Word: bankes
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Dates: during 2000-2009
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...wrong. But when CEOs make statements that are deemed to mislead shareholders about the state of their business, that's a securities-law violation and can be considered a criminal offense. If it is determined that Lewis made statements himself or was responsible for directing the bank to make statements that misled shareholders, he could be facing fines or worse. (See 10 ways your job will change...
...case against Bank of America - the one that was settled, but could now be revived - involves lying on a proxy statement. The good news for Lewis is that proxy fraud generally has lower penalties than regular securities fraud. The bad news is that the bar for proving that one lied on a proxy statement is much lower than for general securities fraud. In proxy fraud, the prosecution just has to prove that Lewis was negligent in not including certain information. The SEC does not have to prove, as is the case in regular securities fraud, that Lewis orchestrated a scheme...
...only allowed to bring civil cases. So even if Lewis is found liable on proxy statements, there is no possibility of jail time. The SEC can bar individuals from being officers of public companies, which would put an end to Lewis' Bank of America career, but legal experts say a ban in a proxy case would be unusual. The size of any fine would be determined by how important the information withheld was deemed to be. Still, even a relatively minor misstatement or omission can lead to a finding of liability...
...chief executive of National Student Marketing was sentenced to 18 months in jail for lying about the finances of a company National Student Marketing was acquiring. Yet Cuomo has typically stuck to bringing civil charges against executives and companies, and that is reportedly what he is considering in the Bank of America case...
...owed up to $100 million in back taxes and fines, the New York Times reported this week. Finn M.W. Caspersen, who gave over $30 million to the Law School and tens of millions more to other philanthropic enterprises, may have been implicated in a sweeping federal investigation of offshore bank accounts, said the Times’ anonymous source. In recent months, Swiss banking giant UBS agreed to turn over the names of thousands of its American clients to the Internal Revenue Service, as the federal government attempts to crack down on tax evasion. Caspersen held a bank account with...