Banking and Finance

Recent Posts

Massachusetts Man Indicted For $6 Million Ponzi Scheme
Posted on 1 Oct 2014 by Jordan D. Maglich

Two years after being charged with fraud by Massachusetts securities regulators, a former Belmont resident and prominent Shaklee distributor was arrested and charged with operating a Ponzi scheme that duped over a dozen investors out of at least $6 million... Read More

Cay Clubs Executives Arrested In Central America To Face U.S. Obstruction And Fraud Charges
Posted on 25 Jun 2014 by Doug Esten

Just weeks after a Florida federal judge dismissed the Securities and Exchange Commission's civil enforcement action accusing five executives of a failed real estate company of operating a $300 million Ponzi scheme, the Department of. Justice announced... Read More

“Bamboo Cyclist” Gets 4-Year Sentence For $2.5 Million Ponzi Scheme
Posted on 24 Oct 2014 by Jordan D. Maglich

A Utah man once known as the “Bamboo Cyclist” was sentenced to serve a four-year prison term for masterminding a Ponzi scheme that duped victims out of nearly $3 million. James Ronald Donahoo, II, of Pleasant Grove, Utah, received the sentence... Read More

Another Guilty Plea from the Demise of Taylor Bean
Posted on 15 Mar 2011 by Thomas O. Gorman

The demise of Taylor, Bean & Whitaker, as well as Colonial Bank, continues to spawn guilty pleas. This time Raymond Bowman, the former president of Taylor Bean, pleaded guilty to charges of conspiring to commit bank, wire and securities fraud and... Read More

UBS Subsidiary to Pay $100M to Settle Libor Manipulation Claims
Posted on 19 Sep 2013 by Timothy Raub

NEW HAVEN, Conn. — (Mealey’s) UBS Securities Japan Co. Ltd. will pay a $100 million fine as part of a plea agreement with the U.S. government to end a criminal suit alleging that UBS Japan illegally manipulated the London Interbank Offered... Read More

Jury Finds That Stanford Must Turn Over $330M in 29 Foreign Financial Accounts
Posted on 9 Mar 2012 by LexisNexis® Mealey's™ Legal News

HOUSTON - (Mealey's) Two days after finding Texas financier R. Allen Stanford guilty on 13 criminal charges relating to his operation of a massive Ponzi scheme, a federal jury in Texas on Mar. 8 returned a special verdict finding that Stanford... Read More

Cay Clubs Executives Arrested In Central America To Face U.S. Obstruction And Fraud Charges
Posted on 25 Jun 2014 by Jordan D. Maglich

Just weeks after a Florida federal judge dismissed the Securities and Exchange Commission's civil enforcement action accusing five executives of a failed real estate company of operating a $300 million Ponzi scheme, the Department of. Justice announced... Read More

Lloyds to Pay $370M to Settle Libor Manipulation Claims in U.S., U.K.
Posted on 29 Jul 2014 by Timothy Raub

WASHINGTON, D.C. — (Mealey’s) Lloyds Banking Group plc has agreed to pay a total of $370 million to settle claims with U.S. and British agencies alleging that Lloyds violated various laws by manipulating the London Interbank Offered Rate ... Read More