Thread Options
|
#1870888 - 11/13/13 08:51 PM
Bank Settles for $400,000
|
Power Poster
Joined: Oct 2003
Posts: 2,548
Southeast
|
Thought some of you might be interested in this article. Community Bank Pays Penalty
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.
|
Return to Top
|
|
|
|
#1870938 - 11/13/13 10:32 PM
Re: Bank Settles for $400,000
Retread
|
Power Poster
Joined: Jul 2006
Posts: 4,512
New York City
|
^ Agreed. "This bank's failure to detect and report a ponzi scheme cost it 16 percent of its value."
If that doesn't get Management's attention, nothing will.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu
|
Return to Top
|
|
|
|
#1870986 - 11/14/13 01:53 PM
Re: Bank Settles for $400,000
Retread
|
10K Club
Joined: Aug 2001
Posts: 21,939
Next to Harvey
|
Federal law requires banks to implement a robust and proactive anti-money laundering program to detect fraud and protect the public from harm.
Once again, the implication is that if the bank had filed SARs consumers would have been protected...
Hmmm, no conventional media coverage or chest pounding on the DOJ web site found...
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.
|
Return to Top
|
|
|
|
#1870990 - 11/14/13 02:09 PM
Re: Bank Settles for $400,000
Retread
|
Power Poster
Joined: Jul 2008
Posts: 4,798
You are here
|
Just kind of wondering the percentage of SARs vs the percentage of criminal convictions also the amount of restitution to customers based upon court cased filed because of bank filled SARs. I would think both numbers are low.
_________________________
Opinions can be considered as coming from anywhere but my employer.
CAMS
|
Return to Top
|
|
|
|
#1871021 - 11/14/13 03:16 PM
Re: Bank Settles for $400,000
Retread
|
Power Poster
Joined: Jul 2008
Posts: 4,798
You are here
|
If the community bank held an account for a real broker (not saying that they should) it could have been used as a pass thru account to purchase valid investments. Not having expertise in these type of transaction could be a downfall for a smaller bank.
It also was not until recent that banks have been held accountable for ponzi customers. There may have been a few cases out there mainly due to the banks involvement but not many where the bank was not part of the scheme.
_________________________
Opinions can be considered as coming from anywhere but my employer.
CAMS
|
Return to Top
|
|
|
|
#1871041 - 11/14/13 03:32 PM
Re: Bank Settles for $400,000
Retread
|
10K Club
Joined: Jul 2001
Posts: 85,020
Galveston, TX
|
That is one question that I find community banks don't ask themselves enough. I have seen some pretty high risk accounts in smaller community banks that they have no expertise in trying to manage. The key questions always is:
What is this customer doing banking at my bank??
For example (real life):
What is this corporation that is incorporated in the Cayman Islands that is transferring large sums of money all over the world that is supposedly involved in the pharmaceutical industry doing banking at a $150MM bank that is in the middle of west Texas??
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
|
Return to Top
|
|
|
|
#1871170 - 11/14/13 05:54 PM
Re: Bank Settles for $400,000
Retread
|
10K Club
Joined: Jul 2001
Posts: 85,020
Galveston, TX
|
The owner is a friend of one of the directors.
Translation: They happened to meet at the country club and the guy "appears" to be rich.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
|
Return to Top
|
|
|
|
#1871174 - 11/14/13 06:01 PM
Re: Bank Settles for $400,000
Retread
|
10K Club
Joined: Dec 2000
Posts: 21,293
|
|
Return to Top
|
|
|
|
#1871256 - 11/14/13 07:01 PM
Re: Bank Settles for $400,000
Elwood P. Dowd
|
Power Poster
Joined: Oct 2003
Posts: 2,548
Southeast
|
As my old friend Paul Harvey would say, here is the rest of the story. The chest beating was in 2011. Deferred Prosecution Agreement Dismissal
_________________________
Politicians are like diapers. They need to be changed often and for the same reason.
|
Return to Top
|
|
|
|
#1872005 - 11/18/13 02:54 PM
Re: Bank Settles for $400,000
Retread
|
Power Poster
Joined: Jul 2006
Posts: 4,512
New York City
|
Randy - your posts along make trolling the BOL forums worth the effort.
_________________________
"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu
|
Return to Top
|
|
|
|
|
|