Legal / Fraud

CSG Adds Equipment Leasing Professional to Practice

Frank Peretore joined Chiesa Shahinian & Giantomasi PC (CSG) as a member concentrating in the representation of secured creditors and lessors in the equipment leasing and asset based lending industry. read more

Merrill Lynch to Pay $415MM for Misusing Customer Cash

The SEC said Merrill Lynch agreed to pay $415 million and admit wrongdoing to settle charges it misused customer cash to generate profits for the firm and failed to safeguard customer securities from the claims of its creditors. read more

Federal Judge Dismisses Suit Alleging JPMorgan Ignored Madoff’s Scheme

Bloomberg reported that a federal judge dismissed a suit filed by investors, which alleged that JPMorgan Chase ignored the warning signs of the Bernard Madoff Ponzi scheme. read more

Seven Banks to Pay $324MM in Rate Rigging Case

Bloomberg reported seven banks have agreed to pay $324 million to settle claims they conspired to rig an interest rate benchmark used in the derivatives market. read more

New York AG Sues Northern Leasing for Fraud, Deceptive Practices

New York Attorney General Eric T. Schneiderman filed a lawsuit against Northern Leasing Systems and several of its affiliated companies, as well as principal Jay Cohen, for fraudulent and deceptive practices that trap small business owners. read more


U.S. Sues to Block Halliburton-Baker Hughes Deal

The Department of Justice filed a civil antitrust lawsuit seeking to block Halliburton’s proposed acquisition of Baker Hughes, alleging the transaction threatens to eliminate competition, raise prices and reduce innovation in the oilfield services industry. read more

Investors Sue Signature Bank for $66MM Ponzi Scheme Connection

The New York Times reported that Signature Bank is being sued by a group of investors who accuse the bank of aiding a money manager in executing a Ponzi scheme that lost $66 million of investor money. read more

President of Office Equipment Leasing Company Pleads Guilty to Fraud

Michael Conway, the president of Choice Office Solutions, pleaded guilty to wire fraud in connection with a scheme to defraud an individual investor and DLL Solutions Partner (DLLFSP) of more than $3.5 million.  read more


Goldman Sachs Announces $5.1B Settlement in Mortgage Probe

Goldman Sachs said it agreed to settle a U.S. probe into its handling of mortgage-backed securities for about $5.1 billion, reducing Q4/15 earnings by approximately $1.5 billion after tax. read more

Caterpillar Found Guilty of Stealing Trade Secrets From UK-Based Supplier

The Wall Street Journal reported that Caterpillar was found guilty of stealing trade secrets from a UK-based supplier after an eight-week federal trial in Chicago. read more

J.P. Morgan to Pay $267 Million for Disclosure Failures

The SEC announced two J.P. Morgan wealth management subsidiaries have agreed to pay $267 million and admit wrongdoing to settle charges they failed to disclose conflicts of interest to clients. read more

WSJ: Federal Prosecutors Target RBS, J.P. Morgan Execs

According to the Wall Street Journal, federal prosecutors are pursuing criminal cases against executives of Royal Bank of Scotland and J.P. Morgan Chase for allegedly selling flawed mortgage securities. read more

Madoff Victims to Get $1.42B; $10.9B Recovered Thus Far

Reuters reported victims of Bernard Madoff’s Ponzi scheme can expect to receive $1.42 billion to help cover their losses. Reuters noted trustee Irving Picard has thus far recovered $10.9 billion of the $17.5 billion Madoff customers lost. read more

Former Regions Bank EVP Barred From Banking by Fed

On Monday, the Federal Reserve Board barred Thomas A. Neely Jr., the former executive vice president and business services credit executive of Regions Bank, from participating in the affairs of any insured depository institution. read more

Reuters: JPMorgan to Face ‘London Whale’ Class Action

Reuters reported JPMorgan Chase shareholders won court permission to pursue their secuuities fraud lawsuit against the bank of the “London Whale” trading scandal as a class action. read more

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Terry Mulreany
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