Legal / Fraud

Dallas Court Upholds $96.2MM Judgment Following BBVA Fraud Verdict

A Dallas judge entered a $96.2 million judgment against BBVA Compass Bank in a ruling that upholds the verdict against the bank for fraud during loan renewal and modification negotiations with a developer. read more

Wells Fargo Settles Charges for Improper Sales of MLIs

The SEC announced Wells Fargo Advisors agreed to settle charges of misconduct in the sale of financial products known as market-linked investments to retail investors. read more

Wells Fargo: Court Approves Class-Action Lawsuit Settlement

Wells Fargo said the class-action lawsuit settlement concerning improper retail sales practices received final approval in an order from the U.S. District Court for the Northern District of California. read more

Dynus Corp. Founder Files Lawsuit Against Fifth Third, PNC

The Cincinnati Enquirer reported that Orlando Carter, the founder of Dynus Corp., filed a lawsuit for $500 million in damages against Fifth Third Bank and PNC Bank, along with politicians of Butler County, OH and John Boehner. read more

SEC Files Compliant Against Failing Equipment Leasing Company

The SEC filed a complaint against Ralph T. Iannelli and his leasing company, Essex Capital, for making false and misleading statements to induce investors to buy promissory notes carrying high interest rates. read more

SEC Charges Merrill Lynch for Failure to Supervise RMBS Traders

The SEC announced Merrill Lynch will pay more than $15 million to settle charges that tis employees misled customers into overpaying for Residential Mortgage Backed Securities. read more

Fraud Perpetrator Not Responsible for Cost of GE Capital Investigation

The U.S. Supreme Court ruled petitioner Sergio Fernando Lagos, a convicted perpetrator of fraud against GE Capital, was not responsible to reimburse GE for its fraud investigation. read more

Yahoo to Pay $35MM for Failure to Disclose Cybersecurity Breach

The SEC announced the entity formerly known as Yahoo has agreed to pay a $35 million penalty to settle charges that it failed to disclose on the world’s largest data breaches. read more

SEC Charges Fintech Founder with Scheme to Defraud Investors

The SEC charged Michael Liberty, the founder of fintech startup now known as Mozido, with a scheme to trick hundreds of investors into investing in his shell companies instead of Mozido. read more

Smith, Gambrell & Russell Add Russell to Global Transport Practice

Jonathan Russell joined Smith, Gambrell & Russell’s Global Transport Practice in London. Russell specializes in the sale, purchase, financing, ownership and operation of corporate and private aircraft. read more

Former Equifax Executive Charged with Insider Trading

The SEC charged a former CIO of a U.S. business unit of Equifax with insider trading before the company announced a massive data breach that exposed the social security numbers of about 148 million U.S. customers. read more

NYSE to Pay $14 Million Penalty for Multiple Violations

The SEC charged the New York Stock Exchange and two affiliated exchanges with regulatory failures. In a settlement, the exchanges agreed to pay a $14 million penalty. read more

SEC Institutes Enforcement Action Against Deutsche Bank Securities

The SEC instituted an enforcement action against Deutsche Bank Securities for making false and misleading statements while negotiating sales of CMBS. The bank has agreed to pay more than $3.7 million to customers, which includes $1.48 million that was ordered as disgorgement. read more

Rabobank Agrees to Pay $368MM+ in Anti-Money Laundering Case

Rabobank pleaded guilty to a felony conspiracy charge for impairing, impeding and obstructing the OCC by concealing deficiencies in its anti-money laundering program. read more

Six CPAs Charged With Scheme to Improve Inspection Results for KPMG

The SEC charged six CPAs with using leaked confidential Public Company Accounting Oversight Board data in scheme to improve inspection results for KPMG. read more

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