Legal / Fraud

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

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

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.