Bank Fraud

News & Analysis as of

This Week In Securities Litigation

The DOJ reiterated its Yates policy this week under which cooperation credit is conditioned on furnishing the Department with the identity of individuals involved in corporate wrongdoing. Officials also noted that part of...more

SEC Prevails on Summary Judgment in Prime Bank Fraud Action

The SEC prevailed on summary judgment in an action against Brett Cooper and his related companies centered on three fraudulent schemes. SEC v. Cooper, Civil Action No. 1:13-cv-05781 (D.N.J. ). The first, according to the...more

Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable

Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more...more

This Week In Securities Litigation

The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

SEC Wins Summary Judgment In Two Fraud Actions

The SEC prevailed on summary judgment motions in two fraud actions. One is a pump-and-dump manipulation scheme. The other is a prime bank fraud. First, SEC v. Farmer, Civil Action No. 4:14-cv-02345 (S.D. Tx. Filed August 14,...more

Former Bank Executive Sentenced to 30 Months in Prison for Role in TARP Fraud Scheme

On August 20, former bank executive Charles Antonucci was sentenced to 30 months in prison for his role in organizing a scheme involving self-dealing, bank bribery, embezzlement of bank funds, attempting to fraudulently...more

DOJ Sentences Real Estate Developers to Prison for Involvement in Alleged Mortgage Fraud Scheme

On July 8, the DOJ announced the prison sentences of three real estate developers for their roles in an alleged mortgage fraud scheme that resulted in over $27 million dollars in losses. Convicted in November 2014 of wire...more

New York Court Narrowly Construes “Final Judgment” Language In Fraud Exclusion: Does Your D&O Policy Protect You Through An...

The New York Supreme Court, Appellate Division, First Department’s June 23 decision in Dupree v. Scottsdale Ins. Co., Case No. 653412-11, highlights the importance of negotiating favorable language in a fraud exclusion, a...more

Sixth Circuit Changes Course on Proof Required to Show Protected Whistleblower Activity Under SOX

The Sarbanes-Oxley Act (SOX) provides anti-retaliation protection to whistleblowers who engage in “protected activity.” To engage in protected activity under SOX, the whistleblower must provide information to the Securities...more

Corporate & Financial Weekly Digest - Volume X, Issue 23

In This Issue: - Meeting of the SEC Advisory Committee on Small and Emerging Companies - FINRA Requests Comment on a Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring...more

DOJ's Pursuit Of Admissions — And The Risks Of Settling

On March 19, 2015, the U.S. Attorney’s Office for the Southern District of New York announced a proposed settlement of a civil fraud lawsuit against a large financial institution (bank). As with many of the U.S. Department of...more

DOJ Announces Two More ‘Operation Choke Point’ Settlements

With the recent announcement by the U.S. Department of Justice (DOJ) that it had settled separate lawsuits against two small banks charged with facilitating consumer fraud through their relationships with third-party payment...more

DOJ Announces Settlement with California Bank Over BSA & FIRREA Violations

On March 10, the DOJ announced a $4.9 million civil and criminal settlement with a California-based bank. The bank admitted to the DOJ’s allegations that, from December 2011 through July 2013, it ignored warning signs...more

California Lawyer 2015 Roundtable Series: White-Collar Defense

The latest developments in white-collar criminal law include a gamechanging decision on insider trading, new sentencing guidelines for fraud convictions, more options for filing charges under the bank fraud statutes, and a...more

Two Criminal Investment Fund Fraud Actions

Despite massive publicity and numerous cases by enforcement authorities, investment fund fraud actions continue to be a staple of the SEC, CFTC and the DOJ. In case after case investors are convinced to part with their hard...more

SEC Files Prime Bank Fraud and Offering Fraud Actions as Administrative Proceedings

The trend of selecting administrative proceedings rather than Federal court by the SEC appears to be continuing. Since last September, for example, the SEC has filed at least seven insider trading cases as administrative...more

Banking Disputes Quarterly - Q3 2014

DLA Piper’s Banking & Finance Litigation team welcomes you to our quarterly round-up, designed to keep you informed of the latest news and legal developments, and to let you know about future developments that may affect your...more

Protecting the bank’s position when customers fall hook, (on)line and sinker for vishing frauds

As fraud continues to cost the UK economy billions each year, bank customers are now looking to the banks to cover their losses. What steps should banks take to defend themselves against such claims? Online banking...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

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