Legal / Fraud

SEC Charges Citigroup for Dark Pool Misrepresentations

The Securities and Exchange Commission entered an order finding that Citigroup Global Markets misled users of a dark pool operated by one of its affiliates. read more

SEP 17, 2018 - 7:20 am

SEC Charges 1 Global Capital, Former CEO with Defrauding Investors

The SEC announced charges against 1 Global Capital and its former CEO for allegedly defrauding at least 3,400 retail investors. read more

AUG 30, 2018 - 7:05 am

SEC Charges Moody’s With Control Failures, Ratings Deficiencies

The Securities and Exchange Commission announced Moody’s Investors Service agreed to pay a total of $16.25 million in penalties to settle charges involving internal control failures and failing to clearly define and consistently apply credit rating symbols. This marks the first time the SEC has filed an enforcement action involving rating symbol deficiencies. read more

AUG 29, 2018 - 7:00 am

Morgan Lewis Expands Structured Transactions Practice with New Partners

Morgan Lewis expanded its structured transactions capabilities with the addition of partners Jeff Weinstein and Partrick Lample in Chicago. read more

AUG 28, 2018 - 6:35 am

NY Supreme Court Denies Capital One EF Motion to Collect $33.7MM Medallion Loans

The New York Supreme Court denied Capital One Equipment Finance’s motion to recover payment on 22 taxi-medallion loans totaling $33.7 million, for lack of time in discovery in consideration of the issues that have been raised regarding the accuracy and reliability of the loan summaries and payment histories. read more

AUG 27, 2018 - 7:30 am

Citigroup to Pay $10MM+ for Records Violations and Inadequate Controls

The SEC announced Citigroup agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls and trader supervision. read more

AUG 17, 2018 - 6:22 am

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

JUL 6, 2018 - 7:20 am

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

JUN 26, 2018 - 7:23 am

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

JUN 18, 2018 - 7:14 am

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

JUN 13, 2018 - 7:06 am

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

JUN 13, 2018 - 6:36 am

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

JUN 13, 2018 - 6:32 am

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

JUN 1, 2018 - 7:19 am

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

APR 30, 2018 - 8:01 am

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

APR 3, 2018 - 6:30 am