News & Analysis as of

Bank Fraud

A&O Shearman

EU Report on Payment Fraud

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The European Central Bank and the European Banking Authority have published a joint report on payment fraud data. The report assesses payment fraud reported by the industry across the EEA and covers semi-annual data reported...more

BCLP

Navigating Legal Challenges In French Civil Fraud Cases: An In-depth Analysis

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In recent years, banking fraud in France has surged, driven by advanced technology and the integration of payment methods and mobile banking. We do a deep dive into the legislation to help our clients stay informed and...more

Bradley Arant Boult Cummings LLP

The Escalating Threat of Mortgage Fraud

Mortgage companies must maintain a heightened level of vigilance when it comes to preventing mortgage fraud. The incidence of fraud attempts targeting mortgage companies continues to rise, prompting decisive action against...more

Buchalter

Bet it all on Blue: How the Betrayal of Los Angeles Dodgers’ Star Shohei Ohtani Impacts both the Sports and Legal Worlds

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Friendship only goes so far, at least in the case of the Los Angeles Dodgers’ baseball superstar Shohei Ohtani (“Ohtani”), and his former interpreter and de facto personal manger, Ippei Mizuhara (“Mizuhara”). On April 11,...more

The Volkov Law Group

NYDFS Sues Citigroup Over Lax Antifraud Defenses, Seeking Major Expansion in Antifraud Liability for Banking Institutions

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The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2023 # 2

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

King & Spalding

Bye-Bye Big Boys? The SEC Turns its Enforcement Focus to Private Deals

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On April 4, 2023, the U.S. Securities and Exchange Commission (“SEC”) filed suit against Charlie Javice, the 31-year-old founder of Frank, a student loan and financial aid assistance company. That same day, the U.S....more

Kaufman & Canoles

Department of Justice Announces Increased Nationwide Coordinated Law Enforcement Effort to Combat PPP Fraud

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The U.S. Justice Department recently announced an increased nationwide coordinated law enforcement effort aimed at combatting COVID-related fraud. The initiative seeks to identify and prosecute individuals and companies who...more

WilmerHale

United States V. Danske Bank: New Theory of Liability for Violation of US AML Standards

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This Article discusses the recent plea agreement between the United States and Danske Bank. It argues that the Department of Justice has advanced a new and evolving theory of liability for foreign banks that access the U.S....more

Robson & Robson, P.C.

Civil RICO In Pennsylvania Business Divorce Cases: A Hammer Without A Nail?

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When legal disputes between owners of closely held companies turn the corner past “Let’s resolve this issue without litigation” and head toward “See you in court,” the owners and their lawyers typically begin jockeying for...more

Seward & Kissel LLP

Introducing the Government and Regulatory Rundown – March 2023

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DOJ Promotes Compliance Through Compensation and Clawback Programs (3.2.2023): • The DOJ announced corporate criminal resolutions will now include a requirement that companies implement a compensation and bonus scheme...more

Reveal

A Guide to Bank Fraud Investigations

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Banking looks very different today than it did even 20 years ago. Banks have far fewer face-to-face interactions as more customers migrate to online or app-based banking services....more

The Volkov Law Group

Danske Bank Pleads Guilty and Pays $2 Billion to Resolve Massive Fraud Case

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Danske Bank, the largest bank in Denmark, agreed to plead guilty to fraud and paid $2 billion to settle long-standing anti-money laundering and fraud violations stemming from its banking operations in Estonia.  Danske Bank...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues November enforcement actions

On December 30, the FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in November. The FDIC made public nine orders consisting of “two consent orders; two orders...more

Skadden, Arps, Slate, Meagher & Flom LLP

Key Takeaways From Danske Bank’s Settlement of DOJ and SEC Fraud Charges Over Its Anti-Money Laundering Compliance

On December 13, 2022, Danske Bank A/S, headquartered in Denmark, pled guilty to one count of conspiracy to commit bank fraud (18 U.S.C. § 1349) and agreed to forfeit approximately $2.06 billion to resolve an investigation by...more

DarrowEverett LLP

The Good, the Bad and the Ethical: Mortgage Fraud on the Rise?

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In a matter of months, several well-known individuals in real estate have been convicted of and/or charged with fraud or similar crimes relating to the theft of client funds. The summary below highlights a few of those cases...more

Oberheiden P.C.

Financial Crimes Compliance

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Many businesses and businesspeople are exposed to potential legal liability for a wide variety of financial crimes. Minimizing financial crime risk or exposure is critical and requires strict compliance with the state and...more

Fox Rothschild LLP

The Federal Government’s Continued Focus on COVID-19 Aid Fraud Leads to New Charges, Convictions and Sentencings

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The Justice Department recently announced new charges, convictions and sentencings in its ongoing initiative to target pandemic-related fraud, emphasizing the government’s commitment to identify and hold accountable those who...more

Mintz - Health Care Viewpoints

The Government's Long Game for Investigating COVID-era Relief Fraud

n a recent article in the New York Times, David Fahrenthold outlined the big issue facing prosecutors investigating COVID-era fraud: the sheer magnitude of it. The title of the article, “Prosecutors Struggle to Catch Up to a...more

ArentFox Schiff

Investigations Newsletter: COVID-19 Fraud Update

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Khadijah Chapman of Georgia, Daniel Labrum of Utah, and Eric O’Neil of Connecticut were all charged in separate indictments with submitting fraudulent Paycheck Protection Program (PPP) loan applications. According to the DOJ,...more

ArentFox Schiff

Investigations Newsletter: Dozens Charged in $1.2 Billion Nationwide Telemedicine and DME Fraud Scheme

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On July 20, 2022, the Justice Department announced that it brought criminal charges against 36 defendants in 13 federal districts across the country, charging more than $1.2 billion in alleged telemedicine, cardiovascular and...more

ArentFox Schiff

Investigations Newsletter: Briefing Regarding FCA Circuit Split Continues Before The Supreme Court

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Briefing Regarding FCA Circuit Split Continues Before The Supreme Court - In response to a recent DOJ filing, a hospice whistleblower claimed that the DOJ failed to substantiate its claim that circuit courts have similar...more

ArentFox Schiff

Investigations Newsletter: California Man Convicted in $27 Million PPP Fraud Scheme

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California Man Convicted in $27 Million PPP Fraud Scheme - After a trial before a federal jury, a California man was convicted of bank fraud, making false statements to a financial institution, and money laundering for...more

Morrison & Foerster LLP

Material Misrepresentations in Wire Fraud Prosecutions – The Truth Matters

The Second Circuit’s recent decision in United States v. Connolly underscores the government’s burden of proving a materially false representation to sustain a wire fraud conviction. ...more

Arnall Golden Gregory LLP

What We Can Learn From Recent PPP Loan and COVID Fraud Cases

Since April 2020, through the CARES Act, the government has provided billions of dollars in emergency financial assistance to Americans suffering from the economic effects caused by the COVID-19 pandemic, including through...more

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