Wells Fargo settles securities fraud lawsuit for $480 million.

In May of 2018, Wells Fargo agreed to pay $480 million to settle its class action lawsuit. Wells Fargo is a giant banking company based in the United States. The lawsuit accused Wells Fargo of securities fraud. The securities fraud accusation is a result of a fake account scandal that occurred in 2016. In [...]

Multi-million dollar bank scam gets Boston man 10 ½ years in prison.

A conman from Boston, Massachusetts was charged with bank fraud conspiracy. The perpetraitor's name is Charles Washington. He played a big part in a scheme to steal millions of dollars from banks. As a part of the scheme, Washington defrauded bank customers of almost $4 million. The customers he defrauded were members of Citizens [...]

2018-10-16T08:53:18+00:00Categories: Blog, Fraud News, front news|Tags: , |

Goldman Sachs finally confesses to mortgage fraud during the 2008 financial crisis.

It took nearly a decade, but Goldman Sachs finally named itself as the fraudster that it is. The investment bank accepted the Department of Justice’s conclusion that it “misled investors.” Goldman Sachs admitted that it deceived investors by not informing them of their risks. Basically, Goldman Sachs withheld vital information from investors for its [...]

Deutsche Bank pays over $240 million in fines over LIBOR price rigging scandal.

On February 27, 2018 Deutsche Bank AG agreed to a $240 million settlement. The fines were over alleged price rigging which Deutsche Bank has denied. Private US antitrust prosecutors insist that Deutsche conspired with other banks to fix the London Interbank Offered Rate (LIBOR). LIBOR is what sets the global standard of interest rates. [...]

2018-10-09T12:50:20+00:00Categories: Blog, Fraud News, front news|Tags: , |