News & Analysis as of

Bank Fraud

Convictions reversed in LIBOR case

On July 19, 2017, in United States v. Allen, et al. (16-cr-98) (Cabranes, Pooler, Lynch), the Second Circuit issued a decision reversing the convictions of defendants Anthony Allen and Anthony Conti for wire fraud and...more

No Fiduciary Duty Between Lead and Participants

by Bryan Cave on

A recent decision out of federal court arising out of litigation involving a Ponzi scheme has reinforced the principle that the lead in a loan participation does not owe a fiduciary duty to participants. The case of Finn v....more

On the ‘Front Lines’ of Battling Terrorism

With two decades of experience in bank fraud investigations and anti-money laundering compliance—including the creation of early-warning systems to detect potential money laundering and suspicious activity—Thomas Bock was...more

Supreme Court 2016-17 Recap

The politics surrounding the appointment of a new justice to the U.S. Supreme Court dominated the news cycle during the 2016-17 term, but the Court’s decisions themselves have been far from controversial. As the term draws to...more

Banking fraud The power of well drafted account opening documents in the age of e-mail

by Dentons on

When a banking customer falls victim to a fraud on his or her account, the bank that unknowingly facilitated the fraud may be faced with the question of whether it acted with sufficient care to prevent it. The decision of the...more

Second Circuit Holds that District Court Orders Determining Restitution Credits are Final, Appealable Orders

In United States v. Yalincak, No. 11-5446 (2nd Cir. Apr. 10, 2017) (Calabresi, Raggi, Lynch), the Second Circuit addressed a complicated issue of appellate procedure in the course of a decision on the law of restitution. ...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Nutter Bank Report, February 2017

CFPB Fines Mortgage Lender for Violating the RESPA Anti-Kickback Rule The Consumer Financial Protection Bureau (“CFPB”) has taken enforcement action in the form of a consent order against a mortgage lender, including...more

The Supreme Court Clarified Bank Fraud Statute Does Not Require a Defendant to Intend to Defraud a Bank

by Butler Snow LLP on

In December 2016, in a unanimous decision, the Supreme Court held in Shaw v. United States, 137 S.Ct. 462 (2016), that the Bank Fraud statute does not require the government prove the defendant intended to defraud a bank. The...more

"2016-17 Supreme Court Update"

In a season of political surprises, the eight-member U.S. Supreme Court has stirred no controversy with its decisions so far this term. The handful of opinions the Court released in the fall were unanimous and, for the most...more

U.S. Supreme Court Weighs In on Bank Fraud

Weighing in on the bank fraud statute, the U.S. Supreme Court sided with the government to hold that the bank had a property interest in the customer's deposits, and the law does not require proof that the bank suffered...more

A grab bag of fraud, human rights and contract disputes

by Bennett Jones LLP on

The Supreme Court of Canada’s Winter Term begins on January 11. The most notable case on the docket is Deloitte & Touche v Livent Inc. In 2014, Ontario trial judge Justice Gans awarded Livent's receiver $118 million in...more

Nutter Bank Report, December 2016

by Nutter McClennen & Fish LLP on

OCC to Consider Fintech Applications for Special Purpose National Bank Charters - The OCC has announced that it will consider applications for special purpose national bank charters for financial technology...more

The Supreme Court’s Broad Interpretation of the Bank Fraud Statute May Provide a Potent Tool in Combatting Cybercrime

The Supreme Court in Shaw v. United States recently held that the federal bank fraud statute does not require that defendants cause, or intend to cause, an actual financial loss to the financial institutions they seek to...more

Supreme Court Finds Bank Fraud Need Not Target Banks; Resolves Circuit Split in Prosecutors’ Favor

by K&L Gates LLP on

On Monday, the Supreme Court issued a unanimous opinion in Shaw v. United States, holding that a violation of the Bank Fraud Act, does not require proof that a defendant intends to target a bank, but only that defendant’s...more

Fraudster Beware: Your Scheme to Defraud Could be a Federal Crime if it Involves a Bank

by Bryan Cave on

Normally, a scheme to defraud another individual would be a state crime, prosecuted and sentenced at the state level (leaving aside use of U.S. mail or wires). To be convicted of the state crime of fraud usually requires...more

Five Indicted for Alleged $33 Million Fraudulent Mortgage Discharge Scheme

by Goodwin on

On December 1, 2016, the United States Attorney’s Office for the Southern District of New York, the New York Field Division of the Federal Bureau of Investigation, and the Department of Housing and Urban Development (HUD)...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

In a week that began with a focus on the election and ended with the commemoration of veterans day, the SEC brought a series of actions including: one that centered on the sale of unregistered securities in the form of binary...more

Law Enforcement Thwarts Sovereign Freeman

by Carlton Fields on

Copyrighting their names, “signing” with red thumbprints – we’ve seen some unusual court filings from unique individuals. But one person has apparently gone too far. It can be incredibly frustrating for a lender when a...more

Supreme Court Considers the Necessary Intent for Bank Fraud

The U.S. Supreme Court recently heard oral argument (on October 4) in Shaw v. U.S., a case that will allow the Justices to decide whether proving a scheme to defraud a bank in violation of 18 U.S.C. § 1344(1) requires proving...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

As the government fiscal year draws to an end, the Commission filed a series of enforcement actions. Those included two insider trading cases, an action alleging violations of the whistleblower provisions, another against a...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

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

Missing Millions, An Armored Car Conspiracy, And A Fraudulent Connecticut Insurance Application

In determining whether or not to provide insurance to a particular applicant, one thing that insurance companies typically rely on is the insurance application submitted by the prospective insured. The application is designed...more

Corporate Investigations and White Collar Defense - June 2016

Eye on the Supreme Court—Corruption and Fraud Edition - Why it matters: This session, the Supreme Court has undertaken the review of numerous cases that raise thorny issues arising in the white collar context. In our...more

Bank Fraud Statute Returns to Supreme Court

Does the federal bank fraud statute require proof of an intent to deceive a bank as well as cheat it out of some of its funds? What happened - The U.S. Supreme Court has agreed to answer this question in Shaw v....more

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