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Federal prosecutors in Chicago have filed charges against 10 individuals tied to an alleged vehicle financing scheme that cost Fifth Third Bancorp (FITB) and 19 other lenders more than $56 million.
September 3 -
Reports of suspected fraud received by the Financial Crimes Enforcement Network fell by 25% last year, to just under 70,000, according to the regulator's report on fraud filings for 2012, released Tuesday.
August 20 -
A former chief executive of First Community Bank has been sentenced to two years in federal prison for running a mortgage-fraud scheme that cost the Hammond, La., bank millions.
April 5
Four people in Wichita, Kan., have pleaded guilty to participating in a mortgage fraud that cost lenders more than $221,000.
The defendants admitted to providing lenders with false information on home loan applications, according to a
Among the victims were Flagstar Bank in Troy, Mich.; the now-defunct Lehman Brothers Bank; and First Tennessee Bank in Memphis.
The four defendants said the scheme was organized by another co-defendant Manjur Alam, a former real estate agent who allegedly recruited a ring of straw buyers and sellers with promises of easy money.
Alam
