Ebrahim Shabudin, 66, Moraga, California, was convicted by a jury on seven felony counts of conspiracy, securities fraud, and other corporate fraud offenses stemming from the failure of United Commercial Bank.
Archives For Regulatory Violations
Hencorp Becstone Capital L.C., Miami, Florida, has agreed to pay $3.8 million to resolve allegations under the False Claims Act that it made false statements and claims to the Export-Import Bank of the United States in order to obtain loan guarantees. Continue Reading…
MetLife Home Loans LLC has agreed to pay $123.5 million to resolve accusations that its MetLife Bank unit violated the False Claims Act by knowingly originating and underwriting Federal Housing Administration-insured mortgages that did not meet applicable requirements.
Justin T. Brough, 39, North Las Vegas, Nevada, a former senior vice president of Bank of America, Las Vegas, pleaded guilty to misapplication of bank funds in a scheme that led to over $6.4 million in losses on two loans.
Gary Patton Hall Jr., 49, Tifton, Georgia, a former bank president and CEO, was charged for his role in a bank fraud scheme in which he is alleged to have hidden under-performing and at-risk loans from the bank and the Federal Deposit Insurance Corporation, among others.
GTL Investments, Inc., doing business as John Adams Mortgage Company, Southfield, Michigan, a mortgage lender, has agreed to pay $4.2 million to resolve allegations that it violated the False Claims Act in its origination of loans backed by the federal government.
Golden First Mortgage Corp., and its owner, operator and President, David Movtady, have settled a civil mortgage fraud lawsuit alleging misconduct in connection with Golden First‘s participation in the FHA Direct Endorsement Lender Program.
Wilbur Anthony Huff, Kentucky, pleaded guilty to bank fraud charges admitting that he engaged in a scheme to prevent Park Avenue Bank, New York, New York, from being designated as “undercapitalized” by regulators – a designation that would prohibit the bank from engaging in certain types of banking transactions, and that would subject the bank to a range of potential enforcement actions by regulators.
Douglas Green, 50, Boca Raton, Florida, a former collateralized mortgage obligation bond trader was sentenced to 30 months in prison for engaging in a fraudulent trading scheme in which he manipulated the prices of CMOs by millions of dollars over a period of four years.
Gilbert G. Lundstrom, 72, Lincoln, Nebraska, the former Chief Executive Officer of TierOne Bank, a publicly traded commercial bank formerly headquartered in Lincoln, Nebraska, was charged for his role in a scheme to defraud TierOne’s shareholders and mislead regulators by concealing the declining value of its loan and real estate portfolio.