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North Carolina Bank To Pay $1.2 Million Penalty For Role in Ponzi Scheme, Payday Loans

A North Carolina bank will pay a $1.2 million fine after authorities accused it of failing to maintain proper controls to prevent a payday lender and massive Ponzi scheme from defrauding thousands of customers. Four Oaks Fincorp, Inc., and Four Oaks Bank & Trust Company (“Four Oaks Bank”...