Legal / Fraud

WSJ: ‘Advance-Fee Loan Scheme’ Complaints on the Rise

According to a Wall Street Journal report, “advance-fee loan schemes,” as the swindle is known have been around for years, but government officials are saying they have been receiving more complaints about such crimes in recent years. read more

Class Action Suit Filed Against GE Capital

A law firm has filed a class action suit against GE Capital Retail Bank for allegedly violating the Telephone Consumer Protection Act by robo-calling consumers' cell phones. read more

Platzer Appoints Levine, Hahn Partners; Changes Firm Name

Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow made a series of announcements, including its name and location change and personnel updates. read more

BofA to Pay $6.3B to Settle FHFA Lawsuit

Bank of America will pay $6.3 billion to settle a lawsuit with FHFA to resolve all RMBS litigation involving $57.5 billion of securities. The bank will also repurchase certain RMBS that were sold to Fannie Mae and Freddie Mac for $3.2 billion. read more

Credit Suisse Reaches $885MM Mortgage Settlement

Credit Suisse announced it has settled pending claims related to the sale of $16.6 billion of RMBS to Fannie Mae and Freddie Mac in 2005 and 2007 and will pay $885 million to resolve two pending law suits filed by the FHFA against the bank. read more

Reuters: JPMorgan Whistleblower Gets $63.9MM in Mortgage Fraud

Reuters reported a whistleblower will be paid $63.9 million for providing tips that led to JPMorgan Chase's agreement to pay $614 million and tighten oversight to resolve charges it defrauded the government into insuring flawed home loans. read more

Dewey & LeBoeuf Chairman, Managers Indicted for Fraud

Manhattan District Attorney Cyrus R. Vance, Jr., announced the indictments of the former chairman, CFO, executive director and a client relations manager at bankrupt law firm Dewey & LeBoeuf, alleging the defendants defrauded and stole from the firm’s lenders, investors and others. read more

Creditors Get $23.8 million in Le-Nature's Settlement

The Pittsburgh Post-Gazette reported that U.S. bankruptcy judge approved a $23.8 million settlement between the trustee representing creditors of bankrupt Le-Nature’s and K&L Gates. read more

Two Executives Indicted in $190MM Equipment Finance Fraud

The U.S. Attorney’s Office for the Northern District of IL announced the owners of semiconductor wafer maker and a machine tool vendor were indicted for fraud for allegedly engaging in a scheme to obtain $190 million from banks and finance companies. read more

Frontier Leasing Comptroller Pleads Guilty to Fraud

The U.S. Attorney for the Western District of MO announced that David Van Winkle, former comptroller at Frontier Leasing, has pleaded guilty to stealing more than $4.9 million from his employer. read more

Reuters: Madoff Said JPMorgan Execs Knew of His Fraud

Reuters reported that according to a lawsuit filed in federal court, two senior officials at JPMorgan Chase repeatedly confronted Bernard Madoff over irregularities in his business, suggesting that the executives had “direct knowledge” of his Ponzi scheme. read more

Forbes: GE Sues for $658 Million Tax Refund

Forbes reported that General Electric has filed a suit seeking a $658 million federal tax refund in connection with the company’s 2003 sale of its ERC Life Reinsurance subsidiary. read more

Ex-BofA Exec Pleads Guilty in Muni Bond Rigging Case

Bloomberg reported that former Bank of America executive Phillip D. Murphy pleaded guilty to conspiring to defraud bond investors and the U.S. government through a bid-rigging scheme. read more

Former PNC Equipment Finance VP Charged With Bank Robbery

According to a post that appeared on the Fox19 website, former PNC Equipment Finance vice president, Scott Runge, was arrested for robbing a bank in Cincinnati, OH. read more

K&L Gates Facing $23.8MM Le-Nature’s Settlement

The Pittsburgh Post-Gazette reported that the trustee representing creditors of bankrupt Le-Nature’s is asking a federal judge to approve a proposed $23.8 million settlement with the law firm K&L Gates. read more

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Terry Mulreany
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