Charlie Scharf, Wells Fargo’s new CEO and President, called the action by former employees, including the opening of millions of unauthorized or fraudulent accounts “inexcusable.”
Read More »Supreme Court Case Could Shift Future of CFPB
The Supreme Court has agreed to hear a case that could have implications regarding the constitutionality of the Consumer Financial Protection Bureau. Last week the Supreme Court agreed to hear the case of Lucia v. Securities and Exchange Commission, which ...
Read More »Barclays Settles with SEC in RMBS Case
Barclays Capital will pay more than $16 million in remediation and penalties in response to charges brought against the bank by the U.S. Securities and Exchange Commission. The charges alleged two Barclays traders misled customers and that the bank failed to properly supervise them. The traders have also agreed to individual settlements of their own.
Read More »SEC Drops Case Against Former Thornburg Execs
The U.S. Securities and Exchange Commission agreed Friday to drop their case against two former executives of the defunct lender.
Read More »SEC Approves Ocwen Settlement Over Financial Misstatements
An investigation by the SEC revealed that Ocwen misstated its income for the last three quarters of 2013 and the first quarter of 2014.
Read More »LoanDepot Delays IPO at the 11th Hour
But on Thursday, the company announced that it will postpone the biggest IPO of the week, due to rough conditions in the market. Conditions, have, of course, been stormy on Wall Street to say the least. On Thursday, the Dow Jones Industrial Average dropped 254.15 points, or nearly 1.5 percent. Over the preceding week, it has dropped a total of 2.3 percent.
Read More »Former Fannie Mae CEO Claims SEC Failed to Prove Accusations of Subprime Lending Fraud
Mudd, the CEO of Fannie Mae during the years leading up to the housing crash (2005 to 2008), and former Fannie Mae executives Enrico Dallavecchia (chief risk officer) and Thomas A. Lund (EVP), requested that U.S. District Judge Paul Crotty grant them summary judgment on the grounds that the SEC had not shown evidence that the GSE misled or made false statements to investors about its subprime portfolio.
Read More »Report: SEC Grants Bank of America Partial Relief From Additional Sanctions in Settlement
The U.S. Securities and Exchange Commission (SEC) agreed to partially waive the additional sanctions that could have been imposed on Bank of America following a record settlement in August over the sale of residential mortgage-backed securities, according to sources familiar with the case in a report from Bloomberg News.
Read More »Report: Disagreement Among SEC Commissioners Stalling Bank of America Settlement
Bank of America's record $16.65 billion settlement with several government agencies over the sale of toxic residential mortgage-backed securities (RMBS) has been stalled by an internal disagreement within the U.S. Securities and Exchange Commission (SEC), sources familiar with the case said in a report from Bloomberg News.
Read More »Florida Stock Promoter Charged with Defrauding Investors
The Securites and Exchange Commission (SEC) filed fraud charges against a former Florida-based stock promoter, Robert J. Vitale, who is currently serving a two-year prison term for lying to SEC investigators. The SEC's complaint alleges Vitale defrauded investors in a Florida real estate venture, sold unregistered securities, and acted as an unregistered broker-dealer.
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