Financial fraud includes activities like embezzlement, insider trading, and accounting fraud, inflicts substantial harm on society. It distorts the transparency and efficiency of financial markets, leading investors and regulators to make decisions based on false information, which can destabilize entire economic systems. The direct victims of financial fraud—ranging from individual investors to large corporations—can face devastating financial losses, potentially wiping out life savings or crippling business operations.
Zelle Fraud: Banks Put Profit Over Consumer Safety, Lose $870M+ Corporate Misconduct Accountability Project Early Warning Services, LLC · enforcement action Zelle Fraud: Banks Put Profit Over Consumer Safety, Lose $870M+ Early Warning Services, Bank of America, JPMorgan Chase, and…
Rocket Homes Used Illegal Kickback Scheme to Steer Homebuyers to Higher Rates Corporate Misconduct Accountability Project Rocket Homes Real Estate LLC · Federal enforcement action Rocket Homes Used Illegal Kickback Scheme to Steer Homebuyers to Higher Rates The CFPB alleges…
The Koch Tapes: Siphoning Millions From Worker Retirements The Dossier: At A Glance The Accusation: Koch Industries and its affiliates breached their fiduciary duties, the highest duty known to law, by mismanaging their employees’ 401(k) retirement plans. The Method: The…
Performant Recovery Rigged Student Loan Rehab to Inflate Fees Corporate Misconduct Accountability Project Performant Recovery, Inc. · Consent Order Performant Recovery Rigged Student Loan Rehab to Inflate Fees For five years, the debt collector systematically delayed student loan rehabilitation agreements…
Case File: 2024-CFPB-0008 – New Day Financial The NewDay Deception CFPB File No. 2024-CFPB-0008 TL;DR: The Receipts WHO: New Day Financial, LLC, a national mortgage originator specializing in VA loans for veterans. WHAT: The company created deceptive worksheets that made…
CardConnect’s Hidden Fee Machine: How a Payment Processor Siphons Millions from Small Businesses | EvilCorporations.com CardConnect’s Junk Fee Pipeline: How a Pennsylvania Payment Processor Extorts Small Businesses Internal documents and a new federal class action reveal CardConnect Corp. systematically charges…
Redlining for Profit: Townstone Financial’s Air War On Black Chicago TL;DR The U.S. government, via the Bureau of Consumer Financial Protection, filed a lawsuit (Case No. 1:20-cv-04176) against Townstone Financial for illegal racial discrimination in mortgage lending between 2014 and…
THE CLIMB CREDIT FILE Case No. 1:24-cv-07868 TL;DR: The Receipts Climb Credit and its parent companies allegedly engaged in “deceptive and abusive acts” by falsely marketing student loans. They created a “sham” return-on-investment (ROI) analysis to give the appearance of…
The Architecture of Exclusion TL;DR: The Fairway Files THE ACCUSED: Fairway Independent Mortgage Corporation. THE CRIME: Systematically discriminating against Black communities in the Birmingham-Hoover, Alabama metropolitan area by redlining. This is a direct violation of the Fair Housing Act, the…
Apple and Goldman Sachs fined $89M for Apple Card dispute failures Corporate Misconduct Accountability Project Apple Inc. and Goldman Sachs Bank USA · Consent Order (CFPB Enforcement Action) Apple and Goldman Sachs fined $89M for Apple Card dispute failures Tens…