Legal / Fraud

SEC Institutes Enforcement Action Against Deutsche Bank Securities

The SEC instituted an enforcement action against Deutsche Bank Securities for making false and misleading statements while negotiating sales of CMBS. The bank has agreed to pay more than $3.7 million to customers, which includes $1.48 million that was ordered as disgorgement. read more

Rabobank Agrees to Pay $368MM+ in Anti-Money Laundering Case

Rabobank pleaded guilty to a felony conspiracy charge for impairing, impeding and obstructing the OCC by concealing deficiencies in its anti-money laundering program. read more

Six CPAs Charged With Scheme to Improve Inspection Results for KPMG

The SEC charged six CPAs with using leaked confidential Public Company Accounting Oversight Board data in scheme to improve inspection results for KPMG. read more

CIT Pays $29.9MM to Settle Mortgage Servicing Rights Case

CIT agreed to a settlement of $29.9 million to resolve claims that it failed to meet its contractual obligations to indemnify Ocwen Loan Servicing for losses allegedly suffered from mortgage servicing errors. read more

Wells Fargo Advisors to Pay $3.5MM to Settle SAR Violations

According to a SEC filing, Wells Fargo Advisors was censured and agreed to pay $3.5 million to settle allegations it failed to file suspicious activity reports for transactions suspected to be linked to money laundering. read more

Mining Company Rio Tinto, Former Top Executives Charged with Fraud

The SEC charged mining company Rio Tinto and two former top executives with fraud for inflating the value of coal assets acquired for $3.7 billion and sold a few years later for $50 million. read more

Federal Judge Rules Lawsuit Necessary for Wells Fargo Execs Over Fake Accounts

A federal judge ruled that a shareholder lawsuit will be necessary against Wells Fargo CEO Tim Sloan and other executives of the company in connection with a fake account opening scandal. read more

Vedder Price Expands Global Transportation Finance Practice

Attorney Dylan Potter joined Vedder Price as a partner in its Global Transportation Finance group at the firm’s London office. read more

Class Action Suit Filed Against Xerox for Excessive Leasing Fees

According to a class action complaint, a former customer of Xerox has filed a class action complaint seeking monetary damages and declaratory and injunctive relief arising from Xerox’s assessment of excessive fees for printing services, equipment and supplies. read more

Beneficial EF Files Suit to Collect on Delinquent Leases

According to the Pennsylvania Record, Beneficial Equipment Finance has filed a suit in Philadelphia County to collect more than $50,000 on two leases that have been default since late 2015. read more

BB&T Commercial Equipment Capital Seeks to Recover on Delinquent Loan

BB&T Commercial Equipment Capital filed a complaint alleging that Happy Clam Holdings has defaulted on an equipment related loan and is seeking judgement to recover $251K plus interest and late charges. read more

HSBC, UBS Settle U.S. Rate Rigging Litigation

Reuters reported that HSBC Holdings and UBS Group have each agreed to pay $14 million to settle private U.S. litigation accusing them of rigging an interest rate bench mark. read more

NJ Court Vacates $1.4MM in Attorney Fees in Equipment Lease Dispute

Law360 reported that a New Jersey appeals court ruled to throw out a fee award of more than $1.4 million in attorney’s fees to the counsel of Tangible Secured Funding in an equipment lease dispute. read more

Fed Permanently Bars Former Regions’ Employees from Banking Industry

The Federal Reserve Board has permanently barred Richard Henderson and Philip Cooper, former employees of Regions Equipment Finance, from the banking industry. read more

Former GE Capital Lawyer Silva Joins DLA Piper as Partner

DLA Piper announced Michael Silva has joined the firm’s Government Affairs practice in New York. Previously with GE Capital, Silva led a global staff of 700 in overseeing compliance and regulatory activities. read more

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Terry Mulreany
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