Mortgage Fraud
Fraud News From World

Mortgage Fraud: Société Générale, S.A. Will Pay Civil Penalty to Resolve Claims Related to Its Activities

January 20, 2017 FraudsWatch 0

Société Générale Agrees To Pay $50 Million Penalty To Settle RMBS Fraud Claims United States Attorney Robert L. Capers announced today that Société Générale, S.A. will pay a $50 million civil penalty to resolve claims related to its activities, which were conducted through several affiliates (together, “SocGen”), in [Read More…]

Financial Fraud
Fraud News From World

Financial Fraud: ENRICO RUBANO And SHIVANAND MAHARAJ Charged to Commit Wire Fraud in Connection With a False Invoicing Scheme

January 19, 2017 FraudsWatch 0

Information Technology Chief And Consultant Charged With Multimillion-Dollar False Invoicing Scheme Preet Bharara, the United States Attorney for the Southern District of New York, and Philip R. Bartlett, Inspector-in-Charge of the New York Office of the U.S. Postal Inspection Service (“USPIS”), announced today the filing of a criminal [Read More…]

Financial Fraud
Fraud News From World

Financial Fraud: Western Union Admits to Criminal Violations Including Willfully Failing to Maintain an Effective Anti-Money Laundering

January 19, 2017 FraudsWatch 0

Western Union Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586 Million in Settlement with Justice Department and Federal Trade Commission Company also Agrees to Implement Anti-Fraud Program and Enhanced Compliance Obligations in Agreements with Federal Authorities The Western Union Company (Western Union), a global money services business [Read More…]

Mortgage Fraud
Fraud News From World

Financial Fraud: Credit Suisse Made False and Irresponsible Representations About Residential Mortgage-Backed Securities

January 18, 2017 FraudsWatch 0

Credit Suisse Agrees to Pay $5.28 Billion in Connection with its Sale of Residential Mortgage-Backed Securities The Justice Department announced today a $5.28 billion settlement with Credit Suisse related to Credit Suisse’s conduct in the packaging, securitization, issuance, marketing and sale of residential mortgage-backed securities (RMBS) between 2005 [Read More…]

Financial Fraud
Fraud News From World

Financial Fraud: John Edward Taylor Charged With One Count of Wire Fraud, Bank Fraud and Aggravated Identity Theft

January 4, 2017 FraudsWatch 0

Alleged Confidence Man Charged With Luring Victims Through Matchmaking And Networking Sites To Commit Fraud And Identity Theft John Edward Taylor Allegedly Masqueraded as a Millionaire and Businessman to Romance Victims, Steal Their Identifying Information, and Use Their Bank Accounts and Credit to Fund His Daily Expenses. Preet [Read More…]

Financial Fraud
Fraud News From World

Financial Fraud: United Shore Financial Services LLC (USFS) Pay For Alleged False Claims Act Liability Arising From Fha-Insured Mortgage Lending

December 29, 2016 FraudsWatch 0

United Shore Financial Services LLC Agrees To Pay $48 Million To Resolve Alleged False Claims Act Liability Arising From Fha-Insured Mortgage Lending WASHINGTON – United Shore Financial Services LLC (USFS) has agreed to pay the United States $48 million to resolve allegations that it violated the False Claims [Read More…]

Financial Fraud,
Fraud News From World

Financial Fraud: Richard Shusterman Sentenced For Co-Conspirators Perpetrated a Brazen And Complex Ponzi Scheme That Defrauded Investors

December 23, 2016 FraudsWatch 0

Leader of $242 Million Investment Fraud Scheme Sentenced to 18 Years in Federal Prison Ponzi Scheme Involved Sale of Medical Debts Baltimore, Maryland – U.S. District Judge James K. Bredar sentenced Richard Shusterman, age 53, of Highland Beach, Florida, today to 18 years in prison, followed by three [Read More…]

Financial Fraud
Fraud News From World

Financial Fraud: Umair Hamid Charged with Wire Fraud, Aggravated Identity Theft, and Worldwide “Diploma Mill” Scheme

December 22, 2016 FraudsWatch 0

Manhattan U.S. Attorney Charges Executive Of Axact In $140 Million Diploma Mill Scam Preet Bharara, the United States Attorney for the Southern District of New York, Philip R. Bartlett, Inspector-in-Charge of the New York Office of the U.S. Postal Inspection Service (“USPIS”), and William F. Sweeney Jr., the [Read More…]

Financial Fraud, Bankruptcy-Related Crimes
Fraud News From World

Financial Fraud: Phillip E. Southwood former owner of Southwood Industries, Inc., Sentenced for Multiple Bankruptcy-Related Crimes

December 20, 2016 FraudsWatch 0

Small Business Owner Sentenced to Prison for Bankruptcy Fraud Assistant U.S. Attorneys Joseph J.M. Orabona (619)546-7951 or Michael Heyman (619) 546-9615 NEWS RELEASE SUMMARY – December 19, 2016 SAN DIEGO – Phillip E. Southwood, Jr., a 50-year-old former owner of Southwood Industries, Inc., a holding company for Jefferson [Read More…]

Financial Fraud, Investment Fraud
Fraud News From World

Investment Fraud: Seven Individuals Charged With Securities Fraud, Investment Adviser Fraud And Securities Fraud Conspiracy

December 19, 2016 FraudsWatch 0

Platinum Partners’ Founder And Chief Investment Officer Among Five Indicted In A $1 Billion Investment Fraud Two Additional Individuals Indicted In A $50 Million Bond Fraud Involving Black Elk Energy, One Of Platinum’s Largest Portfolio Companies BROOKLYN, N.Y. – An eight-count indictment was unsealed this morning in federal [Read More…]

Financial Fraud, Loan Fraud
Fraud News From World

Financial Fraud: Two Brokers Charged For Scheme to Use Simultaneous Loan Applications to Fraudulently Obtain Home Equity Lines of Credit

December 15, 2016 FraudsWatch 0

Real Estate Brokers And Client Charged With Defrauding Banks In ‘Shotgun’ Loan Scheme NEWARK, N.J. – Two real estate brokers and a client were arrested today and charged in connection with a scheme to use bogus information and simultaneous loan applications at multiple banks to fraudulently obtain home [Read More…]

Financial Fraud
Fraud News From World

Financial Fraud: JOHN ARNOLD SHELLEY Indicted For Conspiracy and Commit Bank Fraud at The Bank of Union (BOU)

December 14, 2016 FraudsWatch 0

Former Bank President Indicted in Connection with $100,000,000 Bank Failure Oklahoma City, Oklahoma – Yesterday, a federal grand jury returned a 23-count indictment against JOHN ARNOLD SHELLEY, 66, of Oklahoma City, Oklahoma, in connection with the failure of the Bank of Union, announced Mark A. Yancey, United States Attorney [Read More…]

Financial Fraud
Fraud News From World

Financial Fraud: ROBERT KUSS Indicted In One Count of Mail Fraud Stemming From His Role in a Scheme to Defraud the U.S. Postal Service

December 13, 2016 FraudsWatch 0

Managing Partner of Bulk Mail Firm Admits Defrauding U.S. Postal Service of Nearly $750K Deirdre M. Daly, United States Attorney for the District of Connecticut, and Shelly Binkowski, Inspector in Charge for the Boston Division of the U.S. Postal Inspection Service, today announced that ROBERT KUSS, 54, of [Read More…]

Financial Fraud
Fraud News From World

Financial Fraud: Torneos y Competencias S.A. (Torneos) Charged With Wire Fraud Conspiracy And Participation in a Scheme to Corrupt International Soccer

December 13, 2016 FraudsWatch 0

Argentine Sports Marketing Company Admits To Role In International Soccer Bribery Conspiracy And Agrees To $112 Million In Forfeiture And Criminal Penalties Torneos y Competencias S.A. Enters Into Four-Year Deferred Prosecution Agreement; Agrees to Enhanced Internal Controls and Compliance Obligations Earlier today, the U.S. Attorney’s Office for the [Read More…]