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Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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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.