Crimes of Opportunity Need Banks of Opportunity
When Ponzi goes broke, sue his banker.
Bank of America is being sued because one of its customers ran an Internet Ponzi scheme, which bilked hundreds of millions of dollars from innocent, though greedy, investors.
The case alleges that BofA would have been in a position to prevent this fraud from spreading, if only they had figured out it was fraudulent. (Of course, the defendants and their investment advisors could have figured this out too.)
Jury pools are probably more inclined than ever to make someone pay for financial injustice. Thanks to the home mortgage crisis, big banks make for pretty unsympathetic defendants in court. Merit or not, I’d guess this would plead out while there’s still tarp money that might be drawn in to the mix.
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