News Topic: Crime and misconduct

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A former Federal Reserve employee admitted to illegally taking documents, including bank stress test data, after deciding to leave the board, U.S. prosecutors said Friday. ]] ... Read full article

Federal Savings Bank, the Chicago bank that lent millions of dollars to Paul Manafort under its founder and former longtime CEO, has now sued the former Trump campaign chairman and his wife, seeking to foreclose upon his mansion in the Hamptons. ]] ... Read full article

Stephen Calk, who is scheduled to face trial in June on bribery charges, allegedly reversed course on whether to make a multimillion-dollar loan to Trump’s campaign chairman following the then-president-elect’s surprise victory in November 2016. ... Read full article

A Greek-led organized crime group that stole more than $14.4 million from U.S. banks has been dismantled in a cross-border operation by three international law enforcement agencies. ... Read full article

Marie Fulle was ordered to spend nearly three and a half years in federal prison and pay $1.09 million in restitution for stealing money from an elderly customer with dementia. ... Read full article

The Securities and Exchange Commission last week accused Ripple of breaking securities laws, raising questions about the future of banks' ties with the company. ... Read full article

A co-founder of a cryptocurrency firm was sentenced to a year in prison after pleading guilty to tricking investors out of more than $25 million in an investment scam promoted with the help of celebrities including Floyd Mayweather and the musician DJ ... Read full article

Brooklyn-based federal prosecutors will staff a new task force to investigate and charge corporations and individuals who use the U.S. banking system to launder money, setting up a bigger role in white-collar cases that have historically been dominated by ... Read full article

The Office of the Comptroller of the Currency says JPMorgan Chase’s fiduciary unit lacked sufficient controls to manage risk and avoid conflicts of interest. ... Read full article

Warren Buffett's company has been pulling back from the scandal-ridden bank as it prepares to unveil strategic changes. ... Read full article

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed ... Read full article

The National Credit Union Administration issued a prohibition order against a former employee of Members Exchange Credit Union in Mississippi. ... Read full article

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act. ... Read full article

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan. ... Read full article

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges. ... Read full article

The bank has contends that the misconduct was widespread, but a whistleblower letter unearthed by the Consumer Financial Protection Bureau points to Chicago as a hotbed of customer abuse. "We are becoming a 'predatory' financial ... Read full article