A recent bevy of civil complaints brought against financial institutions by victims of Ponzi schemes raises questions over the extent to which financial institutions can detect and prevent large scale fraud perpetrated by their own customers, say sources.
This time last December, one might reasonably have expected that 2014 would be a year of modest changes for the anti-money laundering and sanctions compliance sector. Then came JPMorgan Chase, BNP Paribas and a convoy of Russian tanks to quash that notion.
JPMorgan Chase will pay $2.05 billion for failing to share its suspicions that the performance of Bernard Madoff's hedge fund was too good to be true, prosecutors and the bank disclosed Tuesday.
U.S. financial regulators Monday fined Canada-based TD Bank $52 million for willfully failing to report suspicious transactions tied to one of the largest-ever known Ponzi schemes.
Plaintiffs suing Toronto Dominion Bank over its ties to a convicted Ponzi schemer will likely reject a proposed comprehensive settlement that would grant the institution immunity from future litigation, say attorneys.
Federal financial regulators are questioning TD Bank about potential Bank Secrecy Act compliance lapses identified in the wake of the conviction of Florida-based Ponzi schemer Scott Rothstein, say sources.
Toronto-Dominion Bank must pay a Texas investment company $67 million for its role in helping convicted attorney Scott Rothstein run a $1.2 billion Ponzi scheme, a Miami jury ruled Wednesday.
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