Legal / Fraud

Q1-Q3/13 Commercial Bankruptcy Filings Fall 23% Y/Y

The American Bankruptcy Institute said total commercial bankruptcy filings during the first nine months of 2013 decreased 23% from the same period in 2012. read more

Bloomberg: Citigroup Next Legal Target After JPMorgan

Bloomberg reported Citigroup is poised to be the next U.S. bank to attract legal and regulatory scrutiny as JPMorgan Chase looks to settle a host of probes, according to a Portales Partners analyst. read more

WSJ: J.P. Morgan Said to Offer U.S. $3B to Settle Cases

The Wall Street Journal reported that J.P. Morgan Chase and the Justice Department have expanded settlement talks to include multiple pending probes, with the bank offering to pay about $3 billion, according to people familiar with the discussions. read more

SEC Charges TD Bank, Former Exec for Roles in Ponzi Scheme

The SEC charged TD Bank and a former executive with violating securities laws in connection with a Ponzi scheme conducted by Scott Rothstein, who is now serving a 50-year prison sentence. read more

NCUA Sues Over LIBOR Manipulation

The National Credit Union Administration filed suit against 13 international banks, including JPMorgan Chase, alleging violations of federal and state anti-trust laws by manipulation of interest rates through the LIBOR system. read more

JPMorgan Reaches Settlements With Regulatory Bodies

JPMorgan Chase said it will pay approximately $920 million in total penalties to the SEC, the UK Financial Conduct Authority, the Federal Reserve and the OCC resulting from its "trading incident and its aftermath." read more

Ex-JPMorgan Traders Charged With Securities Fraud

Bloomberg reported that the two former JPMorgan traders who were named in a criminal complaint filed in August, were indicted and face up to 20 years in prison for securities fraud. read more

WSJ: J.P. Morgan 'Whale' Investigation Continues

The Wall Street Journal reported that although J.P. Morgan Chase is preparing to pay at least $800 million in "London whale" fines, the Commodity Futures Trading Commission is investigating whether the bank manipulated a market index tied to corporate bonds. read more

SEC Charges Miami Hospital Operator of Misleading Investors

The SEC said it charged the operator of the largest hospital in Miami-Dade County with misleading investors about the extent of its deteriorating financing condition prior to a $83 million bond offering. read more

Reuters: AMR Bankruptcy Plan Wins Court Approval

Reuters reported a U.S. bankruptcy judge granted AMR approval to emerge from bankruptcy, but implementation requires resolution of the U.S. government’s attempt to block its proposed merger with US Airways Group. read more

NJ Pair Indicted in $275MM Medical A/R Fraud

A federal grand jury indicted two NJ men on charges of conspiracy and wire fraud in connection with a scheme to defraud equity investors and asset-based lenders in medical accounts receivable of more than $275 million. read more

August Commercial Bankruptcy Filings Fall 24% Y/Y

Total commercial bankruptcy filings in the U.S. for August 2013 fell 24% from the same period in 2012, according to the American Bankruptcy Institute citing data provided by Epiq Systems. read more

WSJ: S&P Accuses U.S. of Suing to Avenge Ratings Drop

The Wall Street Journal reported that S&P escalated its legal battle with the U.S. Justice Department, accusing it of filing its $5 billion lawsuit against S&P in “retaliation” for the firm’s downgrade of America’s debt in 2011. read more

Equipment Finance Law Firm Marks & Associates Adds Attorney

Equipment leasing and finance law firm Marks & Associates, formerly Marks & Weinberg, said it has added Matthew D. Evans as a new associate. read more

Sydney Herald: Ex-Macquarie Leasing Manager Charged With Fraud

The Sydney Morning Herald reported that a former leasing manager at Macquarie Bank has been charged with defrauding the company of $1.2 million. read more

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Terry Mulreany
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