A federal jury convicted three former employees of a General Electric Co. unit for their role in an alleged bid-rigging conspiracy the government said deprived municipalities of competitive investment returns.
A federal grand jury returned additional criminal charges Monday against a group of former employees of convicted Ponzi scheme operator Bernard Madoff nearly four years after the massive fraud came to light.
The Office of the Comptroller of the Currency announced today that it has assessed a civil money penalty of $20 million against Wells Fargo Bank, N.A. ("bank"), and required it to pay more than $14.5 million in restitution for the involvement of the bank's predecessor institutions, Wachovia Bank N.A. and First Union National Bank ("predecessor banks"), in a bid rigging scheme involving the marketing and sale of certain derivative financial products to various municipalities and Section 501(c)(3) organizations harmed by the predecessor banks' misconduct during the period 1997 - 2006.
The Office of the Comptroller of the Currency announced today that it has entered into a Formal Agreement with Bank of America, N.A., Charlotte, North Carolina, related to the bank’s participation in a bid-rigging scheme involving the marketing and sale of certain financial products to municipalities and other non-profit organizations, variously, during the period November 1998 through January 2004.
A federal jury on Monday convicted five former Bernard Madoff lieutenants of helping to facilitate the massive Ponzi scheme that cost clients billions of dollars and shattered investor confidence at the height of the financial crisis.
MONTREAL – The Quebec government is asking engineering and construction companies involved in public contract bid-rigging years ago to repay the sums they overcharged or risk a civil suit and further embarrassment.
Pauline Marois’s Parti Québécois government tabled legislation Wednesday that would create a voluntary repayment program for firms that acknowledge past transgression. If a company doesn’t participate but there is reason to believe it was involved in wrongdoing, the government said it will spearhead legal action against the firm.
Reuters - JPMorgan Chase was ordered to pay more than $35 million to settle allegations that employees participated in a bid-rigging scheme for derivatives sold to municipalities and non-profit organizations.