Links in “Financial Crime”

According to the FBI and local Tennessee authorities, three suspects are still at large for attempting to kidnap Y-12 FCU CEO Mark Ziegler. After breaking into his home, the suspects demanded that he go to the credit union and obtain cash to secure the release of his wife and son, who were being held as hostages.  When Ziegler didn’t return as quickly as the suspects expected, they released the hostages and fled. [4/29/15]

... is a good cyber offense. DOJ announces a new "all tools approach" to cracking down on cyber criminals. [4/23/15]

The CFPB and the FTC have announced that they have levied a $15 million civil money penalty and ordered restitution to consumers in the amount of $48 million to be paid by Green Tree Servicing, LLC.  The agencies found that the servicer had illegally failed to honor loan modifications for loans from other servicers, demanded payment before offering loss mitigation options, delayed decisions on short sales, and harassed and threatened borrowers—in some cases calling borrowers as many as 20 times per day. [4/22/15]

About seven hundred businesses in Miami have been targeted by the Financial Crimes Enforcement Network (FinCEN) due to a possible trade-based money laundering scheme with ties to drug trafficking. This bust was due to the issuance of a geographic targeting order. [4/22/15]

It’s National Consumer Protection Week and the NCUA is touting its website MyCreditUnion.gov where consumers can obtain information about their privacy rights, fraud and ID theft prevention, and credit scores among a host of other items.  A companion website, espanol.MyCreditUnion.gov is offered, as well. [3/3/15]

Alert employees at Widget Financial Credit Union in Erie, PA, are being credited by federal authorities with helping to break an extensive tax refund scam involving the use of 11,468 stolen identities used to open 3,493 accounts at 443 credit unions and banks. In all, authorities say that the 16 people indicted in the scam sought to obtain more than $38 million in fraudulent tax refunds. [2/10/15]

Multiple charges is an understatement. Jonathan Wade Dunning, former president of the now-liquidated Birmingham Financial Federal Credit Union, is facing  a 112-count indictment for bank fraud, money laundering, wire fraud, and conspiracy. [2/5/15]

Continental Finance Company LLC must refund $2.7 million to consumers and pay a civil penalty of $250,000 for charging illegal credit card fees. [2/5/15]

HUD's Office of Inspector General alleges misconduct in hiring practices, including the hiring of a former registered lobbyist who used her position to further an agenda favorable to her former employer and to hire employees without proper vetting. There were also efforts to obstruct the OIG's investigation, including threats to charge investigators for their "inappropriate actions." [2/5/15]

New York Times reports that Wells Fargo's litigation front did not have a good week when it lost a legal battle against a couple facing foreclosure of its $142,000 Missouri home. The couple has been awarded more than $3 million. In another case, a judge found there was substantial evidence that Wells Fargo had simply forged evidence to enforce its claim on a $170,000 property in New York. [2/2/15]