Bank Fraud

News & Analysis as of

U.S. Supreme Court Issues Bank Fraud Decision

On June 23, 2014, the U.S. Supreme Court issued its decision in Laughlin v. United States which defined what type of fraudulent activity is punishable under the federal bank fraud statute. Posing as a Mormon missionary, Kevin...more

Supreme Court Adopts Broad Interpretation Of Bank Fraud

Choosing to adopt a broad view of what constitutes bank fraud under the federal bank fraud statutes, the U.S. Supreme Court held that to constitute a violation of the statute, no proof of intent to defraud the particular...more

This Week In Securities Litigation (Week ending July 18, 2014)

The SEC’s insider trading probe regarding the House Ways and Means Committee and a senior staff member, also involves 44 investment funds and other entities, according to a Bloomberg news report citing recently filed court...more

Finding Bank Fraud Without Defrauding Bank – Supreme Court Grapples with Reach of Federal Criminal Bank Fraud Statute

On June 23, 2014, the United States Supreme Court in Loughrin v. United States unanimously rejected the petitioner’s argument to narrow the federal criminal law against bank fraud by reading into that statute’s second clause...more

Wells Fargo Employee Admits Role in $40.8 Million Straw Buyer Scheme

Last Friday, a former Wells Fargo branch manager, sales manager and loan officer, Robert Serao, pled guilty to conspiracy to commit wire fraud. The charge stems from Serao’s involvement in a $40.8 million mortgage fraud...more

Deportation Coming Up in Season 6 of “The Real Housewives of New Jersey”: Real Immigration Problems for Celebs Teresa and Giuseppe...

On March 4, 2013, two of the stars of the Bravo Network television show, “The Real Housewives of New Jersey,” pleaded guilty to several counts of fraud and other charges in a federal court in Newark, New Jersey. Teresa and...more

Big Payout Rings Bank of America Fraud Trial

Money, not morality, is the principle commerce of civilized nations. - Thomas Jefferson - Edward O'Donnell, a former executive at Countrywide Financial, Inc., may collect up to $1.6 million under an almost forgotten...more

District Court Upholds SEC’s Partial Win in Bank Fraud Suit

The US District Court for the Southern District of Florida recently refused to reconsider its earlier decision granting partial summary judgment in favor of the Securities and Exchange Commission in a securities fraud case...more

Corporate and Financial Weekly Digest - Volume IX, Issue 6

In this issue: - SEC Division of Corporation Finance Issues Guidance on Rule 506(c) Private Placements - SEC Issues No-action Relief Regarding Registration of M&A Brokers - CFTC Issues Guidance on New...more

Supreme Court Grants Cert to Resolve Circuit Conflict on Intent Required to Prove Federal Bank Fraud

On December 13, 2013, the United States Supreme Court granted a certiorari petition in a case that squarely poses the question of what the government must prove with respect to intent in order to convict a defendant of...more

Hurdles in Accessing Banking Services

The federal Bank Fraud statute – 18 U.S.C. § 1344 – was designed to criminalize complex “schemes to defraud” banks and other financial institutions. Today, § 1344 has become a hugely popular tool for the government in white...more

Tenth Circuit Broadens Whistleblower Protection Under SOX

In a recent decision, the United States Court of Appeals for the Tenth Circuit broadened the types of claims that may be recognized under the anti-retaliation provisions of the Sarbanes-Oxley Act. Lockheed Martin Corp. v....more

A Look at Forensic Accounting and Financial Fraud [Video]

In the aftermath of the Peregrine Financial Group fraud, many wondered how it could have happened and how forensic accounting works after a fraud occurs. On June 20, John Lothian News president and editor-in-chief Jim...more

Serious Fraud Office Issues Draft Code of Practice on Deferred Prosecution Agreements

On 27th June 2013, the UK announced more details of new rules that would introduce Deferred Prosecution Agreements (DPAs) into the UK for corporate offences. DPAs have been the weapon of choice for US regulators when...more

New York Announces Agreement To Resolve Alleged International Sanctions Violations

On June 20, New York announced a consent order with the New York branch of a foreign bank to resolve charges that the bank — over a five year period that ended more than five years ago — violated Bank Secrecy Act, Anti-Money...more

Update: Banking Difficulties May Lead Marijuana Dispensaries to Commit Bank Fraud

As we have previously reported, despite the growing number of States that have sanctioned the use of marijuana in various forms, the federal government has continued its efforts to crack down on dispensaries....more

When FBI Agents (Allegedly) Talk In The Hallway; Or Why Even A Lawyer Should Not Talk To The FBI If There's A Real Estate Fraud...

Marc Engelmann was accused of conspiracy to commit bank and wire fraud, as well as bank and wire fraud. He was convicted at trial after some very shady stuff might have happened between two FBI agents. The Eighth Circuit...more

Ninth Circuit Vacates Restitution Order In Overdraft Ordering Case, Allows State Fraud Claims To Proceed

On December 26, the U.S. Court of Appeals for the Ninth Circuit held that a national bank’s practice of posting payments to checking accounts in a particular order is a federally authorized pricing decision, and that federal...more

Short Wins - Mayan Apocalypse Edition; The World Didn't End, But There Are New Cases On Restitution, Health Care Fraud, Federal...

One would have thought that, with the end of the world predicted for Friday of last week, our nation's appellate courts would have spent their last week on Earth with family or friends, rather than cranking out wins for folks...more

Court’s Strict Interpretation of Bank Fraud Law May Rein In Prosecutors

A recent interpretation of the federal bank fraud statute by the United States Court of Appeals for the Second Circuit may prove to be a useful check to overreaching by federal prosecutors, who have tended to use that statute...more

Update: Third Party Payment Processor Sentenced to Jail Time for Processing Internet Poker Company Funds

On October 3, 2012, Judge Lewis A Kaplan of the United States District Court for the Southern District of New York sentenced Chad Elie to five months in prison for his role in facilitating the processing of payments for three...more

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