Monthly Archives: April 2012

TD Bank recants testimony, fires law firm, and US judge eyes punishment in historic AML-fraud civil case

By ACFCS Staff The landmark case that produced the first civil verdict against a bank for “aiding and abetting fraud” by means of its collusion with a customer and assistance in laundering the fraud proceeds has taken another startling turn. TD Bank, which recently suffered a $67 million adverse jury verdict in January to Coquina […]

TD Bank says “copying error” caused altered document in fraud-money laundering case; but victim says that’s nonsense

By ACFCS Staff The case in which TD Bank has already lost a precedent-setting verdict for “aiding and abetting fraud” arising from collusion with one of its customers to defraud numerous persons and to launder the proceeds has taken an ugly turn. A 70-day trial that ended in January produced a $67 million victory for […]

Opposition to the USA’s motion to dismiss the complaint

By Dr. Gaytri D. Kachroo Plaintiffs hereby oppose the United States of America’s Motion to Dismiss the Complaint (the “Motion”). This Court has subject matter jurisdiction over this action because the government fails to demonstrate that the discretionary function exception shields from liability the Securities and Exchange Commission’s (“SEC”) negligent failure to follow statutorily prescribed […]

Stanford Judge Lets Receiver Raise Fee, Retains 20% Discount

By Andrew Harris and Edvard Pettersson The court-appointed receiver for R. Allen Stanford can bill his time starting this year at 2012 rates with a 20 per cent discount in spite of objections by Stanford investors who haven’t received any money so far. U.S. District Judge David C. Godbey in Dallas, in an order yesterday, […]