Legal / Fraud

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

JPMorgan Chase Paying $264MM to Settle FCPA Charges

JPMorgan Chase agreed to pay more than $130 million to settle charges that it won business from clients and corruptly influenced government officials in violation of the Foreign Corrupt Practices Act. read more

Erickson Files Chapter 11, Expects to File Reorganization Plan

Erickson and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division. read more

Priority Capital Leasing Sued for Breach of Contract

An independent broker in Pennsylvania filed a complaint in the U.S. District Court for Eastern Pennsylvania against Priority Capital Leasing for breach of contract. read more

Terex Financial Sues Recycling Company for Non-Payment

According to court records, Terex Financial Services is seeking more than $1.2 million in damages from a California-based recycling company for nonpayment under a master lease agreement. read more

Wells Fargo Pays $185MM in Fines for Allegedly Opening Unauthorized Accounts

The Consumer Financial Protection Bureau fined Wells Fargo $100 million for the illegal practice of secretly opening unauthorized accounts. The CFPB said the bank would also pay additional penalties of $35 million and $50 million to the OCC and the City of Los Angeles, respectively.    read more

Cat Dealer Sues Employee for Alleged Misconduct

According to the Cook County Record, an Elmerst, IL-based Caterpillar dealer sued a former employee for offering promotional deals to customers to increase his year-end bonus. read more

Peoples United Equipment Finance Sues to Collect Unpaid Debt

According to a filing, People’s United Equipment Finance filed a lawsuit against AJ’s Truck Service alleging breach of contract and unpaid debt. read more

Wintrust Commercial Finance Adds Hsu to Legal Department

Erik Weiting Hsu joined the legal department of Wintrust Commercial Finance. Hsu was formerly of counsel at Winstead PC. read more

U.S. Bank Equipment Finance Files Motion to Stop Hospital Sale

U.S. Bank Equipment Finance filed an objection to a proposal by a hospital group to acquire a bankrupt community hospital which is in default of a medical equipment financing. read more

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