Bernie Madoff with pants down, Bankers too

When it comes to the Madoff bankruptcy case, the venue matters. Bernie was scamming everyone until the financial crisis exposed him, and the next thing we knew he was telling his sons about his ponzi scheme. Lawsuits filed by Irving H. Picard, the trustee in the case, expose the banks and financial wanna-be’s that never …

J.P. Morgan Securities LLC settles with SEC

As the mortgage crisis and subprime debacle came and went, scars were left on the financial landscape across the Unted States and elsewhere around the world. Did those who caused the problem escape with minimal damage? Banks are finding out how to settle allegations against them while using damage control to offset publicity. Balance sheets …

Nine Argent Mortgage employees charged with fraud

Last week in Cleveland, nine former employees of former subprime lender Argent Mortgage Co. were indicted for their roles in making nearly $13 million of fraudulent residential mortgage loans. The Cuyahoga County Mortgage Fraud Task Force, which brought the charges (it operates under authority from the Ohio attorney general) alleged, among other things, that managers …

UniCredit, HSBC Seek to Dismiss Madoff Investor Suit

UniCredit Bank Austria AG and other defendants asked a judge to dismiss a lawsuit by foreign investors in funds that put money with con man Bernard Madoff, saying they were being cast as “scapegoats for Madoff’s intentional criminal acts.” The investors in January and February sued Herald, Primeo and Thema funds, directors, service providers and …

Countrywide Must Face MBIA Fraud Claim, Appeals Court Rules

Bank of America Corp. (BAC) and its Countrywide Financial Corp. unit must face a fraud claim brought by bond insurer MBIA Insurance Corp., an appeals court ruled. The New York court yesterday upheld an April 2010 trial- court denial of Countrywide’s motion to dismiss the claim against it in the 2008 suit. MBIA alleges that …