Legal / Fraud

U.S. Bank, Bank of America Win Dismissal of Mortgage Suits

Bloomberg reported that a U.S. district judge dismissed three suits alleging breaches over mortgage-backed securities by U.S. Bank and Bank of America. read more

SunTrust Escapes Unscathed in American Eagle Bankruptcy

American Eagle Energy filed Chapter 11 after deferring a bond payment that was due on 3/1/15. AEE noted that SunTrust, which had provided $35 million of borrowing capacity, walked away after making a timely borrowing capacity redetermination. read more

SEC Charges Former Officers of Wilmington Trust with Fraud

The SEC filed fraud charges against four officers of Wilmington Trust for intentionally understating past due bank loans during the financial crisis. read more

Commercial Chapter 11 Bankruptcies Drop 41% in April

Total commercial Chapter 11 filings dipped 41% to 405 filings in April 2015 from the 689 commercial Chapter 11 filings registered in April 2014, according to data provided by Epiq Systems. read more

Q1/15 Commercial Bankruptcy Filings Down 19%

Total commercial filings for Q1/15 were 7,392, representing a 19% decrease from the 9,135 filings during the same period in 2014. read more

Orix Chief Exec Charged with Paying Corrupt Commissions

Australian newspaper, The Age, reported that the chief executive of fleet-management company Orix has been charged with paying corrupt commissions to an employee of Coca-Cola Amatil. read more

Commerzbank Pays to Resolve Olympus Probe

Reuters reported that Commerzbank AG agreed to pay U.S. authorities for not complying with U.S. anti-money laundering laws in a case that included allowing more than $1.6 billion in transactions connected to the Olympus fraud. read more

AlixPartners: Energy, Retail May Face Distress in 2015

An AlixPartners survey points to an increase in Chapter 11 business filings. Experts say energy resources and retail are U.S. industries most likely to face distress in 2015. read more

Heavy Equipment Dealer Found Guilty of Bank Fraud

The owner of a Fayetteville, AR-based heavy equipment company was found guilty on two counts of bank fraud for pocketing money received from floor plan financing with Bank of the Ozarks, First Security Bank, Wells Fargo Equipment Finance and GE Commercial Distribution Finance. read more

ABI: February Chapter 11 Filings Down 25%

The American Bankruptcy Institute said total commercial chapter 11 filings were down 25% as February 2015’s chapter 11 filings decreased to 363 from February 2014’s 484 filings. read more

SEC Settles Charges with Banker Over Olympus Accounting Fraud

The Securities and Exchange Commission announced that Hajime Sagawa settled civil charges for his role in a major accounting fraud cover-up at Olympus. read more

Ex-Bank of America SVP Admits to $6.4MM Fraud

The Federal Bureau of Investigation announced that a former senior vice president at Bank of America pleaded guilty to misapplication of bank funds in a scheme that led to more than $6.4 million in losses to BOA. read more

Unintended Consequence – Inside Look at JPMorgan’s Costly Mistake

Recently, we reported that JPMorgan Chase lost a court battle with General Motors’ predecessor’s creditors over a $1.5 billion term loan as a result of human error. In an exclusive “story behind the story,” ABF Journal contributor Jeffrey A. Wurst provides his take on the case. read more

Warren Capital Attorneys Bill $577,000 in Expenses

Attorneys in the Warren Capital case, involving deceased owner Warren Clayton Stephens’ alleged Ponzi scheme in which he purportedly secured corporate promissory notes with interest rates averaging about 9% to investors in Warren Equipment Finance, recently billed nearly $577,000 for fees according to North Bay Business Journal. read more

Man Posing as Exec Indicted in $2.3MM Fraud

According to the U.S. Attorney’s office in FL, a man posing as an executive of a number of companies has been indicted and charged with fraud against Wells Fargo, CIT Group and Key Bank. read more

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Terry Mulreany
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