Tag: BankingLaw
Former Woodbridge Group CEO Gets 25 Years in $1.3-Billion Fraud
News
Shapiro lured investors with promises of returns as high as 10 percent from investments in loans to property developers.
3 JPMorgan Traders Accused of Rigging Futures Trades for Nearly a Decade
News
The charges outlined in the criminal indictments were the latest turn in a years-long investigation that has previously yielded guilty pleas from traders at several banks.
Former Bank GC Indefinitely Suspended Following Fraud Guilty Plea
News
Gregory Joseph St. Angelo had pleaded guilty to a federal charge of conspiracy to commit bank fraud after the former general counsel reached a plea agreement with the U.S. Attorney’s Office.
Trump Appeals Ruling Clearing Way for Release of His Banking Records
News
The judge’s decision cleared the way for Deutsche Bank, the president’s biggest creditor, and Capital One to hand over years of financial records from Trump.
Technology Service Provider Contracts with Banks
Insight
The FDIC suggested that undefined and unclear contract terms in these areas contribute to uncertainty around bank rights and vendor responsibilities.
UBS Lawyers Played Hardball With French Enforcers, Failed Spectacularly
News
The bank has been ordered to pay more than $5 billion in the tax-evasion case — matching what was sought by prosecutors.
Justice Department Charges 4 Over Panama Papers Tax Schemes
News
Those charged include a former investment manager, a former U.S. resident, an American accountant and a Panamanian lawyer, reports The Washington Post.
Dallas Cryptocurrency CEO Faces Charges of Scamming Investors Out of $4 Million
News
Jared Rice Sr.’s arrest followed his indictment on three counts each of securities fraud and wire fraud, according to The Dallas Morning News.
Best Practices in Commercial Real Estate: Commitment Letter
Insight
While a commitment letter in the real estate lending process fleshes out any issues or misunderstandings between the parties prior to the preparation of the ultimate loan documents, it is important to be aware of some potential pitfalls and issues that it can present.
Ex-JPMorgan Trader Pleads Guilty in Six-Year Spoofing Plot
News
A former precious-metals trader said to have worked at JPMorgan Chase & Co. admitted he engaged in a six-year spoofing scheme that defrauded investors in futures contracts with the help of his colleagues and bosses, Bloomberg Law reports.
Forex-Rigging Settlements Yield $300M for Class Counsel
News
The settlement is the third largest antitrust class action settlement in history, according to plaintiffs.
HSBC to Pay $765 Million in Settlement Over Pre-Crisis Mortgage Bonds
News
Housing Wire is reporting that HSBC will pay $765 million to the federal government as part of a settlement that covers the bank’s mortgage bond activities in the run-up to the housing crisis.
SEC Says Biotech Billionaire CEO Took Part in Pump-and-Dump Schemes
News
In a lawsuit filed in federal court in New York, the SEC alleged OPKO Health chairman and CEO Phillip Frost took part in three pump-and-dump schemes between 2013 and 2018, according to MedCity News.
JPMorgan Chase Will Pay $24 Million to End Lawsuit From Black Advisers
News
The company will also put $4.5 million into a fund that will back recruitment, bias training, a review of branch assignments and a coaching program for black advisers.
Judge Rejects Ex-Bank Executives’ Bids for Acquittals, New Trials
News
Judge Richard Andrews refused to enter judgments of acquittal or set new trials for the former Wilmington Trust executives.
Requiring Buyers to Buy Service Contracts? Read This.
Insight
When a dealer requires a service contract in financing transactions, but not in similar cash transactions, the charge for the service contract must be treated as a finance charge, according to a Hudson Cook post.
Seventh Circuit Hands Win to Merchants in Data Breach Case
Insight
Data breaches inflict additional costs on financial institutions, leading those institutions to turn to litigation to recoup their losses from merchants, writes Ehren M. Fournier in a post on the website of Schoenberg Finkel Newman & Rosenberg LLC.
BofA’s Merrill Admits Misleading Customers, to Pay $42 Million SEC Fine
News
The SEC said Merrill falsely told customers that more than 15.8 million orders worth over $141 billion had occurred in-house, reports Reuters.
Citigroup Agrees to Pay Fine Over State Libor Probes
News
The accord is the latest development in probes by governments around the globe into manipulation of benchmark interest rates, reports Bloomberg.
Wells Fargo Not the Only Bank to Have Created Unauthorized Accounts – But Regulator Won’t Identify Others
News
The Office of the Comptroller of the Currency found “bank-specific instances of accounts being opened without proof of customer consent” as part of a review of more than 40 banks, reports the Los Angeles Times.
