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Weekly Roundup: Wachovia Sued for Ties to Ponzi Schemer, Khodorkovsky Gets 14 Years for Money Laundering, FDIC Issues AML Enforcements, And More
printWells 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. More Wachovia, which Wells Fargo agreed to acquire in October 2008, failed to discover that Haitian investor George Theodule wasn't registered broker, licensed to provide financial services, according to a Miami Herald report on Thursday. In addition, the bank failed to notice apparent red flags, including large cash withdrawals and a complaint filed against Theodule by the Securities and Exchange Commission, according to the Miami Herald, which reported that...
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