Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast
An Expert on the “Monster of Wall Street”
Bill on Bankruptcy: Madoff Victims Rooting for Stanford Victory
Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case
Bill on Bankruptcy: Versace Mansion Up for Sale, Casey Anthony
Bill on Bankruptcy: Secret Madoff Agreement May Harm Victims
One question I get asked frequently by potential clients who come in suspecting that they have been scammed is whether they might have been the victim of a Ponzi scheme. Ponzi schemes derive their name from Charles...more
O’Dell v. Berkshire Bank, 5:24-cv-00652 (N.D.N.Y.) - On October 31, 2024, the Northern District of New York dismissed a putative class action against Berkshire Bank (“Berkshire”) with prejudice....more
Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more
En febrero de 2024, el Tesoro de los Estados Unidos publicó la Evaluación Nacional de Riesgo de Lavado de Dinero (NMLRA) de 2024, que examina el entorno actual de lavado de dinero e identifica las formas en que los...more
On February 2024, the U.S. Treasury released the 2024 National Money Laundering Risk Assessment (NMLRA) which examines the current money laundering environment and identifies the ways in which criminals and other actors seek...more
In November 2022, following a four-week trial, a Minnesota jury awarded approximately $564 million in damages to Robins Kaplan client Douglas A. Kelley in his capacity as trustee for the BMO Litigation Trust. It is the...more
Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings - Late last month, Bittrex, a leading cryptocurrency exchange founded in Seattle, announced it was closing U.S. operations effective April 30,...more
This summer was a busy one for cryptocurrency regulators, with aggressive actions potentially signaling an increase in consumer protection compliance activity. In August alone, the New York Department of Financial Services...more
“The investigative work of 2021 has all the makings of a made for TV movie – embezzlement of funds from a nonprofit, a family fraud ring that stole millions in COVID-relief funds and a $1 billion Ponzi scheme used to buy...more
ACI’s and C5’s 10th Edition of Fraud, Asset Tracing & Recovery Miami conference is returning on January 24 – 25, 2022 in person! Deemed as the foremost, can’t-miss event for the Fraud community, it gathers the pre-eminent...more
Larceny, that business enterprise with a knack for (fleeting) success regardless of the state of the economy, was busy last year. As Obi-Wan Kenobe would say it: You will never find a more wretched hive of scum and villainy...more
Ninth Circuit Holds Loss Causation May Be Predicated on Information Potentially Available Under Freedom of Information Act; D.C. Circuit Upholds FINRA’s Permanent Ban of Broker Accused of Misconduct After Finding SCOTUS...more
John Louis Anthony Bigatton will not be providing financial services in Australia and likely not anywhere else, anytime soon. On Thursday, September 3, 2020, the Australian Securities and Investments Commission (“ASIC”)...more
The SEC and DOJ recently received positive news in two enforcement actions that had been challenged on grounds of extraterritoriality. These cases illustrate the ongoing judicial efforts to define the extraterritorial reach...more
You’ve heard this before, but it still holds true – cryptocurrency regulations are coming. Everyone knows they’re inevitable, and there has been some trepidation amongst investors that regulations will disrupt innovation and...more
As we have blogged, courts have held that financial institutions generally do not owe a duty of care to a noncustomer and that no special duty of care arises from the duties and obligations set forth in the Bank Secrecy Act...more
I report herein on 2018’s parade of reprobates, rapscallions and others generally lacking in moral hygiene. We reflect on a mother’s love, corruption in Venezuela, a disloyal employee, stealing from friends, a disgraced...more
Once again we look back at the continuing cavalcade of crooks, criminals, miscreants and, to put it kindly, morons the less intellectually gifted, who met justice face-to-face in 2017. This year’s class includes a preacher,...more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more
The U.S. Supreme Court’s recent decision in Chadbourne & Parke, LLC v. Troice, 571 U.S. ___ (2014) arose out of the a multibillion dollar Ponzi scheme perpetrated by Allen Stanford. The scheme involved the sale to investors...more
The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more
In a case illustrating the complexity of sentencing white collar crimes, the US Court of Appeals for the Seventh Circuit Court ordered the resentencing of a commodity pool operator where the district court made a “cascade of...more
Last fall, I wrote an article for Carolina Banker magazine excitingly titled “Bank Liability to Non-Customers in a Ponzi Scheme.” The crux of it concerns the potential liability to banks in Ponzi schemes and the precautions...more