Legal / Fraud

Former JPMorgan Senior Loan Officer Pleads Guilty to Mortgage Fraud

Former senior loan officer at JPMorgan Chase pleaded guilty to charges of conspiracy to commit fraud for his role in a massive mortgage scheme that cost the bank more than $33 million. read more

Barclays Capital to Pay $97MM for Overcharging Clients

The SEC announced an enforcement action requiring Barclays Capital to refund advisory fees or sales charges to clients who were overcharged. read more

Former Regions Equipment Finance Exec Pleads Guilty

The U.S. Attorney’s office in Birmingham, AL announced former senior vice president at Regions Equipment Finance pleaded guilty to conspiracy charges in a $5 million bribery and wire fraud scheme. read more

Marks & Associates Opens Atlanta Office, Adds Shareholder

Marks & Associates opened a new office in downtown Atlanta and added Ian J. Platt as a shareholder. read more

Judge: Plaintiff’s Allegations Against Ascentium “Woefully Deficient”

In an order entered in a class action case filed by doctors alleging Ascentium Capital was involved in a Ponzi scheme, the court said the plaintiffs’ allegations were “woefully deficient” for failing to state claims for relief upon which relief can be granted against Ascentium. read more

Plaintiffs Seek Relief as “Guarantors” of Ascentium Payment Agreements

Several parties are seeking relief from any legal liability for obligations relating to a Ponzi scheme allegedly perpetrated by America’s MHT, Scott Postle, Ascentium Capital and Cliff McKenzie. read more

Greene Named New NAELB Legal Counsel

Kenneth C. Greene will serve as legal counsel of The National Association of Equipment Leasing Brokers following the departure of Joseph Bonanno. read more

Banc of America Leasing Files to Collect on Machine Tool Equipment

Banc of America Leasing & Capital has filed a complaint against Breakwater Advanced Manufacturing alleging the borrower and guarantors failed to perform on their contractual obligations. read more

Texas’ Definition of COGS Does Not Include All Costs of Renting Equipment

The Texas Third Court of Appeals found that the franchise tax deduction for cost of goods sold does not include costs associated with the transportation of rental equipment to lessees. read more

Regions Provides Financing to Support Forbes Energy Reorganization

Forbes Energy Services has filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas-Corpus Christi Division pursuant to the terms of the previously disclosed Restructuring Support Agreement. read more

Justice Department Settles $864MM Case Against Moody’s

The Justice Department, 21 states and the District of Columbia reached a $864 million settlement agreement with Moody’s arising from conduct in the lead up to the financial crisis. read more

President of Office Equipment Leasing Company Gets Four-Year Sentence

A U.S. district judge sentenced Michael Conway to four years in prison after the former Choice Office Solutions president pleaded guilty to a fraud scheme which cost DLL and an individual investor $4.5 million. read more

Citi Global Markets to Return $22.5MM in Fees to 47,000 Customers

A four-year investigation by New York Attorney General Eric T. Schneiderman revealed Citigroup overcharged more than 47,000 of its customers more than $22.5 million in fees. Citi has agreed to return the customer fees and pay a $1 million penalty to the state. read more

FDIC Sues Bank of America for $542 Million

Bloomberg reported that Bank of America is being sued for $542 million by the FDIC for deposit insurance that the bank “refuses to pay.” read more

Caterpillar Dealer Employee Pleads Guilty of Embezzling $4.8MM

U.S. attorney Phillip A. Talbert announced that Kevin Lee Co pleaded guilty to wire fraud and money laundering for embezzling $4.8 million from his employer, California-based Caterpillar dealer Holt of California. read more

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Terry Mulreany
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