The Lorraine Brown Case: Accountability for Fraudulent Document Preparers, Not the Banks Who Requested the Documents

By: Tuesday November 20, 2012 3:35 pm

The Justice Department has issued their formal press release in the plea arrangement with Lorraine Brown, the former President of fraudulent foreclosure document processor DocX, a division of LPS. Brown pleaded guilty to wire and mail fraud and faces five years in prison and up to $250,000 in fines, from what DoJ describes as “a six-year scheme to prepare and file more than 1 million fraudulently signed and notarized mortgage-related documents with property recorders’ offices throughout the United States.” She also acknowledged lying to the FBI and other federal regulators investigating the scheme.

Separately, the state of Missouri, which had previously indicted Brown in the same scheme, announced their own plea agreement with her on fraudulent and forged document filings in his state.

 

Founder of DocX/LPS Pleads Guilty in Federal Court

By: Tuesday November 20, 2012 3:15 pm

The Founder of DocX, which later changed its name to LPS, has pleaded GUILTY in US District Court for the Middle District of Florida. In the “Factual Basis” document attached to her Plea Agreement, Lorraine Borwn, the founder of DocX, LLC, admits that the documents produced by these companies from the period 2003-2009 were forgeries.

UBS “Rogue Trader” Convicted for Fraud

By: Tuesday November 20, 2012 12:15 pm

Kweku Adoboli, the “rogue trader” who cost UBS billions of dollars with a bad trade in 2011, has been found guilty by a British court on two counts of fraud, while being acquitted on four other counts of false accounting.

BP Criminal Settlement Announced: $4.5 Billion Fine, 2 Charged With Manslaughter

By: Thursday November 15, 2012 11:47 am

So now we have an answer to the talk of a settlement in the BP oil disaster case. The company will pay a total of $4.5 billion in fines and payments, as well as admit to criminal charges. But the fines and payments do not include civil violations of either the Clean Water Act or the Oil Pollution Act, which carry additional fines of up to $21 billion.

BP, Justice Department Close to Settlement in Deepwater Horizon Case; BP to Plead Guilty of Criminal Misconduct

By: Thursday November 15, 2012 6:32 am

Well, I think we’ve figured out how an elite corporation can receive criminal charges in 21st-century America. All you have to do is spill 205.8 million gallons of oil into a US waterway. Then, you’re just going to have to cop a criminal misconduct plea, as long as the Justice Department gives you immunity from future suits and wraps up all your negligence in one case.

JPMorgan Chase Still Trying to Blame Individuals For Fail Whale-Related Fraud

By: Thursday November 1, 2012 5:58 am

JPMorgan Chase has sued the former manager of Bruno Iskil, the “London Whale” who executed the “Fail Whale trades” that cost the company as much as $7 billion. Javier Martin-Artajo was the direct supervisor to Iskil in the Chief Investment Office in London.

JPMorgan Chase Trying to Throw Its Traders Under the Bus for Fail Whale-Related Securities Fraud

By: Thursday October 11, 2012 9:19 am

JPMorgan Chase clearly wants to sell out its former traders and confine the blame to them. I never look a gift prosecution of corrupt bankers in the mouth, but the law stipulates that the top executives, including Jamie Dimon, are responsible for any fraudulent valuations delivered to shareholders. Period. Sarbanes-Oxley makes this incredibly simple. But JPMorgan has tossed the government a few bad (and small) minnows, and the government has so far taken the bait.

Obama Ad About Big Bird Cannot Find One Prominent Wall Street Criminal Prosecuted By Administration

By: Tuesday October 9, 2012 7:10 am

There’s only one thing that sticks out to me about this ad, though the casual viewer probably won’t notice it. Let’s look at that litany of Wall Street “criminals” and “gluttons of greed,” which later get juxtaposed with Big Bird. You have Bernie Madoff, Ken Lay and Dennis Kozlowski. So two CEOs prosecuted and convicted by George W. Bush’s Justice Department, and Madoff, whose son turned him in before Obama took office, in December 2008, and who pleaded guilty.

The Potential Conflict of Interest Issue Inside the Schneiderman/JPMorgan Chase Case

By: Wednesday October 3, 2012 9:28 am

Much thanks to FT Alphaville for highlighting my storyabout Eric Schneiderman’s lawsuit against JPMorgan Chase over Bear Stearns’ dodgy mortgage-backed securities deals. As I have stressed, nothing in this case indicates there’s been much new investigation at all, or participation from the federal task force. It borrows liberally from a lawsuit by mortgage bond insurer Ambac, which was filed by Karla Sanchez, a former litigator who now works in Schneiderman’s office as the Deputy AG for Economic Justice.

MoveOn Asks Justice Department to Investigate Romney’s False Statements on Federal Disclosure Forms

By: Thursday September 27, 2012 6:30 pm

MoveOn.org has sent a finding of fact to the Public Integrity Section of the Justice Department, asking that they initiate an investigation into whether Mitt Romney lied on a federal financial disclosure form.

This is an issue that arose back in July, during the debate over precisely when Romney left his job at Bain Capital.

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