Bank Fraud

Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many instances, bank fraud is a criminal offence. While the specific elements of particular banking fraud laws vary between jurisdictions, the term bank fraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bank fraud is sometimes considered a white-collar crime.
Posts about Bank Fraud
  • Guaranty Bank – FDIC Closure and Whistleblower Post

    … by mail and electronic funds transfers. The real victims of the FDIC closure of Guaranty Bank (called Best Bank in Georgia and Michigan) are the bank’s hundreds of dedicated employees. At 4:00 pm today, most were thinking about the weekend, now hundreds are suddenly scrambling for jobs. Why did Guaranty go under? The easy answer is to simply blame…

    Due Diligence- 34 readers -
  • NY Pension “Pay to Play” Scheme Examined (FCPA Post)

    … on December 15th for his role in the alleged scheme. The charges he pled to include: conspiracy to commit securities fraud; securities fraud; conspiracy to commit honest services wire fraud; honest services wire fraud; bank fraud; and conspiracy to obstruct justice in the SEC investigation. It appears that he is cooperating in the case against Kang…

    Due Diligence- 14 readers -
  • Ponzi Scheme Operator Charged with Fraud

    … Ponzi Scheme Operator Charged with Fraud Posted on Wednesday, November 23, 2016 at 9:33 AM From the Desk of Jim Eccleston at Eccleston Law LLC: Carlos Maldonado, owner of Business Planning Resources International Corporation (BPRIC), and associated under the incorporation documents with Pet Card Systems, Inc., and Datavos Corporation…

    Eccleston Law Offices- 13 readers -
  • Draining the Swamp – Big Biz and Lobbyists (Whistleblower Post)

    … drain the swamp but in the right case we can make the swamp too dangerous for those who put greed and power over the needs of the community. Interested in doing your part to drain the swamp? Have information about bank fraud or fraud involving government programs or funds? Call us. In the last five years our clients have received over $100 million…

    Due Diligence- 12 readers -
  • Bank of America Accused of Gouging Ex Inmates – FIRREA SEC Post

    … Fargo execs wondering why they didn’t think of this scam first!) FIRREA, SEC Whistleblower Programs Bank employees, compliance officers and even bank executives are coming forward in record numbers to report fraud and help put a stop to bank misconduct and greed. For years, banks were able to muzzle their employees. No more. Whistleblower anti…

    Due Diligence- 13 readers -
  • DOJ, Banking Whistleblower Awards for Cybersecurity

    … DOJ, Banking Whistleblower Awards for Cybersecurity September 13, 2016 by Brian Mahany Just a few hours ago I landed in Washington DC’s Reagan National Airport. I was struck by a billboard inside the terminal… it said, cybersecurity is no longer an IT concern, it is a CEO concern. That’s certainly true. Companies have lost billions…

    Due Diligence- 15 readers -
  • What’s a Billion Dollars? (Whistleblower Post)

    … Claims Act whistleblower awards). When reading about these never ending huge banking fines, think of this; despite these huge multi-billion dollar fines, most of the CEO’s of these “too big to fail, too big to jail” monster banks keep getting raises. Brian Moynihan, CEO of Bank of America just received a 23% increase in compensation ($16 million…

    Due Diligence- 34 readers -
  • Homeless Whistleblower Gets $140,000!

    … and in the case of certain types of Medicare fraud, often do save lives. Whistleblower Awards and the Federal False Claims Act Whistleblowers who report financial crime against the government or government programs can earn up to 30% of what the government collects from wrongdoers. There are similar programs for reporting bank fraud, securities fraud…

    Due Diligence- 23 readers -
  • Bank Board Misconduct Can Pay Whistleblower Dividends

    … a fiduciary duty to the bank and its shareholders. Unless regulators or shareholders get wind of the misconduct, there is little standing in the way of the wrongdoers. Honest bank employees have little to gain by coming forward and sticking out their necks against their bosses. That’s not quite true. Bank Whistleblower Awards – FIRREA An often overlooked…

    Due Diligence- 22 readers -
  • Bank Settles SEC Accounting Fraud Charge

    … Los Alamos Bank Settles SEC Accounting Fraud Charges When you or I apply for a loan, the bank expects an honest and complete loan application. Lie about your income or assets and it’s possible that you can be charged criminally with bank fraud. What happens when the banks lie? Trinity National Corp and its subsidiary, Los Alamos Bank, answered…

    Due Diligence- 31 readers -
  • Banks… Victims or Pariahs? (Bank Fraud Post)

    … community (whistleblowers too). Americans have suffered from Wall Street’s greed and excesses too long. Most lender liability lawyers come from big firms. That means a decided pro bank bias and ridiculous fees. As a group of boutique law firms we can offer experience, understanding and reasonable fees. Often we can offer alternative fee arrangements…

    Due Diligence- 13 readers -
  • Lender Liability Archives – Jury Tags Bank for $17 Million

    … with a similar case. How they reacted to a local bank that falsely setoff funds from an otherwise solvent customer is a story worth repeating. Kelly Logging Inc. was a family run logging business in Montana. Started in the 1950’s, it once was one of Montana’s largest loggers and employed 50 people. Having lived in the Maine woods for years, I know that tree…

    Due Diligence- 14 readers -
  • More Storm Clouds in the Banking World

    … predict when. Unfortunately, we believe the big banks such as Bank of America, Citi, Wells Fargo and Chase will once again be looking for a handout. Part of the problem is the corporate culture that fosters cutting corners and committing fraud. After a few years of true progress, banking fraud has returned and now operates at the same pace it did…

    Due Diligence- 14 readers -
  • Iceland’s Response to Bank Fraud – A Lesson for the U.S.?

    … the entire global banking mess as did the United States. In Iceland, many senior bank officers are headed to prison. Reuters reports that Iceland’s Supreme Court upheld the convictions of four senior executives of one of Iceland’s largest banks, Kaupthing Bank. The four included the bank’s former CEO and chairman. Can you imagine the headlines…

    Due Diligence- 13 readers -
  • Small Time Bank, Big Time Fraud (Whistleblower Post)

    … Last month the U.S. Department of Justice charged Gary Patton Hall with 6 counts of bank fraud and one count of defrauding the United States. Until its failure in late 2010, Hall was the CEO of Georgia based Tifton Banking Co. State officials shut down the bank in November of that year after it became insolvent. Just before it closed its doors…

    Due Diligence- 14 readers -
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