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RBS Faces 10 Years Without Profits

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Dean Terrell October 27, 2017 1,439 Views Home / Daily Dose / RBS Faces 10 Years Without Profits Christy Goldsmith Romero Deirdre M. Daly FBI Special Agent in Charge of New Haven Division Fraud Patricia M. Ferrick RBS Reuters RMBS SIGTARP Special Inspector General for the Troubled Asset Relief Program U.S. Attorney for Connecticut 2017-10-27 Dean Terrell The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Journal Tagged with: Christy Goldsmith Romero Deirdre M. Daly FBI Special Agent in Charge of New Haven Division Fraud Patricia M. Ferrick RBS Reuters RMBS SIGTARP Special Inspector General for the Troubled Asset Relief Program U.S. Attorney for Connecticut Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Previous: Treasury Reports Regulation Improvements Next: Pending Home Sales: National Update Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago RBS Faces 10 Years Without Profits Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Based on a release from the District of Connecticut’s U.S. Attorney’s Office, the Royal Bank of Scotland (RBS) has agreed to pay a monetary penalty of $35 million and an additional $9 million to customers impacted by residential mortgage-backed securities fraud. This also includes firms affiliated with recipients of federal bailout funds through the Troubled Asset Relief Program. Prior to the settlement, the bank released a statement to Reuters: “RBS has zero tolerance for market misconduct,” the bank said. “We are pleased to be able to resolve this issue as we continue to build a simpler, stronger bank that is fully focused on serving our customers well.” RBS employees were convicted for defrauding customers through several methods, which included misleading buyers about a seller’s asking price on RMBS and keeping the difference of the price paid by the buyer and by misrepresenting bonds held in RBS’s inventory by claiming they were from a false third-party seller.  “For years, RBS fostered a culture of securities fraud,” said Deirdre M. Daly, the U.S. Attorney for Connecticut. By agreeing to a non-prosecution agreement, RBS Inc.’s is only addressing its corporate criminal liability and not any potential criminal charges for individuals. “RBS was able to avoid criminal charges in this case only because of its voluntary self-reporting and extraordinary cooperative efforts. By entering into this agreement, RBS has admitted the seriousness of its past criminal conduct and made a clean break” Daly said. According to Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Goldsmith Romero, RBS’s cooperation led to the convictions of an RBS trader and RBS supervisor. “RBS’s cooperation in SIGTARP’s investigation and subsequent actions to right this wrong are the correct response when federal law enforcement shows up” she said.RBS would have faced much worse consequences if they hadn’t cooperated for their conduct,  according to FBI Special Agent in Charge of New Haven Division Patricia M. Ferrick. “It is incredibly troubling that RBS supervisors participated in and encouraged lower level employees to commit securities fraud, then took steps to prevent honest employees from reporting their concerns,” Ferrick said. “The U.S. Attorney’s Office, SIGTARP and the FBI have forged a formidable partnership in our investigation into fraud in the RMBS and related markets” he said.The full release from the U.S. Attorney’s office can be found here. Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Coram Man Charged With Fatal DWI Crash

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A Coram man has been arrested for allegedly driving drunk and causing a crash that killed a 28-year-old man and injured another in Deer Park five weeks ago, Suffolk County police said.Stephan Harbison was charged Friday with vehicular manslaughter, vehicular assault and driving while intoxicated.Police said the 27-year-old suspect was driving an Infiniti southbound on Straight Path when the vehicle left the road and struck a tree south of Sagamore Lane at 4:30 a.m. Monday, Jan. 26.One of his passengers, Hamzah Abdul-Hakim, of Wyandanch, was trapped in the vehicle and pronounced dead at the scene. The other, 28-year-old Ismail Latif, also of Wyandanch, was hospitalized in critical condition.Harbison, who previously told police that his name was Darnell Snell, was airlifted to Stony Brook University Hospital in critical condition.Harbison will be arraigned Saturday at First District Court in Central Islip.last_img read more

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