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Restitution

All articles tagged with #restitution

labor-and-growth4 days ago

Financial Adviser Ordered to Pay $37 Million Restitution for Bank Swindling

Jesse Hill, a financial adviser involved in a $45 million bank fraud scheme with Aaron Marshbanks, has been ordered to pay over $37 million in restitution, though full repayment is unlikely due to limited assets and income. The scam, possibly Nebraska's largest bank fraud case, involved falsified collateral documents to secure fraudulent loans used for personal luxury and covering investment losses. Hill is serving a five-year prison sentence, and assets including property and a plane are expected to be sold to satisfy the debt.

via Nebraska Examiner|
#aaron-marshbanks#bank-fraud#jesse-hill
business1 year ago

Archegos Founder Hwang Claims Inability to Pay $10 Billion Restitution

Bill Hwang, founder of Archegos Capital, claims he cannot pay the nearly $10 billion in restitution sought by prosecutors due to his reduced net worth of $55.3 million. Hwang's legal team argues that the restitution demand is unjustified and suggests that Wall Street banks seek compensation from the U.S. government, which is also pursuing a $12.4 billion forfeiture. Hwang, convicted of fraud, faces a potential 21-year prison sentence for deceiving banks and causing significant financial losses.

via Fortune|
#archegos#bill-hwang#business
crime1 year ago

"Chiefsaholic Ordered to Pay $10.8M to Bank Teller in Robbery Case"

Xaviar Michael Bubudar, a Kansas City Chiefs superfan known as "ChiefsAholic," has been ordered to pay $10.8 million to a bank teller he assaulted during a robbery, with $3.6 million for her injuries and loss of income and $7.2 million in punitive damages. Although it may be difficult for the teller to collect the money, the judgment sends a message. Bubudar, who pleaded guilty to a series of bank robberies, remains imprisoned and must pay at least $532,675 in restitution, forfeit property, and faces formal sentencing in July.

via NBC News|
#bank-robbery#crime#kansas-city-chiefs
crime1 year ago

"ChiefsAholic Ordered to Pay $10.8M to Bank Teller After Robbery"

Xaviar Michael Bubudar, a Kansas City Chiefs superfan known as "ChiefsAholic," has been ordered by an Oklahoma judge to pay $10.8 million to a bank teller he assaulted during a robbery, with $3.6 million for her injuries and loss of income and $7.2 million in punitive damages. Although it may be difficult for the teller to collect the money, the judgment sends a strong message. Bubudar, who pleaded guilty to a series of bank robberies, is set for formal sentencing in July and must pay at least $532,675 in restitution as part of the plea agreement.

via New York Post |
#bank-robbery#crime#kansas-city-chiefs
crime1 year ago

"ChiefsAholic Ordered to Pay $10.8M to Bank Teller by Oklahoma Judge"

Xaviar Michael Bubudar, a Kansas City Chiefs superfan known as "ChiefsAholic," has been ordered by an Oklahoma judge to pay $10.8 million to a bank teller he assaulted during a robbery. The teller, Payton Garcia, alleged that Bubudar used a gun to assault her during a robbery of a credit union in December 2022. Although it may be difficult for Garcia to collect the money, the judgment sends an important message, according to her attorney. Bubudar pleaded guilty to a series of bank robberies and remains imprisoned until his formal sentencing in July.

via Yahoo! Voices|
#bank-robbery#crime#kansas-city-chiefs
crime-and-justice1 year ago

"Chiefsaholic Ordered to Pay $10.8M to Ex-Bank Teller in Robbery Case"

Xaviar Babudar, also known as Chiefsaholic, has been ordered to pay $10.8 million to a former bank teller he threatened during a series of bank robberies. The judge's ruling includes $3.6 million for physical harm and emotional distress, as well as $7.2 million in punitive damages. Babudar, who gained social media fame as @Chiefsaholic, admitted to stealing over $800,000 in 11 robberies and laundering the proceeds through casinos. Despite the challenge of collecting the money, the judge's decision aims to prevent Babudar from profiting from his crimes, as he faces sentencing in July and is currently serving time in federal prison.

via ESPN|
#bank-robbery#chiefsaholic#crime-and-justice
legalimmigration1 year ago

Bond Company Ordered to Pay $811M for Deceptive Tactics Towards Immigrants

A company providing services for immigrants in federal detention has been ordered to pay over $811 million in restitution and penalties in a lawsuit alleging deceptive and abusive tactics. The company, Nexus Services, and its subsidiary Libre by Nexus, were accused of exploiting vulnerable immigrants and their families by concealing and misrepresenting the true nature and costs of its services, collecting excessive fees, and forcing immigrants to wear painful ankle monitors. The judgment, which includes restitution and penalties to New York, Virginia, and Massachusetts, was a result of a lawsuit filed by state attorneys general and the federal Consumer Financial Protection Bureau. Nexus Services intends to appeal the judgment, calling it a "shocking departure from normal American jurisprudence."

via NBC News|
#attorney-general#deceptive-tactics#immigration
legalimmigration1 year ago

Bond Company Ordered to Pay $811 Million for Deceptive Practices Toward Migrants

A Virginia bond company, Libre by Nexus, has been ordered to pay over $800 million in restitution and penalties for defrauding immigrants facing deportation, including coercing Spanish-speaking clients to sign English contracts and charging exorbitant fees for GPS ankle monitors. The company threatened legal action against non-paying clients and now faces a massive judgment, potentially leading to bankruptcy. The ruling, criticized by Libre's CEO, comes after investigations revealed exploitative practices, and the company is now barred from requiring clients to wear GPS monitors.

via The Washington Post|
#consumer-protection#court-ruling#fraud
business1 year ago

"Sam Bankman-Fried Faces 25-Year Prison Sentence and $11 Billion Repayment"

A federal judge has ordered Sam Bankman-Fried to repay over $11 billion for defrauding customers and investors in his failed crypto exchange FTX, a sum that experts believe will financially incapacitate him for life. Unlike restitution, the money from forfeiture goes to the government, and it's uncertain how much Bankman-Fried is currently worth. The government could pursue him for money and assets indefinitely, and determining compensation for victims could be a lengthy process, as seen in previous white-collar crime cases.

via CNN|
#business#cryptocurrency#forfeiture
crime-and-justice1 year ago

Alabama Woman Carlee Russell Ordered to Pay Restitution for Faking Abduction

Carlee Russell, the Alabama woman who falsely claimed she was kidnapped, has been ordered to pay nearly $18,000 in restitution and sentenced to 12 months supervised probation, community service, and mental health counseling. She had initially pleaded not guilty to false reporting charges but later admitted to making up the kidnapping. The incident sparked a nationwide search and led to calls for stronger penalties for false reporting.

via ABC News|
#alabama#crime-and-justice#false-reporting
crime1 year ago

"Ex-Jaguars Employee Amit Patel Sentenced to 78 Months for $22M Fraud"

Former Jacksonville Jaguars employee Amit Patel was sentenced to 6½ years in prison and ordered to pay $21.1 million in restitution after pleading guilty to stealing $22 million from the team. Patel, who admitted to a gambling addiction, used the stolen money for various expenditures, including high-stakes daily fantasy sports playing and luxury purchases. The team expressed betrayal and heartbreak over Patel's actions, while federal prosecutors recommended a seven-year sentence for wire fraud and illegal monetary transaction.

via ESPN|
#crime#fraud#gambling-addiction
world-news1 year ago

"Global Failure: Lack of Progress in Returning Nazi-Looted Art Revealed in New Report"

A report by the World Jewish Restitution Organization (WJRO) reveals that over half of the countries endorsing the Washington Principles have made "little or no progress" in returning Nazi-looted art in the 25 years since the principles were drafted. While some countries have made major or substantial progress, many have not conducted historical research on restitution, looked into the provenance of their collections, or established a process for claims. The report also highlights the need for transparency, improved provenance research, and facilitating restitution claims, especially for private collectors. The release of the report coincided with an event in New York where the US Secretary of State endorsed best practices in art and cultural-property restitution, marking the first governmental document on Holocaust restitution to be endorsed in nearly 15 years.

via CNN|
#cultural-property#nazi-looted-art#provenance-research
crime1 year ago

"Bitcoin Money Launderer Ian Freeman Ordered to Pay $3.5M Restitution to Scam Victims"

Ian Freeman, a New Hampshire libertarian activist and radio show host, has been ordered to pay over $3.5 million in restitution to 29 primarily elderly victims of romance scams and internet fraud, which he laundered using bitcoin. Freeman, who was sentenced to eight years in federal prison and fined $40,000, also forfeited assets including bitcoin and U.S. currency. Prosecutors described his actions as "the worst kind of crime," involving charging exorbitant fees to exchange dollars for cryptocurrency and using churches to receive money from victims under the guise of donations. Freeman's lawyer expressed satisfaction with the restitution order and stated that they will focus on appealing his conviction.

via CNBC|
#bitcoin#crime#ian-freeman