A Look at Forensic Accounting and Financial Fraud
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
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
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
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
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
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
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
On Wednesday, two businessmen were convicted of a single count of conspiracy to commit bank fraud (18 U.S.C. § 1349) for orchestrating a scheme to disguise cannabis-related financial transactions as transactions unrelated to...more
The trial of two men associated with an online cannabis marketplace began last week in the Southern District of New York. Prosecutors seek to prove that Hamid Akhavan and Ruben Weigand, two businessmen who worked with the...more
Disagreeing with the much-critiqued SDNY opinion in Enron, the SDNY bankruptcy court disallowed claims brought by secondary transferees because the original claimants allegedly received millions of dollars in fraudulent...more
On November 21, 2019, the Second Circuit held that allegedly fraudulent loan requests presented to one or more of the Federal Reserve System’s twelve Federal Reserve Banks are “claims” within the meaning of the FCA. The court...more
On September 16, 2019, the Department of Justice and the CFTC jointly announced the indictment of three precious metal traders for an alleged eight year conspiracy to manipulate gold, silver, platinum, and palladium futures...more
Massive pharma news to start the day, with AbbVie announcing that it’s reached a deal to buy Allergan for roughly $63 billion. The tie-up is seen as giving AbbVie a “dominant position in the $8 billion-plus market for Botox...more
The new code aims to avoid customers being penalised for fraudsters’ actions. Estimates indicate that fraudsters stole £1.2 billion from UK bank accounts in 2018 — a 16% increase on the previous year....more
ANTICORRUPTION DEVELOPMENTS – Canadian Mining Company Settles with SEC over FCPA Charges – On March 26, Kinross Gold Corporation settled with the Securities and Exchange Commission (SEC) over its alleged failure to...more
Due to the general flexibility granted to banks by their standard account opening terms, corporate victims of online banking frauds often face substantial hurdles in court in their attempts to recover the sums lost from the...more
ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more
ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd....more
In the wake of a scandal involving a national bank that allegedly opened millions of accounts without the consent of consumers, the California legislature has passed a bill that would prohibit the application of mandatory...more
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
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
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