Daily Archives: January 8, 2014

Whistleblower Complaint Leads to $320M Settlement

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If one did it – you can pretty much figure they all did it.

justiceleague00's avatarJustice League

Whistleblower Complaint Leads to $320M Settlement

Taylor Bean & Whitaker Mortgage Corp. and Home America Mortgage will pay more than $320 million to resolve allegations that they falsified loan applications, created false documentation, and misrepresented qualifications of applicants in order to secure federally funded insurance for home loans that ultimately defaulted.

Two whistleblowers filed a False Claims Act complaint in 2006 in the U.S. District Court for the Northern District of Georgia claiming the businesses engaged in a pattern of fraudulent activity that resulted in false applications for mortgage guarantees to be presented to the Department of Housing and Urban Development.

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Isn’t it a Bitch When They Lie…

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And then they get caught?! No sense of consequence.

Painter

Failing to be honest costs a lot of money… omitting the truth is just as bad as lying.

Government extracts $2 billion in fines from JPMorgan in Madoff case

By , Published: January 7 E-mail the writer

Years of high investment returns at Madoff Securities left bankers in the London office of JPMorgan Chase skeptical of the methods of company chief Bernard L. Madoff. While the bank reported its suspicions to British authorities in 2008, it never said a word to anyone in Washington, the Justice Department says.On Tuesday, Madoff’s primary banker agreed to pay federal prosecutors and regulators more than $2 billion to resolve criminal charges that it failed to alert the government about Madoff’s Ponzi scheme. [Read more HERE]