Links in “Financial Crime”

If you can’t get approved for a loan large enough to meet the needs of your small business, why not just have your employees and friends submit falsified loan applications to make up the shortfall? Because that can land you in jail. A member of Bell Community Credit Union is now facing three years in federal prison for bank fraud for making 15 false loan applications over a period of 14 months and has been ordered to pay restitution in the amount of $207,116. [3/11/16]

NCUA names four individuals who are prohibited from being involved in the affairs of any federally insured financial institution. The individuals have pleaded guilty to charges of embezzlement, theft, or structuring. [3/1/16]

A Ponzi scheme cost investors $66 million and sent a money manager to prison for more than three years. Now the money manager's bank is being accused of helping him shift money around the dozens of accounts he kept at the bank to cover long-term overdrafts. [2/24/16]

If you're a money launderer used to carrying around a million in cash, how you carry that cash is about to get a lot less convenient, if a simple proposal by economist Larry Summers goes forward. Just in case, you should probably start lifting weights now. [2/22/16]

Spanish police raided the Madrid branch of the Industrial and Commercial Bank of China, accusing it of helping several Chinese and Spanish criminal syndicates commit financial fraud. Five directors of ICBC were detained. [2/18/16]

Bank robbers have moved from one side of the counter to the other. The rich and elderly bank customers are particularly at risk. [2/2/16]

In what may be another signal that more regulatory oversight of online lenders is needed, a Chinese online finance company may have bilked investors out of more than $7.6 billion. [2/1/16]

The former president of a Texas bank issued more than $68,000 in cashier's checks to herself to pay for various living costs, including her daughter's college sorority dues. She pleaded guilty to a 10-year accounting scheme that overstate the bank's value by more than $800,000. [1/29/16]

A Houston credit union's retired executive almost got away with stealing more than $1.2 million in unclaimed checks over 18 years. Almost. [1/22/16]

The employees and board members of $17.2 million Shoreline FCU were devastated to learn that their beloved manager, Kathryn Sue Simmerman, had been stealing cash from the credit union’s vault for over 16 years. Simmerman, who employed an intricate series of transactions to hide her theft, pled guilty to embezzlement and structuring and has been sentenced to 6.5 years in prison and ordered to pay restitution in the amount of $1.9 million. [1/5/16]