A former Bank of America executive, her husband, and an associate allegedly embezzled about $2.7 million from the bank in an elaborate kickback scheme that ensnared several Boston and Atlanta nonprofits, according to the US attorney’s office.
Federal investigators allege that from 2010 to 2015, Palestine “Pam” Ace, 45, then a senior vice president in the Global Wealth & Investment Management division in Boston, fraudulently diverted money from the bank’s marketing budget to nonprofits, most of which were unaware of the scheme.
As a condition of a donation, Ace’s husband, Jonathan, 46, and Brianna Alexis Forde, 35, of Boston, demanded that the nonprofits give them a percentage of the money. In one case, Jonathan Ace threatened to release embarrassing photos and recordings of a nonprofit’s founder if he didn’t get a larger cut of the donation.
And safe deposit boxes are not insured…
SAN FRANCISCO (KPIX) — You might think a safe deposit box is the safest place for your most valued possessions, but according to a growing number of safe deposit box customers, you’d be wrong.
Three different Bank of America customers say they were blindsided when the bank recently drilled and emptied their safe deposit boxes without their permission or the required notice. They say the bank then lost or damaged tens of thousands of dollars worth of property that was removed from those boxes.
However, most shocking for some, the bank drilled the boxes due to missing account information that the customers say the bank had all along.
The nation’s largest gay rights group plans to reject $325,000 in Bank of America sponsorships to protest the role bank executives played in brokering a replacement for North Carolina’s House Bill 2.
The Human Rights Campaign also slashed its Corporate Equality Index scores for the bank and for Blue Cross Blue Shield of North Carolina, which also took part in the talks. The score measures corporate support for policies that affect LGBTQ employees.
Andrea Smith, the bank’s chief administrative officer, and Charles Bowman, the North Carolina market president, were part of a small group of business leaders who helped negotiate the bill that repealed HB2 – known as “the bathroom bill.” The new measure, HB 142, prevents local governments from enacting LGBT protections for four years.
The grassroots fight to shield Mecklenburg County’s estimated 54,000 undocumented immigrants from deportation takes a new direction Monday morning, with one group of advocates planning a rally outside Bank of America at Trade and Tryon streets.
Organizers of the event say their intent is to raise awareness of the role Charlotte corporations play in support of what they call “President Donald Trump’s anti-immigrant agenda.” Targets in Charlotte include Wells Fargo, Bank of America and other companies involved in the financial industry, said Héctor Vaca of the immigrant advocacy group Action NC.
Bank of America shareholders should vote for a proposal to split the CEO and chairman positions at the Charlotte-based bank, a shareholder advisory firm recommended this week.
Institutional Shareholder Services joins Glass Lewis, another major proxy advisory firm, in backing the shareholder proposal that is being voted on at the bank’s April 26 annual meeting.
Brian Moynihan currently holds both titles at the nation’s second-biggest bank by assets. If approved, the board would be able to phase in the policy for the next CEO transition, according to the proposal.
“The company’s size, complexity, and legacy legal and regulatory concerns suggest that shareholders would benefit from the strongest form of board leadership structure in the form of an independent chair,” ISS said in its report dated Thursday.
A married couple resorted to self-harm after being physically and psychologically terrorized by Bank of America over their house—until a judge fined the bank $46 million.
“Franz Kafka lives… he works at Bank of America.”
Judge Christopher Klein’s words kick off an incredible ruling in a federal bankruptcy court in California last week, condemning Bank of America for a long nightmare of a foreclosure against a couple named Erik and Renee Sundquist. Klein ordered BofA to pay a whopping $46 million in damages, with the bulk of the money going to consumer attorney organizations and public law schools, in hopes of ensuring these abuses never happen again—or at least making them less likely.
The ruling offers numerous lessons in the aftermath of a foreclosure crisis that destroyed millions of lives. First of all, the judge specifically cited top executives as responsible, not lower-level employees. Second, the sheer size of the fine—for just one foreclosure—is a commentary on the failure of America’s regulatory and law enforcement system to protect homeowners, despite the financial industry’s massive legal exposure.