Deutsche Bank, a Germany-based global banking firm, has been found liable by a South Florida jury for its failure to detect and report a Ponzi scheme that led to the bankruptcy and liquidation of several Cayman Island companies. The jury reached a verdict on Tuesday, ordering Deutsche Bank to pay $95 million in damages for [...]

A final judgment has been entered by the U.S. District Court for the Eastern District of New York against Brian Callahan, an investment adviser from New York, his brother-in-law Adam Manson, and Manson's two entities. This judgment is related to their involvement in a Ponzi scheme that was halted by the SEC's emergency action on [...]

The Securities and Exchange Commission (SEC) has made an announcement regarding the settlement of fraud charges against Quanta, Inc., a biopharmaceutical company based in Burbank, California, along with its CEO, Arthur Mikaelian, and his son Grant Mikaelian, who serves as Quanta's executive vice president in charge of operations. The settlement does not require the defendants [...]

The Securities and Exchange Commission (SEC) has announced charges against Red Rock Secured LLC, a company based in El Segundo, California, along with its CEO, Sean Kelly, and two former Senior Account Executives, Anthony Spencer and Jeffrey Ward. The charges are related to a fraudulent scheme where the defendants allegedly convinced hundreds of investors to [...]

The Utah Legislature is on the verge of granting approval for a settlement in a lawsuit that accuses state officials of improperly utilizing millions of dollars in federal grant funds. Senate Joint Resolution 7, which was recently disclosed prior to the upcoming legislative session, aims to endorse a $1.55 million settlement to be paid by [...]

Toronto-Dominion Bank, commonly known as TD Bank, has agreed to pay $1.2 billion to settle a lawsuit accusing the bank of being involved in a notorious Ponzi scheme orchestrated by disgraced financier Allen Stanford over a decade ago. The settlement, announced on Monday, involves TD Bank paying $1.205 billion to a court-appointed receiver who will [...]

Time is running out for Michigan workers who were wrongly accused of unemployment fraud to participate in a $20 million class action settlement with the state. Michigan Attorney General expressed hope that affected residents would seize this opportunity to join the class settlement, acknowledging that while it cannot undo the hardships they endured, it does [...]

The Securities and Exchange Commission (SEC) has taken an emergency action by filing a lawsuit against Roy W. Hill and Eric N. Shelly, along with their controlled entities Clean Energy Technology Association, Inc. (CETA) and Freedom Impact Consulting, LLC (FIC). The SEC alleges that Hill and Shelly engaged in a fraudulent securities offering that has [...]

Wells Fargo Bank is facing a class action lawsuit filed in a federal court in California, where a group of consumers accuses the bank of knowingly facilitating scams by allowing fraudulent companies to open bank accounts. The plaintiffs, John McCraner, Sharon Stiansen, Janet Pollard, Michael Darlington, Susan R. Landreau, and John N. Tuffield, initiated the [...]