UK court sentences city fund managers to 12 years in $8M fraud case
Southwark Crown Court Sunday sentenced three fund managers to a total of 12 years and three months imprisonment following a seven year investigation by the National Crime Agency (NCA) and Crown Prosecution Service (CPS). Frederic Marino, Yoshiki Ohmura and Aurelien Bessot were convicted for their involvement in a fraud that caused the Libyan Sovereign Wealth [...]
US Virgin Islands sue JPMorgan Chase over handling of Jeffery Epstein accounts
US Virgin Islands (USVI) Attorney General Denise George filed a lawsuit Tuesday against JPMorgan Chase, alleging that the bank ignored suspicious financial activity and received financial gain from Jeffery Epstein’s illegal activities. The suit claims that JPMorgan participated in a sex-trafficking venture, wilfully failed to comply with federal banking law, and engaged in unfair methods [...]
Wells Fargo to pay $3.7B for 'widespread mismanagement' of consumer accounts
The Consumer Financial Protection Bureau (CFPB) Tuesday ordered Wells Fargo to pay $3.7 billion regarding its “widespread mismanagement” affecting over 16 million consumer accounts. Specifically, Wells Fargo must pay $2 billion to consumers in addition to a $1.7 billion civil penalty which will be put into the CFPB’s Civil Penalty Fund to compensate victims of federal consumer financial [...]
Federal judge orders disclosure of frozen North Korean funds to Warmbier family
A federal judge entered an order on Monday allowing various banks to release confidential information to the Warmbier family about several frozen North Korean accounts to aid the family with collecting on a $500 million judgment for the 2017 death of Otto Warmbier. North Korea was found liable in December 2018 for the torture, hostage-taking, [...]
The city of Philadelphia filed a lawsuit Wednesday accusing Bank of America Corp, Barclays Plc, Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co, Royal Bank of Canada and Wells Fargo & Co of defrauding the city and public entities out of millions of dollars. The antitrust action claims the banks conspired to inflate [...]
JPMorgan agrees to $135 million settlement for improper handling of ADRs
The US Securities and Exchange Commission (SEC) announced Wednesday that JPMorgan Chase Bank N.A. has agreed to pay a $135 million settlement for charges related to improper handling of “pre-released” American Depository Receipts (ADR). The SEC found that JPMorgan had improperly provided ADRs in pre-release transactions, despite neither the broker nor customers having the requisite [...]
Trump signs Dodd-Frank rollback into law, ending Obama-era banking rules
US President Donald Trump signed a bill into law Thursday that decreases some Obama-era regulations imposed on banks by the Dodd-Frank Act . Trump’s signature comes just two days after House approval on Tuesday. The new law allows banks with up to $250 billion in assets, as opposed to the previous $50 billion, escape some [...]
In a 258-159 vote, the US House on Tuesday approved a bill to decrease some regulations that Dodd-Frank imposed on banks during the Obama administration. This vote follows an executive order President Donald Trump issued last year, ordering the dismantling of the 2010 law, which was designed to prevent banks from taking risks that would [...]
DOJ begins compensating victims of Bernie Madoff Ponzi scheme
The US Department of Justice (DOJ) announced Thursday that it has begun distributing compensation to victims of Bernie L. Madoff Investment Securities LLC's (BLMIS) Ponzi scheme. The first set of distributions involve $722.5 million that will...
Britain charges Barclays and top executives with fraud and conspiracy
Britain's Serious Fraud Office (SFO) charged Barclays and four of its former executives on Tuesday with conspiracy to commit fraud and violation of the Companies Act of 1985 by providing unlawful financial assistance. The...
