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A Florida regional bank on Thursday agreed to pay the U.S. Treasury Department $6.5 million to resolve allegations that long-term deficiencies in its compliance program helped facilitate a $1.2 billion Ponzi scheme.
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.
In the legal wrangling that inevitably follows the collapse of Ponzi schemes, banks often escape liability. But in at least three lawsuits settled against two banks in the past year, financial institutions have been asked to pay up, and substantially.
MidWeek Roundup: Finra Fines Firm for Ponzi Ties, Lebanon Steps Up Crackdown on Launderers, and More
The OECD recommended that Hungary strengthen its detection and prosecution of foreign bribery, Saudi Arabia's Council of Ministers approved a new AML and counterterrorist financing law, and more, in the midweek roundup.
Two banks linked to a billion-dollar Ponzi scheme will likely face increased scrutiny from law enforcement and federal regulators following depositions last month by the convicted former head of a Florida law firm.
Federal prosecution of a North Carolina bank for missing a Ponzi scheme could signal that banks will no longer be shielded from criminal liability for failing to detect fraud, say analysts.
Wells Fargo is the target of a lawsuit filed in the Southern District Court of Florida that accuses a Miami Wachovia Bank branch of failing to perform adequate customer due diligence.
While many eyes are on Switzerland and an anticipated June 18 vote that will determine if the names of 4,450 UBS AG account holders will be handed over to U.S. authorities, Liechtenstein is offering its British bank clients an opportunity to fess up to unpaid taxes.
