Too Big to Indict?

Attorney General Eric Holder told Congress earlier this month that the size of a banking firm would lead the Justice Department to refrain from bringing criminal charges against the bank.  Speaking about the banking giant HSBC among others, the Attorney General said that some of the institutions had become so large that bringing a criminal […]

University of Miami Donor Charged with Fraud

Federal prosecutors in New Jersey have charged a Miami Beach business man with operating a $900 million investment fraud. Prosecutors allege that Nevin Shapiro operated a Ponzi scheme that bilked his friends and acquaintances. The complaint alleges that Shapiro obtained investments for his company, Capitol Investments, USA. Prosecutors contend that Shapiro told prospective investors that […]

Wells Fargo Seeks Settlement in Wachovia Money Laundering Investigation

Wells Fargo is in negotiations to resolve a money laundering investigation by the U.S. Attorney in Miami into Wachovia Bank. The investigation involves Wachovia’s former ties to Mexican money exchanges and whether Wachovia violated U.S. federal money laundering statutes in its relationships with these exchanges. The money exchanges are known as “casas de cambio.” The […]

Detroit Area Physician Convicted of Healthcare Fraud and Jailed

A jury in U.S. District Court in Detroit has returned verdicts of guilty in the prosecution of a physician charged in an $18 million healthcare fraud. Jose Castro-Ramirez, M.D., was convicted of 13 counts of Medicare fraud and money laundering. The court remanded Ramirez into custody pending his sentencing. Ramirez and others took part in […]

New York Attorney Indicted for Mortgage Fraud and Money Laundering

A federal grand jury in the Southern District of New York has returned an indictment against Louis Cherico, an attorney practicing in New York City and its suburbs. The indictment charges Cherico with operating a scheme to obtain control of luxury properties by filing false information with banks in obtaining mortgages. Specifically, the indictment alleges […]

Western Union Settles Money Laundering Charges with Arizona

Western Union Financial Services has settled civil money laundering actions brought by the state of Arizona. The settlement in state court in Arizona calls for Western Union to make total payments of $94 million to settle a series of lawsuits. The actions claimed that Western Union was allowing Mexican drug cartels and human smugglers to […]

Property Owners Sue Credit Suisse for Fraud

Owners of property at four luxury ski and/or golf resorts have sued Credit Suisse for $24 billion. The class action civil suit alleges that Credit Suisse engaged in conspiracy, wire and mail fraud, racketeering, and money laundering. The complaint alleges that Credit Suisse engaged in a predatory loan scheme designed to load the developments with […]

Another Huge Ponzi Scheme, Another Conviction

In the aftermath of Bernard Madoff’s $50 or $60 billion Ponzi scheme, mere thefts of one or a few billion dollars lose the ability to shock. Nevertheless, there seems to be no end to gigantic Ponzi scheme thefts. The most recent news comes from Minneapolis, Minnesota, where federal prosecutors yesterday won conviction on all 20 […]

South Florida Attorney Charged in Massive Ponzi Scheme

The United States Attorney for the Southern District of Florida has charged Scott Rothstein, a Fort Lauderdale attorney, with operating a $1.2 billion fraud. The criminal information alleges that Rothstein and others committed racketeering violations, money laundering, and wire and mail fraud violations. The government alleges that Rothstein used his now defunct law firm, Rothstein, […]

Federal Authorities Seek Top Russian Mobster on Fraud Charges

Federal investigators are seeking reputed Russian crime boss Semion Mogilevich on a 45 count indictment charging Mogilevich and others with racketeering (RICO), securities fraud, wire fraud, mail fraud, and money laundering. The charges allege that Mogilevich owned a company called YBM, which purportedly manufactured magnets. YBM was a public company traded on the Ontario, Canada, […]