MIAMI - (01/07/05) -- A University of Miami law professorsays he is an innocent victim in a complicated Internet scheme thatresulted in $1.7 million being stolen from a major trucking companythrough his credit union and sent to Nigeria. Penske Truck Leasingclaims in a lawsuit against Fleet Bank (now Bank of America) andUniversity CU, in Miami, that professor Enrique Fernandez-Barrosobtained the check and helped steal the money. Fernandez-Barrosclaims he received an unsolicited email from someone with theNigerian government asking him to help a Nigerian businessmanreceive $1.7 million from Penske for a stock sale. The 73-year-oldprofessor said when the check, made out to him but apparentlycounterfeit, was FedExed to him he followed the Nigerians'instructions and deposited it in his credit union account, thenwired the $1.7 million to his Nigerian contacts. But he was neverpaid the $200,000 he was promised. Penske claims the $1.7 millioncheck was one it had sent to purchase trucks and had been stolen.The trucking company, owned by auto-racing team owner Roger Penske,is suing Fleet/BofA and the credit union, claiming they should haveprevented the theft.
-
As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3