Category: banks
Group Home Owners Sentenced in $1 Million Medicare Fraud Scheme
Guardsman accused in Pentagon intel leak due in federal court
The Massachusetts Air National Guard member accused of leaking highly classified military documents is due back in court on Wednesday after being indicted on federal felony charges. Jack Teixeira is scheduled to be arraigned in the Worcester federal court on six counts of willful retention and transmission of national defense information. Teixeira, of North Dighton, has been behind bars since his April arrest on charges stemming from the most consequential intelligence leak in years. He was indicted by a grand jury last week. Teixeira is…
Iranian Intelligence Officials Indicted on Kidnapping Conspiracy Charges
Is US Heading for New Crisis 15 Years After the 2008 Credit Crunch?
The US could be heading for economic turmoil again 15 years after the 2008 financial crisis rocked the country, three experts have said. Global finance giant Lehman Brothers filed for bankruptcy on September 15, 2008, more than 150 years after its founding. It was the first major US victim of the sub-prime mortgage collapse. The first warning of the Credit Crunch came a year earlier, with the run small regional British mortgage lender Northern Rock after it asked the Bank…
Are banks cashing in at the expense of competition?
The trend of banks increasing their net interest margins and channeling their efforts into loan refinancing has raised concerns that it will reduce competition in the lending market. This shift could have significant implications for borrowers and the broader economy, according to Peter James (pictured above), director of non-bank lender Mortgage Ezy. “Banks are notorious for fattening their net interest margins (NIM) on loans whenever the cash rate scales higher,” James said. “While borrowers bear the brunt of RBA rate…
A JPMorgan Court Filing Shows Another Bank Exec Visited Jeffrey Epstein’s Residences 13 Times – Two More Times than Jes Staley
JPMorgan Chase is in a protracted legal battle in a federal district court in Manhattan over highly credible allegations that it “actively participated” in Jeffrey Epstein’s sex-trafficking of minors. The lawsuit has been brought against JPMorgan Chase by the Attorney General of the U.S. Virgin Islands where Epstein owned a private island compound that was a frequent venue of the sex trafficking operation. Part of the bank’s damage control strategy has been to sue one of its former top…
FCA investigates: Banks closing bank accounts based on customer political views and ideologies
Following concerns raised by the government of the United Kingdom (“UK”) about freedom of expression and the provision of banking services, the UK’s financial watch dog, the Financial Conduct Authority (“FCA”), recently commenced an investigation into bank account closures. This action follows in the wake of recent reports of banks allegedly closing customer accounts based…… Continue Reading
The post FCA Investigates Bank Account Closures, Including for PEP Customers appeared first on Global Investigations & Compliance Review.
ASIC brings suit against Paypal Australia for alleged unfair contract term
The Australian Securities and Investments Commission (ASIC) has taken legal action against Paypal Australia Pty Limited, alleging that the company’s standard form of contracts with small business owners contains an unfair term. According to ASIC, business account holders are given 60 days to notify Paypal of any errors or discrepancies in fees that Paypal has charged them, or else accept those fees as accurate. ASIC alleges such a term is considered unfair. “ASIC has commenced this action to protect…
The SEC and DOJ Are Doing Damage Control for 5-Count Felon: JPMorgan Chase
The DOJ charged JPMorgan Chase with engaging in “tens of thousands of instances of unlawful trading in gold, silver, platinum, and palladium…as well as thousands of instances of unlawful trading in U.S. Treasury futures contracts and in U.S. Treasury notes and bonds…”
The U.S. Treasury market is essential to the United States being able to pay its bills; raise money efficiently; and maintain the trust of our allies in our sovereign debt instruments. Rigging the Treasury market is about as close to financial treason as a Wall Street firm can get; especially when JPMorgan Chase’s securities unit is one of the Fed’s primary dealers and is contractually bound to bid in Treasury auctions.
But instead of prosecuting the bank, the DOJ handed JPMorgan a deferred-prosecution agreement (its third in six years) and put it on probation.
Push To Strip Fox’s Broadcast License Over Election Lies Gains New Momentum
Last July, we noted how media reform activists had petitioned the FCC to revoke Fox News’ local broadcast license in Philadelphia. More specifically, the group argued that Fox News’ rampant election fraud propaganda technically violated the “character clause” embedded in the Communications Act the FCC is supposed to use to determine whether an organization should hold a broadcast license. To be clear, a single Fox broadcast affiliate losing its license to broadcast in Philly wouldn’t have much of an impact on…
Two founders behind Russian crypto mixer Tornado Cash charged by U.S. federal courts
The two founders behind Tornado Cash, a Russian cryptocurrency mixing service, have been charged by the U.S. Attorney’s Office for the Southern District of New York, according to a statement on Wednesday. Roman Storm and Roman Semenov were officially charged with conspiracy to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money transmitting business, according to a newly unsealed indictment. Storm was arrested in Washington on Wednesday but Semenov still remains at large, the…
