California Real Estate Fraud Report

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05
Feb

Former Bank of America CEO sued by NY Attorney General

Pitbull New York Attorney General Andrew Cuomo has done what the toothless Securities and Exchange Commission has refused to do: hunt down individuals he feels have committed white-collar crimes.

Under the Martin Act, a New York securities law that allows civil AND criminal penalties, AG Cuomo has sued both former Bank of America CEO Kenneth Lewis and former CFO Joe Price for defrauding investors and taxpayers (ok, the “government”) when B of A bough Merrill Lynch & Co. Bank of America settled its suit with U.S. regulators by agreeing to pay a $150 million fine, a sum which has yet to be approved by U.S. District Court Judge Jed Rakoff.

Bank of America was criticized for allegedly keeping both the government and the public in the dark about the losses attributed to Merrill Lynch as well as the generous bonuses given to executives such as Ken Lewis and Joe Price. Bank of America received billions from the Troubled Asset Relief Program, aka TARP, in order to help stabilize both Bank of America and facilitate the Merrill Lynch takeover.

Read articles about this story in Bloomberg, the Huffington Post and BusinessWeek.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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