Episode 183 -- Review of the Deutsche Bank FCPA and Spoofing Fraud Case
Compliance into the Weeds: Deutsche Bank Fined Over Epstein Accounts
Daily Compliance News: March 3, 2020, the Devil’s Advocate edition
The decision confirms that the UK government can recognise one person as de jure head of state of a foreign state and implicitly recognise another person as the de facto head of state. The English Court of Appeal’s recent...more
Hiding somewhat in the shadows during the rise of virtual currencies over the past year or two has been blockchain, the ledger technology that undergirds bitcoin and other cryptos, and its potential application beyond digital...more
Royal Park, an investment company, recently suffered its second defeat in its attempt to certify a class action against Deutsche Bank regarding bond-like instruments collateralized by mortgages held in trusts entitling...more
REAL PROPERTY UPDATE - Foreclosure/Standing: borrower's standing arguments failed because they were based on notion that note changed hands after it was delivered to World Savings Bank in 2007, when in fact the note...more
New Fed chair Jay Powell made his first official appearance before Congress in that capacity, relaying to the House Financial Services Committee yesterday that he viewed the country’s economic outlook as improved since...more
Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators...more
In naming Gregory Abel and Ajit Jain vice chairs, Berkshire Hathaway took another big step this week in laying out LAWB (Life After Warren Buffet)....more
REAL PROPERTY UPDATE - - Foreclosure/Errors in Legal Description: error in legal description did not preclude judgment of foreclosure because property was sufficiently identified by accurate lot and tract, street address,...more
The Senate Banking Committee has voted out of committee a bipartisan effort to ease Dodd-Frank regulations. The bill in question could “drastically cut” the number of banks subject to heightened Fed oversight and “would ease...more
REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE TITLE INSURANCE UPDATE - Misrepresentation: developer entitled to directed verdict on claims of fraudulent and negligent misrepresentation asserted by condominium association...more
A New York district court granted certification in an ERISA class action brought by employees of Deutsche Bank alleging the individual fiduciaries of the company’s retirement plan engaged in self-dealing and mismanagement of...more
Florida’s Third District Court of Appeal issued an opinion yesterday that highlights the perils of de novo review. De novo review is the broadest standard of review for an appellate court, reserved for construing pure...more
Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more
The Journal gives us a revealing long look at the true meaning behind a Morningstar investment star ranking and finds that the coveted 5-star overall rating translated into a 5-year performance worthy of that designation just...more
After the Panama Papers exposed efforts by wealthy individuals and government officials to hide funds offshore, government authorities around the world have responded with new legislation, regulations and enforcement actions...more
HSBC’s making good on its plans to shift to a focus on Asia by naming John Flint—who spent his first 14 years at the bank in Asia—as its new CEO. Flint will take over from Stuart Gulliver in February....more
A roundup on Richard Thaler, the U Chicago professor named Monday as the winner of this year’s Nobel Prize in economics for his groundbreaking work in behavioral economics (and the consistently irrational human nature)....more
So much for the quiet off-ramping for SoFi’s Mike Cagney. The fintech company’s board announced on Friday that Cagney is out immediately as CEO, not at the end of the year as Cagney had announced earlier in the week....more
As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more
On August 8, 2017, the Federal Reserve Board and Federal Deposit Insurance Corp. extended the deadline for 19 foreign banks and two domestic bank holding companies to file their next round of "living wills" detailing how they...more
The DOJ is dismissing charges against former JPMorgan employees allegedly mixed up in the London Whale trading scandal that cost JPM more than $6 billion....more
The US’s biggest banks had a good day yesterday on news that they “breezed through” the first phase of the Federal Reserve’s annual stress tests—a good sign that they “have enough capital to withstand the type of financial...more
If the White House gets its way, Richard Cordray and the CFPB (and many other current Wall Street regulators and regulations) would be virtually unrecognizable as compared to their current form....more
On April 20, 2017, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a Consent Order to Deutsche Bank AG after finding deficiencies in the bank’s Volcker Rule compliance program, imposing a...more
Italy’s Alitalia has filed for bankruptcy yet again, the third filing in less than a decade, and it’s home country looks far less likely to bail out the troubled carrier this time around....more