Banking and Finance

Recent Posts

A Chicago Convention Center Settles with the SEC on EB-5 Fraud Case
Posted on 20 Mar 2014 by Yi Song

The Security and Exchange Commission issued a litigation release today announcing the settlement for the biggest fraud in EB-5 history. On March 17, 2014, the United States District Court for the Northern District of Illinois Eastern Division issued the... Read More

SEC Charges Texas-Based Regional Center with Securities Fraud
Posted on 3 Oct 2013 by Mona Shah & Yi Song

On October 1, 2013 the Securities and Exchange Commission (SEC) announced fraud charges in U.S. District Court for the Southern District of Texas against a Texas based EB-5 Regional Center USA Now Regional Center LLC for misappropriating the investment... Read More

SEC Files Another Case Tied to the EB-5 Path to Citizenship Program
Posted on 3 Oct 2013 by Thomas O. Gorman

The EB-5 program is popular among many seeking a path to citizenship in the United States. Created as part of the 1990 Immigration and Nationality Act, it gives foreign nationals two possible paths to citizenship. One provides an opportunity for a green... Read More

How the ACCC Scandal has Disturbed the EB-5 Market in China – Current Market Trends and Updates
Posted on 12 Mar 2013 by Mona Shah & Yi Song

Introduction: On February 6, 2013, the Securities and Exchange Commission (SEC) charged the EB-5 project A Chicago Convention Center (ACCC) and its principal Anshoo R. Sethi with securities fraud. The project was marketed primarily in China, with... Read More

SEC Security Fraud Charges Against Assisted Living Facilities —Should EB-5 Practitioners Be Concerned?
Posted on 18 Dec 2014 by Mona Shah & Yi Song

Assisted living facilities (ALFs) have always been a popular choice for EB-5 investors. On December 3, 2013, the Securities and Exchange Commission (SEC) announced securities fraud charges against top executives at an assisted living facility. What is... Read More

SEC Alleges Jay Peak Owners Engaged in Massive Fraud of EB-5 Investors
Posted on 20 Apr 2016 by Omar Hakim

The Securities and Exchange Commission has charged and frozen the assets of Ariel Quiros of Miami, FL, William “Bill” Stenger of Newport, VT, Q Resorts Inc. and Jay Peak Inc. in connection with violations of the antifraud provisions of Section... Read More

SEC Charged Los Angeles-Based EB-5 Lawyers with Securities Fraud
Posted on 4 Sep 2014 by Mona Shah & Yi Song

Los Angeles-based EB-5 attorney Justin Moongyu Lee, and his wife Rebecca Taewon Lee and his law firm partner Thomas Edward Kent were charged by the Securities and Exchange Commission today with securities fraud. Misrepresentation to the Investors ... Read More

Madoff's Right-Hand Man: Scheme Was Obvious To Everyone
Posted on 4 Dec 2013 by Jordan D. Maglich

As the trial of five of Bernard Madoff's closest employees entered the seventh week, jurors heard testimony from the government's star witness, Madoff's former right-hand man, that Madoff's scheme was an obvious scam and that "it... Read More

SEC Reaches $127.5M Settlement with Investment Bank Over Misrepresentations
Posted on 19 Jul 2012 by LexisNexis® Mealey's™ Legal News

WASHINGTON, D.C. - (Mealey's) The U.S. investment banking subsidiary of Japan-based Mizuho Financial Group will pay $127.5 million to settle claims that it provided "dummy assets" to a ratings agency "that inaccurately reflected... Read More

Could JP Morgan Face Criminal Charges For Role in Madoff Ponzi Scheme?
Posted on 25 Oct 2013 by Jordan D. Maglich

In an unprecedented move, federal authorities are reportedly weighing the filing of criminal charges against financial behemoth JP Morgan for its role in Bernard Madoff's massive Ponzi scheme. According to the New York Times, both the Federal Bureau... Read More

Judge Signs Off on $153M Securities Settlement With Fannie Mae, KPMG
Posted on 9 Dec 2013 by Timothy Raub

WASHINGTON, D.C. — (Mealey’s) A federal judge in the District of Columbia on Dec. 6 granted final approval of a $153 million securities class action settlement between investors and Fannie Mae and KPMG LLP, ruling that the terms of the settlement... Read More

Final Approval of $500M Countrywide Securities Settlement Granted
Posted on 9 Dec 2013 by Timothy Raub

LOS ANGELES — (Mealey’s) A federal judge in California on Dec. 6 granted final approval of a record-setting $500 million securities class action settlement in three related actions against Countrywide Financial Corp. for misrepresenting the... Read More

SEC Alleges Wings Network Was $23.5 Million Ponzi and Pyramid Scheme
Posted on 4 Mar 2015 by Jordan D. Maglich

The Securities and Exchange Commission has filed civil fraud charges against two Massachusetts companies operating as Wings Network, alleging that the purported digital and mobile solutions venture was, in reality, a fraudulent Ponzi and pyramid scheme... Read More

Accused Ponzi Schemer Successfully Extradited From Germany
Posted on 13 May 2014 by Jordan D. Maglich

I didn't steal any money. If I had they would have arrested me and charged me long before my trip to Germany WHICH THE COURT WAS AWARE OF. This isn't a spy novel. Anything that investigators are going to find has already been found. They aren't... Read More

JPMorgan to Pay Record $1.7B to Settle Claims It Failed to Report Madoff Fraud
Posted on 7 Jan 2014 by Timothy Raub

NEW YORK — (Mealey’s) JPMorgan Chase Bank NA has agreed to a civil forfeiture of a record $1.7 billion to settle claims that it violated provisions of the Bank Secrecy Act during its time as the primary bank for Bernard L. Madoff’s massive... Read More