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Did Wells Fargo create bogus foreclosure document manual?

Wells FargoWells Fargo (WFC) is being accused of developing a 150-page manual for generating bogus mortgage documents to justify home foreclosures, according to a lawsuit filed in federal court in New York last week.

The manual is attorney Linda Tirelli’s “smoking gun” in a lawsuit she filed on behalf of a homeowner. The story was first reported in the New York Post, and Tirelli does have some past experience bringing these kinds of lawsuits to court.

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New York official seeks curbs on high-frequency traders

high tech tradingNew York's attorney general urged U.S. stock exchanges and other venues on Tuesday to limit services that he said provided unfair advantages to high-frequency traders and undermined confidence in the markets.

The stock exchanges allow traders to locate their computer servers within trading venues, armed with extra network bandwidth and high-speed switches that give them access to pricing, volume and order information ahead of others, New York Attorney General Eric Schneiderman said.

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16 banks sued by FDIC for rigging LIBOR rates

FDICBank of America Corp., Citigroup Inc. (C) and Credit Suisse Group AG (CSGN) were among 16 of the world’s biggest banks sued by the U.S. Federal Deposit Insurance Corp. for allegedly manipulating the London interbank offered rate from 2007 to 2011.

The FDIC, acting as receiver for 38 failed banks including Washington Mutual Bank, IndyMac Bank FSB and Colonial Bank, claimed that institutions sitting on the U.S. dollar Libor panel “fraudulently and collusively suppressed” the U.S. Libor rate. Also named in the suit, filed today in Manhattan federal court, is the British Bankers Association, an industry group.

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Wall Street's average cash bonus was $164,530 in 2013

Wall StreetThe average cash bonus paid to financial services employees for 2013 was $164,530, a 15 percent rise, according to an annual report released by the New York State Comptroller.

This was the biggest average bonus since 2007, before the financial crisis struck in 2008. Overall, financial services employees earned a total of $26.7 billion in bonuses last year, which includes everybody from lowest-ranking employees to chief executives.

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Ex-Goldman’s VP Tourre Ordered to Pay $825,000 in SEC Case

TourreEx-Goldman Sachs Group Inc. (GS) vice president Fabrice Tourre, found liable for his part in a failed $1 billion investment, was ordered to pay more than $825,000 in the U.S. Securities and Exchange Commission case.

U.S. District Judge Katherine Forrest in Manhattan ruled today that Tourre must pay $650,000 in civil penalties and give up $175,463 of his 2007 bonus, plus interest. He can’t seek reimbursement of the penalties from Goldman Sachs, the judge ruled.

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Weak trial witnesses hinder a more aggressive SEC

SECAs the U.S. Securities and Exchange Commission seeks to become a more formidable force in the courtroom, a string of trial defeats in the past six months has exposed a weak spot: witness testimony.

In four of the five trials that the securities regulator recently lost, the jury or judge were not convinced by the witnesses brought in by SEC litigators, according to court transcripts, rulings and interviews with defense lawyers.

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JPMorgan whistleblower gets $63.9 million in mortgage fraud accord

JPMorganA whistleblower will be paid $63.9 million for providing tips that led to JPMorgan Chase & Co's agreement to pay $614 million and tighten oversight to resolve charges that it defrauded the government into insuring flawed home loans.

The payment to the whistleblower, Keith Edwards, was disclosed in a filing on Friday with the U.S. district court in Manhattan that formally ended the case.

In the February 4 settlement, JPMorgan admitted that for more than a decade it submitted thousands of mortgages for insurance by the Federal Housing Administration or the Department of Veterans Affairs that did not qualify for government guarantees.

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