Criminal Law Finance & Banking

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UK Regulator Bans former Barclays Wealth Management Chief Operating Officer

The Financial Conduct Authority published a Final Notice banning Mr. Andrew James Tinney from the UK financial services industry. Mr. Tinney was the Global Chief Operating Officer of Barclays Wealth and Investment Management,...more

EU Legislation Listing High-Risk Third Countries under the Fourth Money Laundering Directive

A Commission Delegated Regulation identifying high-risk third countries with strategic deficiencies under the Fourth Money Laundering Directive was published in the Official Journal of the European Union, based on...more

Bitcoin Again Held to Be “Funds” for Federal Money Transmitting Purposes

Murgio decision reflects a growing judicial consensus around the application of money transmitting laws to Bitcoin exchangers. On September 19, 2016, U.S. District Judge Alison J. Nathan of the Southern District of New...more

Was that trader really 'spoofing'? Focus on the statute’s words, not the regulator’s claims

Can trading pursuant to an algorithmic program properly be found to constitute “spoofing” in violation of CEA Section 4c(a)(5)(C): What constitutes “the intent to cancel the bid or offer before execution”? ...more

FCPA Compliance Report-Episode 280-Tim Hedley and Rich Girgenti on their new book The New Era of Regulatory Enforcement [Video]

In this episode, authors Tim Hedley and Rich Girgenti discuss their new book The New Era of Regulatory Enforcement. ...more

HUD/DOJ Settle with FHA Mortgage Lender for $52.4 Million Over Alleged False Claims Act Violations

On September 13, 2016, the Department of Justice (“DOJ”) announced a settlement agreement with a bank for allegedly violating the False Claims Act by improperly underwriting and originating of FHA-insured mortgage...more

Mortgage-Loan Modification Scam Ends with Serious Consequences

A California man that operated as a high-level sales executive for a fraudulent residential mortgage-loan modification scheme will now spend several years in jail. From 2009 to 2016, Mehdi Moarefian (aka Michael Miller)...more

Scope Of The Jury Trial Right In Civil FIRREA Actions

In recent years, the U.S. Department of Justice has stepped up its use of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 to pursue civil enforcement actions against financial institutions and their...more

This Week In Securities Litigation

In the two weeks spanning the Labor Day weekend, the Commission continued bring cases arising from its inspection program. Two new actions alleging inadequate procedures regarding the disclosure of additional trading away...more

New FinCEN Proposal Will Extend AML Rules to Currently Exempt Banks and Other Institutions

Seeking to close a perceived “gap” in regulations intended to facilitate the government’s efforts to curb money laundering and the financing of terrorism, the U.S. Department of the Treasury’s Financial Crimes Enforcement...more

Virtual Currencies: Court Rules that Selling Bitcoin Is Not Money Transmitting and Selling Bitcoin to Criminals Is Not a Crime

The ruling is an outlier driven by its unique facts and is unlikely to change the general regulatory landscape for Bitcoin businesses. In State of Florida v. Espinoza, a trial court in Miami recently dismissed all...more

Has the non-commercial trust relationship for the most part managed to avoid the cross hairs of the Financial Crimes Enforcement...

FinCEN issued (05/11/2016) final rules under the Bank Secrecy Act “to clarify and strengthen customer due diligence requirements” for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants...more

Florida Court: Bitcoin Isn’t “Money”, and Selling It Isn’t “Transmission”

A Florida criminal court has exonerated a defendant charged with violating state money transmission and money laundering laws. In Florida v. Espinoza, the State of Florida charged Michell Abner Espinoza with one count...more

FinCEN Expands Scope of “All Cash” GTOs

Continuing its efforts to deter the use of real estate as a vehicle to launder proceeds of criminal activity, the Financial Crimes Enforcement Network (FinCEN) recently announced its plan to extend the reach and time frame of...more

This Week In Securities Litigation

An investment banker who repeatedly tipped his father on about pending mergers was found guilty of insider trading by a jury this week. The Commission brought another action based on the whistleblower protections where the...more

Trading and Markets Enforcement Report - August 2016

The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and expanded reporting,...more

Sonhos Interrompidos - Como uma não conformidade tributária pode destruir o Sonho Americano de imigrantes não registrados - Parte...

Panorama - A Parte I desta série teve enfoque no pesadelo e problema imprevisto de declarações de impostos não apresentadas para imigrantes não registrados. As consequências de "empurrar o problema com a barriga"...more

SEC Files Another Excessive Fee Case

The Commission brought another in a series of civil and criminal actions centered on charging excessive, undisclosed fees to clients transitioning their portfolios. SEC v. Place, Civil Action No. 2:16-c-4291 (E.D.Pa. Filed...more

OFAC Cites Violations in Dealings with Specially Designated Nationals

Insurance companies and financial institutions are targeted. On August 2, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a Finding of Violation against two different insurance...more

Congressional Report Finds FDIC Data Breach Response Obstructed Congressional Oversight

On July 12, the U.S. House of Representatives Committee on Science, Space, and Technology (the “Science Committee”) released a report regarding its investigation of an October 2015 data breach and the subsequent response of...more

Broken Dreams - How Tax Non-Compliance Can Destroy the American Dream of Undocumented Immigrants - Part 2

Part I of this series focused on the unforeseen nightmare and problem of unfiled tax returns for undocumented immigrants. The consequences of “kicking the can down the road”, will have significant legal and financial...more

Case Note: Crime Doesn’t Pay and Taxes are Still Due

In a case involving criminal forfeiture of stock option profits, the Court of Appeals for the Federal Circuit has held that no deduction is allowed for $44 million in forfeited stock option gains on which tax was previously...more

Legal Alert: New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements

On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address...more

Are Compliance Officers at Financial Institutions Now in the Hot Seat for Fines?

Otherwise reputable Financial Institutions continue being sanctioned for regulatory non-compliance. Well known “household” names continue receiving fines for failing to establish and implement adequate Anti-Money Laundering...more

Florida Judge Rules Bitcoin is not Money

On July 25, a Florida Circuit Court judge dismissed state criminal charges against a defendant who attempted to sell bitcoins for $30,000 in cash on the ground that bitcoins are not money. Defendant Michell Abner Espinoza...more

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