Aiding and Abetting Fraud

Silvergate Bank Aiding and Abetting Crypto Fraud Class Action

November 2022 exposed Sam Bankman-Fried’s fraud and embezzlement involving his cryptocurrency exchange FTX and cryptocurrency hedge fund Alameda Research. But how was he able to dsitribute funds among FTX, Alameda, and himself? This class action brings suit against Silvergate Bank, its parent Silvergate Capital Corporation, and CEO Alan J. Lane, for aiding and abetting the  Read more

Western Union Company Fraud Remission, Phase Two Settlement

The Department of Justice and Western Union Company entered into a deferred prosecution agreement on January 19, 2017. The complaint alleged the company had responsibility for certain criminal actions, including wire fraud and violations of the Bank Secrecy Act. It is putting up $586 million to compensate victims through this remission process. In this Phase  Read more

Duff & Phelps Inaccurate Valuation Reports for Investors Class Action

Underlying this class action is a company known as Direct Lending Investments, Inc. (DLI) and its DLI Capital, Inc. Master Fund. This comes from a list of investors DLI’s funds, now that a case has been brought against DLI by the Securities and Exchange Commission (SEC). However, the defendant in this case is not DLI,  Read more

UMB Bank Pressures Debtor to Take Farmers’ Grain Without Payment, Says Class Action

This class action is brought by Mississippi farmers against UMB Bank, NA, alleging that it propped up Express Grain Terminals and pressured it to take farmers’ grain during the fall harvest, so that the farmers were not paid for the grain. The complaint alleges that UMB understood Express Grain’s financial situation and took advantage of  Read more

Wells Fargo Cooperation in Ponzi Scheme Class Action

Banks are required to follow Know Your Customer rules and to know enough about its customers’ businesses to recognize whether their transactions are reasonable for their purposes or possibly fraudulent. The complaint for this class action alleges Wells Fargo Bank, NA did not give sufficient scrutiny to customers Johanna Garcia and her companies MJ Capital  Read more