English: Andrew Cuomo, 11th United States Secretary of Housing and Urban Development and 64th New York State Attorney General as a candidate for Governor of New York, outside of City Hall, little American flags on his tie. (Photo credit: Wikipedia)
Here is what we are reading today:
Bank Of America's Countrywide To Pay $1.3 Billion (Bloomberg) - Bank of America Corp.’s Countrywide unit was ordered to pay $1.3 billion in penalties for defective mortgage loans sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, a little more than half of what the federal government had requested. U.S. District Judge Jed Rakoff in Manhattan issued the civil penalty against the Charlotte, North Carolina-based bank today in the first mortgage-fraud case brought by the federal government to go to trial.
Gov Cuomo Intervened In BNP Paribas Deal To Get $1 Billion For NY (Reuters) - Only days before U.S. authorities reached a landmark $8.97 billion settlement with BNP Paribas over the bank’s dealings with countries subject to U.S. sanctions, New York Governor Andrew Cuomo intervened to ensure the state government got a much bigger share of the proceeds, according to three people familiar with the situation. One of these people said Cuomo called Cyrus Vance, the Manhattan District Attorney, on June 27 to seek a big chunk of the $2.2 billion that was going to be available to Vance to tap for law enforcement projects.
Ex-Jenkens & Gilchrist Attorney Gets 6 Months Prison For Tax Fraud (Reuters) - A former partner at defunct law firm Jenkens & Gilchrist, whom prosecutors have called the most important cooperating witness in the largest criminal tax fraud case in U.S. history, was sentenced on Wednesday to six months in prison. At a court hearing in New York, U.S. District Judge William Pauley also ordered Erwin Mayer, of suburban Chicago, to pay $220 million in restitution jointly with other co-conspirators for his part in the promotion of tax shelters the U.S. government said led to $1.63 billion in lost revenue.
Profits Soar For Hedge Funder Cohen (DealBook) - Three months after his once-powerful hedge fund entered a guilty plea to insider trading charges, Steven A. Cohen is doing quite well. This summer, Mr. Cohen and his family rented a yacht off the Greek islands for a vacation. An avid art collector, Mr. Cohen attended Art Basel in Switzerland in June. And last weekend, he and his wife, Alexandra, were guests at a charitable event at the Hamptons home of the comedian Jerry Seinfeld and his wife, Jessica.
Sam Antar Interview On White-Collar crime, Fascinating (Boston.com) - Sam Antar is a self-described white collar criminal. He was part of the Crazy Eddie electronics stores scam of the late '80s, but now is hired to speak to companies about fraud. Here he explains how successful fraud works.