SPOKANE, Wash. - (04/17/06) A convicted con man pleadedguilty Friday to bilking a local title agent who stole more than$670,000 from credit union and bank customers so she could pursue aget-rich scheme known as the Nigerian Letter. TerryAyeni, 42, a Nigerian national, duped Donna Burbank into lootingfunds she held in escrow for homebuyers and their lenders to helpAyeni and accomplices recover what they billed as $35 million incash that had been blackened to get it through U.S. Customs.Burbank is serving a three-year prison sentence for stealing thefunds, $170,000 of it from Coulee Dam FCU. Ayeni pleaded guilty toone count of conspiracy and agreed to provide information about atleast three others involved in the scheme. The Nigerians convincedBurbank they needed funds to pay to have the cash cleaned after itcleared Customs, according to prosecutors. Ayeni is already servingtime in Ohio for an identical scam in New York and was scheduled tobe deported to Nigeria when his term expires, but is now expectedto receive a longer term when he is sentenced in June.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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