ATLANTA - (11/19/04) -- In an unusual ruling, a federalappeals court has overturned a lower court ruling and ordered aconviction of a Florida woman was charged with helping her daughtertry to pass a phony $6 million check on Monsanto Employees CU in2002. The three-judge panel of the U.S. Court of Appeals for the11th Circuit ordered the lower court to reinstate the jury's guiltyverdict for Brenda Williams and sentence her for bank fraud in thecase. The U.S. District Court for Pensacola, Fla., had directed averdict of acquittal for Williams after the jury found her guiltybecause the judge ruled the government failed to prove Williamsknew her daughter, Tammy Williams Neely, was lying about havingsold a vintage baseball for $8 million to cover the check. Neelytried to write the $6 million check on her mother's account at thecredit union, but the check was returned.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
July 2 -
Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
July 2 -
Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
July 2 -
A federal judge in New York has rejected Huawei's effort to toss charges alleging bank fraud, sanctions violations and trade secrets theft.
July 2