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.
Several domestic and international banks are retraining investigators tasked with identifying fraud and money laundering to better uncover Ponzi schemes, say compliance officers and consultants.
Identifying good guys and bad guys in real life is complicated: court documents released this month in connection with investors' lawsuits against the banks that served Ponzi schemer Scott Rothstein don't always make it clear - except with regard to Rothstein himself - who the villains are.
China, Mexico and Russia topped the latest Global Financial Integrity list of countries with the greatest outflows of illicit fund and the Financial Crimes Enforcement Network fined a former bank loss-mitigation specialist $25,000 Thursday for disclosing a SAR to the subject of the report.
The U.S. Supreme Court okays the extradition of former Panamanian dictator Manuel Noriega, and a prominent Florida lawyer pleads guilty to bilking investors out of $1.2 billion in a massive Ponzi scheme, in this week's news roundup.
Prosecutors started off 2010 by winning a series of guilty pleas in money laundering cases, and the extradition of the "Colombian Bernie Madoff."
The prosecution of high-profile, alleged Ponzi schemes kept money laundering in the headlines this week as a federal court convicted a Minnesota businessman for bilking investors of $3.5 billion and investigators arrested a well-known Florida lawyer for allegedly stealing over $1 billion.