Legal / Fraud

Wells Fargo Pays Penalty in Burger King Insider Trading Case

The SEC announced that Wells Fargo Advisors has been charged with failing to maintain adequate controls to prevent one of its brokers from insider trading of Burger King shares based on nonpublic information. read more

Leasing Company Comptroller Sentenced for Stealing $4.9MM

According to the U.S. Attorney for the Western District of Missouri, David VanWinkle, former controller for Frontier Leasing, was sentenced in federal court for stealing more than $4.9 million. read more

Leasing Company Salesman Sentenced for Fraud Scheme

A sales person at MS-based Success Leasing was sentenced to federal prison after pleading guilty to wire fraud and money laundering. read more

SEC Charges Wilmington Trust with Disclosure Fraud

The SEC announced accounting and disclosure fraud charges against Wilmington Trust for failing to report the true volume of its loans at least 90 days past due. The bank has agreed to pay $18.5 million to settle the charges. read more

Willis Lease Finance Settles SEC Action on Late Filings

Willis Lease Finance announced that the SEC approved a settlement of an administrative proceeding alleging that in certain instances company executives failed to timely file reports regarding their stock ownership. read more

GE Capital, Petters Case Enters Discovery Phase

According to the Minneapolis Star Tribune, the bankruptcy trustee for two failed Florida hedge funds is about to enter the discovery phase in its legal battle with GE Capital over the Ponzi scheme operated by Tom Petters. read more

SEC Charges Former Bank SVP with Insider Trading

The SEC charged a former bank executive and his friend with insider trading in advance of the bank’s acquisition of another financial institution. read more

BofA to Pay Record $16.7B to Settle Mortgage Probes

Bank of America announced it agreed to pay about $16.7 billion to end federal and state probes into mortgage bond sales, the harshest penalty yet related to loans that fueled the 2008 financial crisis. read more

Ex-Rabobank Trader Pleads Guilty in Libor-Rigging Probe

Bloomberg reported that a former Rabobank senior trader pleaded guilty in New York to conspiring to manipulate a benchmark interest rate tied to trillions of dollars of securities to benefit his trading positions. read more

SEC Charges CEO, CFO with Sarbanes-Oxley Violation

The SEC charges the CEO and former CFO of a computer equipment company for improper accounting maneuvers that were performed to maximize the amount of money the company could borrow from its chief creditor. read more

SEC Charges Three Regions Execs with Fraud

The SEC announced fraud charges against three former senior managers of Regions Bank for intentionally misclassifying loans that should have been recorded as impaired for accounting purposes. read more

GE Capital to Pay $225MM to Credit Card Customers

The Consumer Financial Protection Bureau is ordering GE Capital Retail Bank, now known as Synchrony Bank, to provide $225 million in relief to consumers harmed by illegal and discriminatory credit card practices. read more

SunTrust Agrees to Pay for Mortgage Abuses

According to a Justice Department news release, SunTrust Banks has agreed to pay $968 million to resolve federal and state claims that it misrepresented the quality of mortgages the bank originated. read more

Bloomberg: FDIC Scrutinizes Risk of Banks Dodging Rules

Bloomberg reported the FDIC is examining whether the largest banks are shifting trades overseas in a way that may undermine rules designed to prevent a repeat of the 2008 crisis. read more

GE Capital Employee Found Not Liable in SunSource Case

Reuters reported that former GE Capital employee Thomas Strickland was found not liable, along with two others, in an insider trading scheme involving a takeover of industrial product supplier SunSource. read more

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Terry Mulreany
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