Bank - Page 5

  • The Last Post Crisis Deal? Probably Not – Credit Suisse Whistleblower Post

    … The headline in Banking360 this morning was “Credit Suisse Pays $5.3B In Possible Last Post-Crisis Deal.” Is this the last “post crisis” deal? Heck no! That would imply that banks and mortgage lenders learned their lesson. By their very nature, financial institutions are in business to make money. They need to turn a profit. Higher profits means…

    Due Diligence- 18 readers -
  • USFS Settles Crisis Era False Claims Act Mortgage Fraud Case

    … The financial crisis of 2007 and 2008 occurred almost a decade ago. The fall out, however, continues. Many people lost their homes. Americans were asked to pony up hundreds of billions of dollars to bail out the banks. In the following years, whistleblowers and prosecutors worked hard to go after the banks that caused the mess. Most of the cases…

    Due Diligence- 19 readers -
  • Wells Fargo, PNC Hit with Huge Fines for Cybersecurity Lapses

    … major banks, PNC Capital Markets ($500,000) and Wells Fargo ($5.5 million). The SEC and FINRA police securities brokerage firms. Both agencies have made cybersecurity a regulatory priority. On December 21st, FINRA announced fines against several major brokerage firms including four firms associated with two major banks. PNC Capital Markets…

    Due Diligence- 23 readers -
  • Platinum Partners Hedge Fund Ponzi – Where Are the Banks?

    … is responsible? Our guess is the banks. In most large Ponzi schemes there are one or more banks who aided and abetted the fraud by turning a blind eye to multiple clues of wrongdoing. We don’t suggest that the banks actually stole investor money but if they violated reporting requirements under the Bank Secrecy Act or turned a blind eye to suspicious…

    Due Diligence- 9 readers -
  • Does Universal Health Services Kidnap Patients?

    …, the bank initially blamed its front line employees. Suddenly, over 500 tellers, branch managers and relationship managers were terminated. Instead of accepting responsibility, senior management tried to blame the workers. While we don’t believe that former Wells Fargo CEO John Stumpf ordered thousands of workers to commit crimes, he created…

    Due Diligence- 12 readers -
  • Cyberhacking Update – IBM Says Banks Won’t Discuss Details

    … Cyberhacking Update – IBM Says Banks Won’t Discuss Details December 14, 2016 by Brian Mahany It’s hard to fight an enemy you can’t see. Cyberhacking is often carried out by computer geniuses operating halfway across the world. They operate in the darknet and collaborate in chatrooms. Often they compromise other people’s computers so…

    Due Diligence- 10 readers -
  • Think Glink

    … lots of inside information. He was first employed by Allied in 1998 and he was a very successful branch manager. He built branches in Massachusetts, Rhode Island, Missouri, West Virginia and Arizona – and was one of their largest producers in the company. HUD passed a regulation in 2000 that said lenders – banks or nonbank lenders like Allied…

    Due Diligence- 35 readers -
  • Wells Fargo Hits a New Low (Bank Whistleblower Post)

    … that he said “gouged” consumers. May 2011 The Financial Industry Regulatory Authority (FINRA) fined Wells Fargo for not sending disclosure documents to mutual fund customers and for delays in reporting complaints involving their brokerage employees. May 2011 Wells paid a $16 million fine for violating the Americans with Disabilities Act…

    Due Diligence- 38 readers -
  • Ex-Wells Fargo Adviser Receives 2-Year Suspension

    … Ex-Wells Fargo Adviser Receives 2-Year Suspension Posted on Friday, December 9, 2016 at 10:28 AM From the Desk of Jim Eccleston at Eccleston Law LLC: FINRA has charged a former Wells Fargo adviser named Jack Donnarumma from White Plains, New York, with allegedly misrepresenting himself as a Wells Fargo personal banker and bank officer when…

    Eccleston Law Offices- 18 readers -
  • Allied and Jim Hodge… What Next?

    … The trial is over. On November 29th, a federal trial jury in Houston found in favor of the government on all counts. The jury awarded the government $7,370,132 against Allied CEO Jim Hodge and a whopping $92 million against Allied. Under the False Claims Act, the court must triple those sums. Since we filed this case in early 2011, we constantly…

    Due Diligence- 13 readers -
  • Many Bankers Eligible for Overtime Pay (FLSA Post)

    … There have been several large overtime pay collective action cases in recent years involving bankers. Ever since Wells Fargo management decided to fire 5,500 bankers who were allegedly involved in the unauthorized new account scandal, our phones have been ringing steadily with call from unhappy bank employees. As a group, individual bankers…

    Due Diligence- 13 readers -
  • Embezzlement: Texas Laws, Definitions, and Defenses

    … Texas Embezzlement Laws Financial crimes in Texas are a unique category of illegal offenses. While many actions are criminalized because they threaten the public safely or physically endanger other people, financial crimes are violations that threaten the economic security of others. Financial crimes can occur in a variety of settings, from…

    Matthew Sharp/ The Law Office of Matthew D. Sharp- 26 readers -
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