Legal / Fraud

Fraud Perpetrator Not Responsible for Cost of GE Capital Investigation

The U.S. Supreme Court ruled petitioner Sergio Fernando Lagos, a convicted perpetrator of fraud against GE Capital, was not responsible to reimburse GE for its fraud investigation. read more

Yahoo to Pay $35MM for Failure to Disclose Cybersecurity Breach

The SEC announced the entity formerly known as Yahoo has agreed to pay a $35 million penalty to settle charges that it failed to disclose on the world’s largest data breaches. read more

SEC Charges Fintech Founder with Scheme to Defraud Investors

The SEC charged Michael Liberty, the founder of fintech startup now known as Mozido, with a scheme to trick hundreds of investors into investing in his shell companies instead of Mozido. read more

Smith, Gambrell & Russell Add Russell to Global Transport Practice

Jonathan Russell joined Smith, Gambrell & Russell’s Global Transport Practice in London. Russell specializes in the sale, purchase, financing, ownership and operation of corporate and private aircraft. read more

Former Equifax Executive Charged with Insider Trading

The SEC charged a former CIO of a U.S. business unit of Equifax with insider trading before the company announced a massive data breach that exposed the social security numbers of about 148 million U.S. customers. read more

NYSE to Pay $14 Million Penalty for Multiple Violations

The SEC charged the New York Stock Exchange and two affiliated exchanges with regulatory failures. In a settlement, the exchanges agreed to pay a $14 million penalty. read more

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

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