Tag: FDIC
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MORE SENIOR FRAUD: ‘Insider Lending’ Scam: Illinois Man, 82, Pleads Guilty To Duping Bank He Once Led; Bank Later Failed
In what federal prosecutors described as an “insider lending” scam, the 82-year-old former chairman of a bank that failed in 2011 has pleaded guilty to duping the bank and regulators by concealing his interests in loans made by the bank to his secret business associates. James A. Regas, of Oak Brook, caused employees of Western…
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Raymond Bitar, Full Tilt Poker CEO, Arrested; Gambling Site Linked To THREE U.S. Banks That Failed, Feds Say; ‘The On-Line Casino Become An Internet Ponzi Scheme,’ Top FBI Official Says
Three vulnerable U.S. banks that processed illegal gambling payments for Full Tilt Poker in exchange for investments in the institutions later failed, federal prosecutors in the Southern District of New York said yesterday. The failures of Sunfirst Bank in St. George, Utah, and All American Bank and New City Bank — both of which were…
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Receiver In Jeremy Johnson/IWorks Fraud Case Issues Devastating Report; Incredible Number Of Firms Referenced In 79-Page Court Update; ‘Dozens Of Companies Used As Conduits To Re-Route Revenue And To Commingle And Hide Funds,’ Document Claims
EDITOR’S NOTE: Jeremy Johnson and associated companies were accused civilly by the FTC in December 2010 of orchestrating a massive fraud scheme involving hundreds of millions of dollars. At the moment, Johnson, 35, faces a single criminal charge of mail fraud. He denies wrongdoing on both the criminal and civil fronts and has painted himself…
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BULLETIN: Attorney Pleads Guilty In $47 Million ‘Bond’ Ponzi Scheme That Caused Arkansas Bank To Collapse; ‘Fraud, Whether Of This Magnitude Or Not, Cannot Be Tolerated,’ U.S. Attorney Christopher R. Thyer Says
BULLETIN: An Arkansas attorney and businessman caused a bank to collapse with his $47 million Ponzi scheme involving the sale of fraudulent bonds, federal prosecutors said. Kevin Harold Lewis, 43, of Little Rock, pleaded guilty to a federal charge of bank fraud after waiving indictment, prosecutors said. First Southern Bank, an FDIC-insured institution, collapsed after…
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URGENT >> BULLETIN >> MOVING: Keith Simmons’ Forex Ponzi Caper Leads To Criminal Charges And Deferred Prosecution Against North Carolina Bank; CommunityONE Bank Charged With Not Maintaining Effective Anti-Money Laundering Program
BULLETIN: Federal prosecutors say the collapsed Forex Ponzi scheme operated by Keith Franklin Simmons put an undercapitalized North Carolina bank with 45 offices in 38 communities in harm’s way. In a dramatic announcement, Justice Department officials said CommunityONE Bank N.A of Asheboro, N.C., turned a blind eye to Simmons and did not file a single…