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. Scott Rothstein, who pleaded guilty in January 2010 to overseeing a $1.2 billion Ponzi scheme, said in testimony in December that executives and anti-money laundering (AML) compliance officials at South Florida branches of Cherry Hill, NJ-based TD Bank and Coral Gables, FL-based Gibraltar Private Bank & Trust knowingly failed to disclose his suspicious transactions. Senior executives at both banks accepted monetary and other bribes from Rothstein to...
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.
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.
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.