Overview On March 4, 2020 issued a settlement agreement with U.S. Bank’s former Chief Operational Risk Officer Michael LaFontaine whereby FinCen fined Mr. LaFontaine $450,000 and banned him from a compliance role for six years. The settlement agreements state the reason for the actions is due to “his failure to prevent violations of the Bank … Read more FinCen accesses a civil penalty of $450,000 against a former risk officer
Overview On February 20, 2020 the United States Attorney’s Offices of Central District of California and the Western District of North Carolina announced a settlement with Wells Fargo & Company that included a $3 billion dollar fine. Interestingly, the two criminal statutes cited were 18 U.S.C. 1005 and 1028A. 18 U.S.C. 1005 comes under Chapter … Read more The Wells Fargo Settlement – a new twist on identity theft
On January 23, 2020 the Office of the Comptroller of the Currency (OCC) announced settlements with fiver former executives of Wells Fargo bank. More than four years ago it was discovered that Wells Fargo engaged in a pattern and practice of systemic sales practice violations occurring between 2002 – 2016. The announcement by the OCC … Read more The Office of the Comptroller of the Currency settles with five former Wells Fargo executives.
As most of you know we are true believers in appropriate corporate governance. While not the most exciting of topics the cost of getting this wrong can be lethal. Case in point The We Company. I never really understood all the excitement about WeWork. Essentially WeWork was renovating office space and offering “free” beer, amongst … Read more A corporate governance fiasco – The We Company aka WeWork