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Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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NEWSLETTERS & ALERTS
Bank of Internet, CEO, Investigated for Money Laundering - DOJ
Justice Department and other federal agencies are investigating the Bank of Internet and its CEO since 2007, Gregory Garrabrants, for reportedly filing incorrect quarterly Consolidated Report of Condition and Income, or ‘call reports’ that, among other things, disclose loans made to foreign nationals.
According to the NYPost, those charges came out in a lawsuit, filed in 2015 by a Houston pension fund, that claimed the defendants had “misrepresented the risks of investing” with it. In the suit, BofI is alleged to have filed incorrect call reports by failing to disclose to the OCC that it had made as many as 200 loans to foreign Nationals without requiring them to provide Tax ID Numbers, as required under the USA Patriot Act and the Bank Secrecy Act.
At this point in time, neither the bank – which holds $6.6 billion in deposits - nor Garrabrants has been accused of any criminal activity.
The Office of the Comptroller of the Currency, the SEC and the Treasury Department are also taking part in the investigation.