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

    … Another bank closed its doors today. Guaranty Bank, based in Glendale, Wisconsin, is no more. At precisely 5:00 pm, regulators closed the bank. With 119 branches in 5 states, only 12 will reopen in the morning. The rest are gone for good. Guaranty Bank’s woes began shortly after the real estate market crashed in 2008. Within a year of the crash…

    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- 13 readers -
  • Ponzi Scheme Operator Charged with Fraud

    …, was arrested and charged with securities fraud and bank fraud . From 2007 through 2012, Mr. Maldonado along with the help of others defrauded over a hundred individuals on behalf of BPRIC. Mr. Maldonado raised over $5 million from investors by soliciting individuals throughout Puerto Rico and the lower 48 states. According to the Department of Justice…

    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

    … up to $1.6 million for inside information about events that hurt the financial stability of banks. If ever there was an ideal moment in history for whistleblowers to come forward, now is that time. The U.S. government is grappling with terrorism, hackers and bank fraud and simply can’t keep up. By coming forward, whistleblowers are the new American…

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

    …. Short for the Financial Institutions Reform, Recovery and Enforcement Act, FIRREA is a law that allows the government to prosecute a wide array of bank misconduct. On the plus side, one need not show a loss to the government. Virtually any bank fraud may qualify. On the negative side, awards are capped at $1.6 million. (There is no cap on False…

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

    … in their work place. Until this morning, we never heard of a homeless whistleblower. This is America, however, and anyone can rise up and become a hero. We all work hard for what we make. Why should a few people feel they are above the law? Corruption not only rewards the guilty but the rest of us wind up footing the bill. Whistleblowers all…

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

    … Typically, when senior bank officials or board members act in their own self interest, shareholders have a right to file a lawsuit for the harm caused to the bank. These suits are called derivative actions. By enriching themselves, these folks hurt the bank and thus the shareholders who own the bank. Bank officers and board members have…

    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)

    …[Ed. Note: This post appeared on our sister site, Lender Liability Lawyer. Please visit our blog Banking Misconduct. We report on a variety of bank fraud topics, all from the plaintiff’s perspective, of course.] Earlier this week, I was called by a seminar promoter about an upcoming conference on whistleblowing and the False Claims Act…

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

    … [Ed. Note: This post appeared on our sister site, Lender Liability Lawyer. You can read more stories there about bank fraud and lender liability on our Banking Misconduct blog.] Currently we are litigating a bad faith, wrongful default claim against 8 banks. These are banks that wrongfully declared a default and thereafter squeezed a successful…

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

    … on Google +! This entry was posted on April 15, 2015, 1:28 am and is filed under Fraud Recovery. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed. …

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

    … prosecutor. In an interview with the news service, special prosecutor Olafur Hauksson claimed that no individual was too big to prosecute. “It is dangerous that someone is too big to investigate – it gives a sense there is a safe haven,” he said. The Icelandic response to bank fraud has been much different than in the United States. Many more bank…

    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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