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.
Enforcement Action VyStar’s Platform Collapses, Leaving 850,000 Members Without Access to Their Own Money EvilCorporations.com • CFPB File No. 2024-CFPB-0013 • 4 min read TL;DR VyStar Credit Union, a federally regulated financial institution, rolled out a new online and mobile…
The $550 Million Heist TL;DR: THE VENEZUELA PLUNDER The Facts: According to U.S. federal indictment 24-20468-CR-ALTMAN/LETT, Venezuelan media mogul Raul Gorrin Belisario led a conspiracy to launder hundreds of millions of dollars stolen from Venezuela’s state-owned oil company, Petróleos de…
XTO Energy Stole $16 Million in Royalties from Federal and Tribal Lands EvilCorporations.com | Corporate Accountability Project | Energy Sector XTO Energy · Royalty Fraud · 2009–2017 XTO Energy Knowingly Cheated the Public and Native Tribes Out of $16 Million…
Enforcement Action Navy Federal’s Overdraft Trap EvilCorporations.com • CFPB File No. 2024-CFPB-0014 • 4 min read The biggest credit union in America spent years charging its own members overdraft fees on transactions that never should have triggered a fee in…
Predatory Lending / Class Action The Rent-a-Bank Racket: How CreditNinja Charges 225% Interest While Hiding Behind a Utah Bank EvilCorporations.com • Case No. 1:24-cv-09109, N.D. Ill. • 18 min read A Chicago-based fintech company figured out how to legally charge…
TL;DR Synchrony Bank, formerly GE Capital Consumer Lending, markets itself as a military-friendly financial institution. It runs a “Military Benefits Program” promising 0% interest to servicemembers, which goes above what federal law actually requires. When a servicemember returns from active…
Class Action Investigation The $11 Million Scandal Behind Fluid Truck’s Business EvilCorporations.com • Civil Action No. 1:24-cv-2811, U.S. District Court, District of Colorado • 16 min read TL;DR Fluid Truck ran a platform that invited small vehicle investors to rent…
Fair Housing Investigation Appraised by Race: How Rocket Mortgage’s Process Let a Racist Appraisal Kill a Black Woman’s Refinance EvilCorporations.com • Civil Action No. 24-cv-02915, U.S. District Court for the District of Colorado • 42 min read TL;DR In January…
Corporate Misconduct Case Study: Truist Bank and the Betrayal of Lead Poisoning Victims Victimized Twice Imagine you are a victim. You’ve suffered from lead poisoning caused by a nearby smelter, leaving you with lasting “health and cognitive issues”. After a…
Credit Suisse Bribed Its Way Into Mozambique and Left a Nation in Ruins EvilCorporations.com Corporate Accountability Project Criminal Case No. 1:21-cr-00521 Federal Criminal Charges | Eastern District of New York | 2013–2017 Credit Suisse Bribed Its Way Into Mozambique and…