It looks like our government is trying to make us think they are doing something about mortgage fraud. More than 400 defendants were charged by federal prosecutors Thursday in connection with alleged mortgage fraud over schemes carried out since March, said to have resulted in about $1 billion in losses. In a probe […]
Updated: 09/20/07 6:56 AM - HSBC Bank USA will pay $10.5 million in fines and penalties to the Securities and Exchange Commission for negligently allowing its name and logo to be used in connection with an alleged Miami-based investment fraud targeted at Central and South American investors.
Under the settlement agreement announced Wednesday, the U.S. […]
When HSBC lost money due to HSBC Finance the bank worked very hard to turn a profit elsewhere. Developing nations held the wolves at bay as those opposed to HSBC’s Household International remain posed to file suit if the bank turned shareholder profits into a loss. Others may still file suit claiming $10.6 […]
Although many claim HSBC already knows what their quarterly results might be, publishing the information is another story. The Securities and Exchange Commission is also looking at subprime mortgages. The worry at HSBC is HSBC Finance, formerly Household International, and HSBC USA.
Rising interest rates, combined with falling home prices, have caused many subprime […]
A group of hedge funds is telling the U.S. Securities and Exchange Commission to be on the lookout for manipulation of bonds backed by subprime mortgages.
Paulson & Co., based in New York, told the SEC that investment banks may pay inflated prices to buy bad loans that are collateral for bonds, said Michael Waldorf, […]
H&R Block, Inc. has been accused of securities fraud. If you are a member of any of their investment plans or profit sharing retirement plans and purchased or held the Company’s stock in one of those plans during the periods January 31, 2005 to March 14, 2006, you may have a claim.
Block is HSBC’s […]
A look at some of the high-profile corporate scandals of recent years and the status of legal action in each.
QWEST COMMUNICATIONS INTERNATIONAL INC. _ Former Qwest CEO Joseph Nacchio is indicted Tuesday on 42 counts of insider trading accusing him of illegally selling off $101 million in stock. In July, Robin Szeliga, former CFO, pleaded […]
November 29, 2005 - As many as 150,000 employees and retirees of the former Kmart Corp. would share $11.75 million in a proposed settlement of a lawsuit against ex-company officials over the investment of pension funds in Kmart’s now worthless stock. In August, the U.S. Securities and Exchange Commission filed civil charges of securities […]
Just one week ago, a three-member arbitration panel cleared Kmart’s former chief executive, Charles C. Conaway, of alleged fraud, mismanagement and corporate looting. Now, the U.S. Securities and Exchange Commission has accused Conaway and former Chief Financial Officer John T. McDonald of misleading investors about the discount retailer’s finances. Conaway and McDonald stand […]
Enron’s malfeasance revolutionized the way that corporations see their liabilities, said Leo Cunningham, a former federal prosecutor and now a partner at Wilson Sonsini Goodrich & Rosati in Palo Alto. “It has become apparent to everyone that the regulators and prosecutors take a wide view when they look at conduct they suspect to be […]
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An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
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