Banker's Toolbox Announces — ACQUISITION OF LOAN LOSS RESERVE POWERHOUSE, MAINSTREET TECHNOLOGIES
Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)
FTC settles credit card laundering scheme
The FTC has announced a settlement with two defendants charged with laundering millions of dollars in credit card charges through fraudulent merchant accounts. A complaint filed by the FTC stated the defendants created Money Now Funding to launder funds from fraudulent operations and processed almost $6M through the credit card network. A monetary judgment of $5.8 million has been suspended due to the defendants’ inability to pay. For additional details, see "Credit card launderers barred and fined," in our Penalties pages.