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Estlund Law, P.A.

United States and France- Reputational Repair After an INTERPOL Win: Inaccurate Data (Part 2 of 3)

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Our last post discussed the financial difficulties that may remain following Red Notice removal. Today’s post will similarly detail the residual effect of Red Notices in government and police databases....more

Ballard Spahr LLP

Criminal Case Round-Up: Recent Prosecutions Involving Casinos

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The Department of Justice (“DOJ”) has been very active in the Bank Secrecy Act (“BSA”) / Anti-Money Laundering (“AML”) space, as reflected by a recent series of individual prosecutions and corporate non-prosecution agreements...more

The Volkov Law Group

Carrie Tolstedt, former Wells Fargo Community Banking Head, Agrees to Plead Guilty and Pay a $17 Million Fine for Obstruction of...

The Volkov Law Group on

If there ever is an example of a rotten corporate culture, Wells Fargo sits at the head of the class.  Since Wells Fargo’s sales pressure scandal, Wells Fargo has continued to suffer from a string of scandals and misconduct. ...more

Reveal

A Guide to Bank Fraud Investigations

Reveal on

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

Foley Hoag LLP

Comity or Condemnation: Supreme Court to Decide Whether State-Owned Bank is Immune from Criminal Prosecution Under the Foreign...

Foley Hoag LLP on

The Supreme Court of the United States is set to determine whether the United States can prosecute a commercial bank, which is majority-owned by the Republic of Turkey, for allegedly violating U.S. law. In 2019, U.S. federal...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

Cadwalader, Wickersham & Taft LLP

UK Crime Agency Secures Novel Court Ruling for Over £50 Million in Crime-Linked Funds

On 25 November, the High Court of England and Wales ruled in a significant decision that suspected proceeds of crime linked to unnamed individuals must be transferred to the National Crime Agency (NCA). The funds were held by...more

The Volkov Law Group

NatWest’s Fraudulent “Spoofing” Schemes (Part II of II)

The Volkov Law Group on

NatWest’s fraudulent “spoofing” schemes occurred in the primary and secondary markets for U.S. Department of Treasury Securities, including derivatives that tracked the prices of U.S. Treasury Securities for 5-year, 10-year...more

The Volkov Law Group

DOJ Charges Two Austrian Bankers with Money Laundering as Part of Massive Odebrecht Bribery Scheme

The Volkov Law Group on

The Department of Justice is starting to launch its FCPA enforcement profile after a brief lull in DOJ’s transition to a new administration.  This enforcement lull occurred in the transition to the prior administration in...more

Cozen O'Connor

Notice of Appeal - Spring 2021

Cozen O'Connor on

Precedential Opinions of Note - Government Must Prove Falsity Under Any Objectively Reasonable Standard - United States v. Harra (January 12, 2021), No. 19-1105 http://www2.ca3.uscourts.gov/opinarch/191105p.pdf Unanimous...more

Hogan Lovells

"Too good to be true" – Hong Kong court finds bank not liable for fraudulent investment introduced by employee

Hogan Lovells on

The court in Luk Wing Yan v. CMB Wing Lung Bank Ltd. [2021] HKCFI 279 found the defendant not liable for the actions of one of its employees who fraudulently offered investments which caused loss to the plaintiff. ...more

Estlund Law, P.A.

INTERPOL Red Notices- It’s Not You, It’s Me: When Banks Break up with Red Notice Subjects

Estlund Law, P.A. on

One of the more inconvenient results of being the subject of a Red Notice is that your bank might break up with you.  One of the more frustrating parts of that break up may be that the bank won’t say exactly why....more

Robins Kaplan LLP

Financial Daily Dose 6.4.2020 | Top Story: DOJ Indicts Top Chicken Industry Execs Over Price-Fixing Allegations

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The DOJ has begun the prosecutorial phase of its chicken price-fixing investigation with a one-count indictment accusing current and former senior execs at Pilgrim’s Pride and Claxton Poultry Farms—including their current...more

The Volkov Law Group

Wells Fargo Settles With Justice Department for $3 Billion

The Volkov Law Group on

This year, 2020, has been an enforcement year opening with billion-dollar settlements: first, Airbus settled FCPA charges for $4 billion, and now Wells Fargo for $3 billion.  What a start to an enforcement year!...more

Dechert LLP

Brazil’s “Car Wash” Operation Probes Banks for Employees’ Money Laundering Scheme

Dechert LLP on

Brazilian authorities are investigating foreign and local banks for failure to prevent money-laundering transactions that would have led to bribery of officials of Petrobras, Brazil’s state-owned oil company. According to the...more

Robins Kaplan LLP

Financial Daily Dose 2.11.2020 | Top Story: DOJ Indicts Four from Chinese Army Over 2017 Equifax Cyberattack

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-The DOJ has announced charges against four members of China’s military related to the 2017 cyberattack on credit-reporting agency Equifax, the breach that revealed “trade secrets and the personal data of about 145 million...more

Robins Kaplan LLP

Financial Daily Dose 1.21.2020 | Top Story: World Economic Forum Kicks Off in Davos

Robins Kaplan LLP on

As it kicked off its 50th annual gathering today, the World Economic Forum in Davos is facing some hard questions—both about the state of the ideals it has long espoused (“open borders, liberal democracy and free borders,” to...more

Robins Kaplan LLP

Financial Daily Dose 12.20.2019 | Goldman nearing $2B deal with DOJ to resolve 1MDB scandal claims

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Goldman Sachs is reportedly in negotiations with federal prosecutors to resolve claims about its role in the Malaysian 1MDB scandal for upwards of $2 billion. A settlement—which “could include a guilty plea from Goldman’s...more

Sheppard Mullin Richter & Hampton LLP

Spoofing Enforcement Intensifies

U.S. regulators, in particular the Commodity Futures Trading Commission (“CFTC”), are intently pursuing market manipulation enforcement. The September 30 end of the 2019 fiscal year brought with it a flurry of press releases...more

Robins Kaplan LLP

Financial Daily Dose 8.14.2019 | Top Story: U.S. Backs Off New Tariffs on China Until December

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In the internal battle between keeping China off balance and keeping Wall Street happy, the White House has decided once again to focus on the latter, walking back the latest tariff escalation by postponing promised...more

Robins Kaplan LLP

Financial Daily Dose 7.8.2019 | Top Story: Friday’s Solid Jobs Report Prompts Rate-Cut Concerns

Robins Kaplan LLP on

We managed to miss Jobs Report Friday because of the holiday break, so here’s the lowdown on a very strong set of numbers—224,000 jobs added—and the seemingly incongruous market reaction to the good news (it’s all about the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Once again, it’s Jobs Report Friday. Here’s some things to keep in mind as you review the numbers...more

Skadden, Arps, Slate, Meagher & Flom LLP

France Announces Its First Deferred Prosecution Agreement

In a move that could signal a new phase of government enforcement in France, on November 27, 2017, French authorities published a Convention judiciaire d’intérêt public (CJIP) with HSBC Private Bank Suisse SA (HSBC PB), the...more

Morrison & Foerster LLP

Financial Services Report - Spring 2017

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

Skadden, Arps, Slate, Meagher & Flom LLP

"A Trump-Appointed AG May Not Translate to Less Aggressive Enforcement"

Forecasting the enforcement priorities of the Department of Justice (DOJ) under the Trump administration is difficult at best. Previous statements from both President Donald Trump and his nominee for attorney general, U.S....more

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