9 billion to settle government charges that it violated the Bank Secrecy Act for facilitating money laundering by some of the world's nastiest drug cartels.  The charges also included alleged violations of the Trading with the Enemy Act for the bank's improper dealings with a number of countries subject to international sanctions.  Click...
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