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.
CFPB Federal Lawsuit • Case 2:24-cv-03652-SMB • U.S. District Court, Arizona The Bank Fraud Machine They Called “Safe” How Bank of America, Chase, Wells Fargo, and their jointly owned fintech Early Warning Services built Zelle, marketed it to 143 million…
EvilCorporations.com • Case No. 2:24-cv-13442 • 30 min read Rocket Mortgage’s Ethics Just Crashed and Burned The federal government has accused America’s largest mortgage lender of running a kickback ring that silenced real estate agents, blocked first-time homebuyers from thousands…
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…
CFPB Enforcement • File No. 2024-CFPB-0016 They Ran Out the Clock on Borrowers to Steal 16% of Their Loans EvilCorporations.com • CFPB Consent Order, December 9, 2024 • 26 min read TL;DR Who: Performant Recovery, Inc. (formerly Diversified Collection Services,…
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…
Investigative Report • Payment Processing Fraud CardConnect’s Secret Tax on Small Business EvilCorporations.com • Case No. 2:24-cv-03034, E.D. Pa. • 23 min read TL;DR CardConnect Corporation, a Pennsylvania-based payment processor, sold merchant services contracts to thousands of small businesses by…
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…
Corporate Misconduct • Consumer Finance Apple and Goldman Sachs’ $89 Million Broken Promise to Customers EvilCorporations.com • CFPB File No. 2024-CFPB-0012 • 26 min read TL;DR Apple and Goldman Sachs ran a credit card together and broke federal consumer protection…