Daily Archives: October 18, 2013

U.K. Prosecutors To Name Alleged Libor Scandal Co-Conspirators

The Libor scandal won’t be going away anytime soon. Prosecutors with the U.K.’s Serious Fraud Office are scheduled to appear in court on Monday for a hearing about the case. According to The Wall Street Journal’s David Enrich and Jenny Strasburg, they are expected to name as many as 24 brokers and traders as co-conspirators in the scandal.

Read on.

Barclays facing new Libor allegations in appeal court

The Financial Conduct Authority is ready to review new allegations about potential Libor-rigging by Barclays, the bank it fined £290m last year for manipulating the key interest rate.

The City regulator will decide after its informal analysis of evidence presented in the court of appeal on Thursday whether it should launch a formal investigation into the bank’s involvement in the Libor market. It may decide not to do so.

A long-running case between Barclays and private health care provider Guardian Care Homes has led to allegations being raised in legal papers at the appeal court as part of the health company’s attempt to have two interest rate swaps invalidated. “The FCA will look at the documents, as would be expected,” the regulator said.

Read on.

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FULL DEPOSITION OF NORTHWEST TRUSTEE SERVICES JEFF STENMAN 9/13/2013 – ADMIT THEY WORK FOR THE BANKS AND CONSULT WITH BANK LAWYERS

FULL DEPOSITION OF NORTHWEST TRUSTEE SERVICES JEFF STENMAN 9/13/2013 – ADMIT THEY WORK FOR THE BANKS AND CONSULT WITH BANK LAWYERS

Q. Just one. 6 When you say your business decision, what do you 7 mean by that? 8 A. Well, I’m a trustee. I’m a business. I’m an L — 9 I’m an Inc. 10 Q. Okay. And you work for — 11 A. I guess that’s all I meant by that. 12 Q. No, it’s important because when I look at your Web 13 site, you advertise that you represent mortgage lenders? 14 A. As a trustee, correct.

http://stopforeclosurefraud.com/wp-content/uploads/2013/10/StenmanJ091313-1.pdf

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REPORT: RHODE ISLAND PUBLIC PENSION REFORM – WALL STREET’S LICENSE TO STEAL

REPORT: RHODE ISLAND PUBLIC PENSION REFORM – WALL STREET’S LICENSE TO STEAL

 

Two years ago, Rhode Island’s state pension fund fell victim to a Wall Street coup. It happened when Gina Raimondo, a venture capital manager with an uncertain investment track record of only a few years—a principal in a firm that had been hired by the state to manage a paltry $5 million in pension assets—got herself elected as the General Treasurer of the State of Rhode Island with the financial backing of out-of-state hedge fund managers. Raimondo’s new role endowed her with responsibility for overseeing the state’s entire $7 billion in pension assets.

 

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Mortgage executive gets five years for defrauding Fannie, Freddie

Mortgage executive gets five years for defrauding Fannie, Freddie

A federal judge sentenced Patrick Mansell, 68, of Boca Raton, Fla., to five years in prison and three years subsequent supervised release after he pled guilty to conspiracy to commit wire fraud. His alleged violation occurred when Mansell took part in a scheme to defraud the government-sponsored enterprises, Fannie Mae andFreddie Mac.

The U.S. Attorney for the Southern District of Florida announced the sentencing after investigating the case with the help of FHFA’s Acting Inspector General and the Florida Office of Financial Regulation.

The information filed, says Mansell served as vice president of Coastal States Mortgage Corp. in Florida from 2007 onward. He is accused of failing to remit mortgage loan payoffs to Fannie Mae and Freddie Mac after receiving them from borrowers. Coastal’s remittance efforts were required under contract.