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FDIC 4 articles

FDIC Offers Tips for those Struggling in the Surge of Data Breaches

The recent flood of data breaches affecting stores such as Target and Home Depot has taken its toll on the financial security of shoppers. Unfortunately, consumers are simply unable to predict when and where a data breach might occur. However, the Federal Deposit Insurance Corporation (FDIC) recommends taking the following steps to prevent fraudulent activity from affecting your bank account. *  Always check your credit card and bank statements for questionable transactions. A thorough review of your most recent transactions can be the best security for fraudulent activity. If you have any questions or concerns about a transaction you have ... Read More

Whistleblower receives nearly $70 million for exposing JPMorgan mortgage fraud

N.Y., N.Y. — A whistleblower who was instrumental in recovering $614 million for federal mortgage loan programs from JP Morgan Chase & Co. will receive $63.9 million as his share, according to a Reuters report. Louisiana resident Keith Edwards sued JP Morgan on behalf of the U.S. government in January 2013 under the qui tam or “whistleblower” provisions of the U.S. False Claims Act. Mr. Edwards worked for the banking giant from 2003 to 2008 as an assistant vice president. His responsibilities involved supervising a government insuring unit of the company. Mr. Edwards alleged that JP Morgan defrauded the government ... Read More

JPMorgan settles whistleblower’s allegations of mortgage fraud for $614 million

JPMorgan Chase & Co has agreed to pay the U.S. $614 million to resolve more False Claims Act allegations that it defrauded federal agencies by knowingly originating and underwriting substandard mortgage loans that failed to comply with federal insurance requirements, the Justice Department said on Tuesday. The settlement began with a whistleblower, Keith Edwards, who sued JPMorgan in January 2013 under the False Claims Act, an anti-fraud law that allows individuals to sue government contractors, suppliers, and other entities for defrauding taxpayers. In exchange, whistleblowers receive a percentage of the recovery in successfully argued cases. According to court documents, JPMorgan, ... Read More

JPMorgan, U.S. reach record $13-billion settlement over mortgage and securities fraud

The U.S. Justice Department announced Tuesday that it reached a record $13-billion agreement with JPMorgan Chase to resolve allegations that it knowingly sold faulty mortgage investments that contributed to the 2008 financial crisis. The settlement is the largest settlement between the U.S. government and a single entity in history, the Justice Department said, and the largest sum ever paid by an American company. As part of the settlement, JPMorgan admitted it made serious misrepresentations to the public, including the investing public, about its numerous mortgage-backed securities transactions. The resolution also requires JPMorgan to provide$4 billion in relief, included in the ... Read More