Florida Court Unlikely to Find Wachovia, Mastercard Civilly Liable for Missing Ponzi Scheme

By Colby Adams

A Florida court is likely to dismiss a civil claim brought by three Ponzi scheme victims against Wachovia Bank and Mastercard Worldwide for allegedly lax anti-money laundering controls, say analysts. The three victims claim that, in opening accounts for Ponzi schemers, four financial institutions facilitated money laundering by failing "to implement and operate appropriate security policies and procedures in violation of the Bank Secrecy Act and applicable regulations," according to the complaint, filed in Broward County, FL in December. The perpetrators of the Ponzi scheme, both U.S. citizens and foreigners, bilked up to $220 million from at least 6,000 investors...