Preview

Personal Narrative: United Bank's Fraud-For-Profit Scheme

Good Essays
Open Document
Open Document
302 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Personal Narrative: United Bank's Fraud-For-Profit Scheme
I applaud your taking the time to speak with me on Friday. Most of the United Bank representatives I spoke with, in the past, refused me any courtesy. Those who spoke with me, refused to talk after our first conversation. From here, I decided to give you a few critical documents, until I see your designs. Also, I must continue to involve regulatory and investigative agencies; United Bank hid a mortgage fraud-for-profit scheme, because of the financial institution’s power, I doubt United Bank has plans to admit the fraud willingly.
After speaking with you I learned why no one told me Mr. Conway no longer worked for United. Fear, and not just fear of job loss. Ms. Morris, I do not claim to know the intricate details of the fraud scheme; however,

You May Also Find These Documents Helpful

  • Good Essays

    Willie Sutton was a bank robber. He lived from 1901 to 1980, and over the course of time he stole around 2 million dollars. He escaped prison three times, and was awarded the nickname “The Actor,” and “Slick Willie.” He was a master of disguise, and robbed 11 banks. While he was a master criminal, he was known as quite a gentleman. Once someone asked if he ever robbed someone with loaded guns; he responded that he didn’t because he didn’t want anyone to get hurt. He married twice, and had one daughter, Jeanie Sutton.…

    • 240 Words
    • 1 Page
    Good Essays
  • Good Essays

    This case study talks about the difference between legal fees and illegal kickbacks between mortgage barrower, broker, and lender. Bettina J. Scheutz (the barrower) thought it was unfair that she had to pay an additional $516.00 to Home Mortgage Financial Corporation (the mortgage broker) for the yield spread premium. She already paid them $1,661 in direct fees, consisting of $688.00 for loan origination, $688.00 for loan discount, and $285.00 for processing, but Banc One (the mortgage lender) also gave Home Mortgage Financial Corporation a yield spread premium of $516.00 which is paid by the barrower through a higher interest rate. This payment was identified on…

    • 700 Words
    • 3 Pages
    Good Essays
  • Good Essays

    The Bernard Madoff “Ponzi Scheme” scandal was the biggest and lasted the longest financial fraud in the history of the US. Bernard Madoff was a financial adviser, and also the former chairman of the NADAQ. He established his investment firm named “Bernard L. Madoff Investment Securities LLC” in 1960. The Madoff Fraud is a typical “Ponzi Scheme”, in order to attract investors to give money to him, he convinced people to hand over their life saving, and promised them high returns rate, and then he used these money to make payments to those earlier investors. He took the investors for a $65 billion over the course of nearly two decades. In the end, Bernard was sentenced to maximum 150 years prison life and a forfeiture of $170 billion.…

    • 324 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    3. Exactly what do you want your audience to think, feel or believe after receiving your message?…

    • 766 Words
    • 4 Pages
    Satisfactory Essays
  • Best Essays

    “Not long ago, Countrywide Financial seemed to have everything going for it. Cofounded by Angelo Mozilo in 1969, by the early 2000s it had become the largest provider of home loans in the United States. At that time one in six U.S. loans originated with Countrywide. In 1993 its loan transactions reached the $1 trillion mark. Additionally, it was the primary provider of home loans to minorities in the United States and had lowered the barriers of homeownership for lower-income individuals. Countrywide also offered loan closing, capital market, insurance, and banking services to its clients. In the 1970s Countrywide had diversified into the securities market as well. In 1992 Countrywide created a program called “House America” that enabled more consumers to qualify for home loans, as well as to make smaller down payments. In 2003 the company proposed the “We House America” program with the goal of providing $1 trillion in home loans to low-income and minority borrowers by 2010. At the beginning of the twenty-first century, Countrywide’s reputation in the industry was stellar. Fortune magazine called it the “23,000% stock” because between 1982 and 2003, Countrywide had delivered investors a 23,000 percent return, exceeding the returns of Washington Mutual, Walmart, and Warren Buffett’s Berkshire Hathaway. In 1999 the company serviced $216.5 billion in loans. By 2000 the company’s continued increase in revenues was connected in part to home equity and subprime loans. The annual report for that year states, “Fiscal 2000 shows a higher margin for home equity and sub-prime loans (which, due in part to their higher cost structure charge a higher price per dollar loaned).” Subprime loans were a key factor in Countrywide’s immense success and rapid growth. However, the company’s reliance on a lending practice that was…

    • 2402 Words
    • 7 Pages
    Best Essays
  • Satisfactory Essays

    Suggest how a financial forensic investigation could have detected fraud in the organization that you…

    • 293 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    In the case of Bernard Madoff, an overview was provided that describes the fraud of the century. As a result of the Ponzi scheme, social attitudes toward the investment industry were lukewarm. I will describe the highlights of the case.…

    • 396 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    At the request of Mr. Hugh McBride, service request SR-mf-001 was opened for a design to be created in order to improve and enhance the current Internet web site for McBride Financial Services. The Web site will be vital for McBride's success. The company will ensure operating expenses are low by employing only a few brokers and one support person in each office. We will depend upon the company Web site and self-serve kiosks located in the offices to educate customers about the various loans that are available. Also, we will count on these mediums to sell those customers on the McBride Company for their initial and subsequent loan purchases. The majority of our advertising will be directing potential customers to our Web site and, from there, on to our offices. It is imperative that the Web site both educates customers about and sells them on our services. In the following paragraphs, Team B will present the initial results of our findings.…

    • 1493 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    The accounting profession will always shed light on how much of a debacle the Enron fraud turned out to be. The Enron Corporation was once a high-profile business based out of Houston, Texas that operated one of the largest natural gas transmission networks in North America. According to the Texas State Historical Association, not only were they the largest marketer of natural gas and electricity, but they also managed contracts and pioneered innovative trading products. This mega company was one to top the Forbes list, not one or two years, but six years in a row.…

    • 96 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    4. Are the victims partially to blame for the success of this swindle? Yes, I believe the victims are partially to blame. The victims were guilty of greed, too. We are taught not to put all our money in one stock or mutual fund, but they did it anyway.…

    • 701 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    A business fraud I came across is known as "Wells Fargo's Fake Accounts". As everyone knows Wells Fargo is one of the most used banks even back when it was known as Washington Mutual. This business fraud is quite interesting because I didn't think this kind of fraud could happen. Back in December 28,2016 Wells Fargo was caught with fake accounts. The employees for this bank had a quota that had to be submitted by a certain date and time. In order for the employees to meet their quota they thought of opening fraudulent customer accounts, but, in order not to be caught most of the accounts were closed before customers had a chance to notice. Until one day the customer had to pay associated fees and their credit rating started to drop. Due to…

    • 183 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    TD Bank collateral mortgage

    • 9483 Words
    • 38 Pages

    Term paper TD Bank-Collateral Mortgage Course: BUSI2601D Instructor: J.L. Levasseur CUID: 100857079 Name: Daxia Shao Due Date: April 10th, 2013 Table of Content: Business Law term paper. ·Introduction 1.1 Objectives----------------------------------------------------------------------------- ------------------------------------------------------------------------------------------p1 1.2 Methodology--------------------------------------------------------------------------- ------------------------------------------------------------------------------------------p5 1.3 Ethical Issues--------------------------------------------------------------------------- ------------------------------------------------------------------------------------------p9 1.4 Business Relationship---------------------------------------------------------------- ----------------------------------------------------------------------------------------p13 ·Clauses of Agreement 2.1 purpose of Clause--------------------------------------------------------------------- ----------------------------------------------------------------------------------------P18 2.2 Consequence of Clause-------------------------------------------------------------- ----------------------------------------------------------------------------------------p20…

    • 9483 Words
    • 38 Pages
    Powerful Essays
  • Powerful Essays

    The targeted victims distinguish mortgage fraud from predatory lending. In predatory lending cases the borrower is victimized by the illegal practices of the lender or its agents with respect to fees and disclosures relating to the cost of the loan. It is unfortunate that the media, consumer activists, legislators and law enforcement personnel frequently conflate mortgage fraud with predatory lending since it adds unnecessary confusion to an already complex issue and diverts attention and badly needed resources from the fight against true mortgage fraud. 2 The average “take” on a bank robbery is approximately $3,000.00. By contrast, the average straw borrower receives a “cut” of at least $10,000 and the orchestrator’s “take” in a mortgage fraud transaction frequently exceeds $100,000. In a few cases the orchestrator’s take was in excess of $1 million dollars, and in one, the perpetrator, who later fled the country, received $7 million in “profit” from the same-day flip of a mansion. 3 Financial Crimes Enforcement Network, “Mortgage Loan Fraud: An Industry Assessment Based on Suspicious Activity Report Analysis,” November 2006 at 10. http://www.fincen.gov/news_room/rp/reports/pdf/mortgage_fraud112006.pdf (accessed March 8, 2009). 4 See, e.g., “Due Diligence: The Growing Problem of Mortgage Fraud), CBC News, November 9, 2006.…

    • 11794 Words
    • 48 Pages
    Powerful Essays
  • Better Essays

    Crazy Eddie Electronics Stores a chattered company, traded under the symbol CRXY on the New York Stock Exchange. The company was under management of Eddie Antar family from 1971 until 1987 when Oppenheimer-Palmieri Fund (OPF) took over the company as a result of proxy bid (Sanburn, 2012). After a very short time; however, Oppenheimer-Palmieri Fund management decided to suspend the entire board of directors under the governance of the Eddie Antar family to allow room for investigation of a possible fraudulent paradigm in the company (Silverstone, 2005).…

    • 1405 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    What happens when a bank accepts a check with a forged endorsement? Who suffers the loss? Who is liable? Where can these answers be found? Check fraud law is governed by Articles 3 and 4 of the Uniform Commercial Code (UCC). The National Conference of Commissioners on Uniform State Laws and the American Law Institute created the Uniform Commercial Code in a joint effort. It took over ten years to originally draft the UCC, and a further fourteen years for the UCC to be implemented across the country. The creation of the UCC began in 1940 in an effort to "attack major commercial problems with comprehensive legal solutions" The UCC allows commercial organizations to do business across jurisdictional boundaries with confidence because these organizations are fairly certain that the same rules apply in each jurisdiction. The UCC has been enacted in every state with the exception of Louisiana.…

    • 1610 Words
    • 7 Pages
    Powerful Essays