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Financial Penalties

All articles tagged with #financial penalties

law-and-politics4 months ago

Appeals Court Dismisses $500M Civil Fraud Penalty Against Trump

A New York appeals court has overturned a nearly half-billion-dollar financial penalty against Donald Trump related to civil fraud, while still affirming that he engaged in fraud by exaggerating his wealth, and has imposed a temporary ban on him and his sons from corporate leadership roles. The ruling highlights a divided judicial opinion on the severity of the penalties and the merits of the fraud findings, with ongoing legal and political implications.

via NPR|
#appeals-court#civil-fraud#donald-trump
finance1 year ago

Navy Federal Credit Union Fined $95M for Illegal Overdraft Fees

The Consumer Financial Protection Bureau (CFPB) has ordered Navy Federal Credit Union to pay over $95 million for charging illegal surprise overdraft fees from 2017 to 2022. The credit union must refund more than $80 million to affected consumers and pay a $15 million civil penalty. Navy Federal charged fees on transactions that appeared to have sufficient funds and on delayed peer-to-peer payments, violating the Consumer Financial Protection Act. This enforcement is part of the CFPB's broader effort to eliminate illegal junk fees in the financial sector.

via Consumer Financial Protection Bureau|
#cfpb#consumer-protection#finance
legalcourt1 year ago

"Trump's Civil Fraud Judgment Bond Slashed to $175 Million on Appeal"

A New York appeals court has given Donald Trump 10 more days to post a $175 million bond as he appeals a civil fraud judgment against him, reducing the amount from over $500 million. This ruling delays the prospect of New York Attorney General Letitia James seizing Trump's property to enforce the judgment. Trump had been struggling to come up with the means to post the original bond amount. The order also stayed the enforcement of several penalties, allowing Trump and his sons to continue running a business in New York and obtaining loans from New York financial institutions for now.

via CNN|
#bond#civil-fraud-judgment#donald-trump
legal-politics1 year ago

"Trump and Associates Appeal $454 Million Civil Fraud Judgment in New York"

Donald Trump has appealed a judge's ruling that he must pay $454 million in penalties and interest for fraudulently exaggerating his net worth and property values to secure better loan terms. The ruling, part of a civil fraud lawsuit brought by New York Attorney General Letitia James, also limits Trump's ability to do business in New York state. Trump denies wrongdoing and has accused James and the judge of political bias. The appeals court could potentially put the ruling on hold during an appeals process that may last a year or longer. This case is one of several legal troubles Trump faces, including criminal charges in four separate cases, though none have diminished his lead in the race for the Republican nomination.

via Reuters|
#appeals-court#civil-fraud-case#donald-trump
legalfinancial1 year ago

Trump's Legal Battle: Hurdles in Securing Appeal Bond for $355m Fraud Case

Donald Trump faces the challenge of securing a bond worth over $540 million to appeal a $355 million penalty in a New York business fraud case, with accruing interest adding $87,502 daily. His status as a potential presidential frontrunner and the unprecedented nature of the situation make it difficult to find a bond company willing to commit. Trump's lawyer plans to post a roughly $400 million bond within a 30-day window to file a notice of appeal, but the process of securing the bond and potential liquidation of assets could pose significant hurdles.

via NBC News|
#appeal-bond#donald-trump#financial-penalties
legalfinancial1 year ago

"New York Law Poses Threat of Harsh Punishment for Trump"

In a civil fraud case brought by Attorney General Letitia James, a little-known New York law, 63(12), could result in harsh financial penalties for former President Donald Trump, potentially amounting to hundreds of millions of dollars and imposing new restrictions on his family business. The law has been used by James's office to target various corporate entities, and in the Trump case, it alleges that he inflated his net worth to obtain favorable loans, thereby defrauding his lenders and undermining the integrity of New York's business world.

via The New York Times|
#attorney-general-letitia-james#civil-fraud-trial#financial-penalties
politics1 year ago

"Trump's Financial Future: Navigating Legal Penalties and Cash Crunch"

As Donald Trump's New York civil fraud trial nears its conclusion, experts warn that he could face significant financial penalties, potentially leading to financial ruin for his business empire. The impending judgment, subject to a 9% interest rate and possible additional penalties if appealed, could pose a serious threat to Trump's financial stability. With his wealth in question and legal troubles mounting, including a recent defamation ruling, Trump's ability to pay remains uncertain. The ruling could also impact his ability to secure loans and could potentially lead to the seizure of his organization's assets, further complicating his financial future.

via Yahoo! Voices|
#civil-fraud-trial#donald-trump#financial-penalties
legal-politics1 year ago

"Trump's Financial Future: Legal Battles and Cash Woes"

Following an $83 million ruling against him, former President Donald Trump faces potential financial penalties and a business ban in New York as Judge Arthur Engoron is expected to issue a decision in a civil fraud case brought by the New York attorney general. Legal experts suggest that the real consequences lie in Engoron barring Trump and his company from conducting business in the state, potentially leading to substantial financial penalties and dissolution of Trump's business entities. The attorney general seeks a business ban on Trump in New York and a $370 million payment, representing what she considers saved interest and "ill-gotten gains."

via Yahoo News|
#business-ban#civil-fraud-case#donald-trump
legalcriminal-justice2 years ago

Trump's Legal Troubles: No Escape from Fraud Trial, Says Cohen

Former Trump attorney Michael Cohen believes that the ongoing New York business fraud trial will mark the end of Donald Trump's business empire, as Cohen plans to testify against him. New York prosecutors allege that Trump and his sons committed business fraud by manipulating asset values to obtain favorable loans and insurance rates. A judge has already ruled that Trump committed fraud, and the trial will determine damages, with prosecutors seeking $250 million in penalties and a ban on Trump and his children running businesses in New York. Cohen claims to have evidence against Trump and predicts that the damages, with interest and penalties, could exceed $600 million, potentially leading to bankruptcy. Trump dropped a civil suit against Cohen, and a New York appeals court declined to halt the trial but paused the process of canceling Trump's business licenses.

via Yahoo News|
#business-fraud#financial-penalties#legalcriminal-justice
energy2 years ago

"Michigan Regulators Propose Linking Utility Earnings to Grid Reliability"

Michigan regulators are considering tying utility earnings to grid reliability in a "straw proposal" aimed at penalizing utilities for repetitive and lengthy power outages. The proposal could include financial penalties for utilities with long outages and connect the company's earnings to how quickly electricity is restored, particularly during major storms. The move comes as Michigan's utilities struggle to keep the power on amid climate change, with bad weather and fallen trees frequently causing power outages. The proposal has gained traction among residents who have voiced complaints about lost heat, spoiled food, and wasted work hours. The Michigan Public Service Commission will accept comments on the proposal until September 22.

via MLive.com|
#energy#financial-penalties#grid-reliability
crime2 years ago

"Dentist's African safari ends in life sentence and $15M penalties for wife's murder"

Larry Rudolph, a wealthy dentist, has been sentenced to life in prison for the murder of his wife during an African safari. The judge also imposed over $15 million in financial penalties, including restitution, fines, and property forfeiture. Rudolph was convicted of mail fraud for cashing in insurance policies worth nearly $5 million as he began a new life with his girlfriend. Prosecutors allege that Rudolph shot his wife and staged the scene to look like an accident, intending to live a lavish retirement with the insurance money. His girlfriend, Lori Milliron, was sentenced to 17 years in prison as an accessory.

via The Denver Post|
#african-safari#crime#dentist
finance2 years ago

Bank of America fined $250M for fake accounts, double-charged customers, and illegal fees

Bank of America has been accused by federal regulators of opening accounts without customers' knowledge, overcharging on fees, and withholding credit card rewards. The bank will pay $250 million in government penalties, including $100 million to be returned to customers. The Consumer Financial Protection Bureau (CFPB) stated that these practices are illegal and undermine customer trust. The CFPB also alleged that Bank of America accessed customer information to open fake accounts. This penalty is one of the highest ever levied against the bank, which has a history of similar violations.

via CBS News|
#bank-of-america#bogus-accounts#consumer-financial-protection-bureau
politics2 years ago

The Effectiveness of Sanctions in Halting Russia's Invasion of Ukraine.

The US and other G7 nations have imposed a new wave of global sanctions against Russia over its invasion of Ukraine, targeting hundreds of people and firms, including those helping Russia to evade existing sanctions and export controls. While some foreign policy experts question the effectiveness of the financial penalties, US officials defend the sanctions, arguing that they are not designed to work immediately. Future targets could include newly identified firms and people connected to supply chains that help Russia gain materials for the war, front companies that help Russia evade sanctions, and rogue actors from North Korea and Iran.

via Yahoo News|
#financial-penalties#g7#politics