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Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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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.