Tag Archives: Banking & Finance

Finra Fines ING Groep Units $1.2 Million on Alleged Record-Keeping Violations

Posted on February 19, 2013 by Synercon

The Financial Industry Regulatory Authority fined five affiliates of ING Groep NV (ING, INGA.AE) $1.2 million amid findings that the units of the Netherlands-based banking giant failed to retain or review millions of emails for various periods between 2004 and … Continue reading →

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Records of civil service pension payments ‘unacceptable’ admit officials

Posted on February 1, 2013 by Synercon

Inadequate records of civil service pension payments are “unacceptable”, the government has said after a spending watchdog raised concerns. The National Audit Office qualified the accounts of the Principal Civil Service Pension Scheme after Whitehall was unable to provide certain … Continue reading →

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Regulator slams Macquarie unit

Posted on January 30, 2013 by Synercon

AUSTRALIA’S biggest stockbroking firm, Macquarie Equities, has been forced by the corporate regulator to have an independent investigator oversee its operations after the broker was found to have ”serious compliance deficiencies” over four years. Macquarie Private Wealth, the retail division … Continue reading →

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FMA finds issues with advisers’ record keeping (NZ)

Posted on July 19, 2012 by Synercon

One year on from the introduction of a new licensing regime New Zealand’s top level financial advisers are still struggling to document how they make investment decisions and recommendations to the public, according to the investment watchdog. Read more: NZ … Continue reading →

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B of A Sends Woman To Collections After She Already Paid Off Her Credit Card (US)

Posted on April 2, 2012 by Synercon

Bank of America’s foreclosure processes have been a wreck during the mortgage crisis — the bank has foreclosed on homes that no longer exist, used fraudulent procedures to speed through documents, and pushed borrowers into foreclosure because of small clerical … Continue reading →

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New York sues 3 big banks over use of mortgage registry database

Posted on February 3, 2012 by Synercon

Opening a new front against the American banking industry, New York sued three of the nation’s biggest mortgage servicers over their use of an electronic database that, according to the Empire State, has resulted in widespread deception and fraudulent foreclosure … Continue reading →

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Old mortgages rise from the dead, haunt homeowners (US)

Posted on January 26, 2012 by Synercon

 (Reuters) – In July 2009, Roy and Sheila Bowers refinanced the mortgage on their suburban ranch home in Topeka, Kansas. The couple wanted to take advantage of the low interest rates that were all the rage at the time…. But … Continue reading →

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Massachusetts sues top five lenders

Posted on December 2, 2011 by Synercon

Massachusetts sued the five biggest mortgage companies in the US on Thursday, accusing them of “corrupting” the state’s land records through pervasive use of fraudulent documentation in seizing borrowers’ homes. Martha Coakley, Massachusetts attorney-general, alleged that the banks illegally foreclosed … Continue reading →

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Judges to weigh mortgage document destruction (US)

Posted on February 2, 2011 by Synercon

Federal bankruptcy judges in Delaware are due to hold separate hearings Monday on requests by two defunct subprime mortgage lenders to destroy thousands of boxes or(f) original loan documents. The requests, by trustees liquidating Mortgage Lenders Network USA and American … Continue reading →

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City Index Latest To Be Fined By FSA For Bad Record-Keeping

Posted on January 21, 2011 by Synercon

LONDON -(Dow Jones)- Spread-betting broker City Index Ltd. was fined GBP490,000 Thursday for failing to report transactions to U.K. markets watchdog the Financial Services Authority, the latest in a series of fines on banks and brokers for not keeping proper … Continue reading →

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First, the electronic mortgage superhighway. Then, the pileup (US)

Posted on January 4, 2011 by Synercon

The problem that just won’t go away. An in-depth article about the breakdown of recordkeeping wrt the assignment and processing of home mortgages. Washington Post, January 2, 2011

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Lehman derivatives records a mess: Barclays’ exec

Posted on December 7, 2010 by Synercon

Barclays had no idea how big Lehman Brothers Holdings Inc’s futures-and-options trading business was when it considered taking over the defunct bank’s derivatives trades at exchanges in 2008, a Barclays executive said. “Lehman’s books were in such a mess that … Continue reading →

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Foreclosure-gate – an exercise in non compliant recordkeeping(US)

Posted on October 28, 2010 by Synercon

The 2010 United States foreclosure crisis, currently referred to as foreclosure-gate, is an ongoing issue related to an alledgedly widespread practice of improper foreclosures by large banks and other mortgage lenders. What initially appeared to be sloppy record keeping among … Continue reading →

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