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  • Charles Ponzi created a new topic ' Crackdown on new business lending' in the forum.
    Regulators ask lenders to reveal how lending crackdown has impacted new business

    Australian Financial Review Dec 10 2017 7:40 PM

    Duncan Hughes



    Lenders are being quizzed by the nation's financial regulators about the impact of recent rule changes on their credit policies, lending volumes, marketing strategies, distribution and communication with mortgage brokers and clients.

    In addition to seeking internal information about credit changes regulators are also requesting external communications with lenders and mortgage brokers through emails, websites, call centre scripts and press releases.

    It comes as another big four bank, National Australia Bank, prepares to tighten its credit policies by updating borrowers' living expenses used in assessing customers' serviceability.

    APRA and ASIC are taking the deep dive into lenders' data following the so-called "macro-prudential" changes intended to slow borrowing, particularly by investors, and ease pressure on property prices.

    The regulators have sent detailed questions to lenders seeking responses to how the recent policy changes have influenced a range of key performance indicators, particularly any changes to their "lending book", which is a term used to describe lending records.

    Details are being requested on changes to interest rates, lending policies, such as increasing or lowering loan-to-value ratios, fees and how it has been communicated to customers and brokers.

    It follows the Australian Prudential Regulation Authority imposing temporary benchmarks for both investor lending growth and new interest-only lending.

    APRA – with the backing of the Reserve Bank of Australia – intends to constrain higher risk lending and discourage lenders from competing aggressively for these types of loans by imposing caps on the amount and speed of growth. The RBA is concerned continued growth will inflate a housing bubble and make the economy more vulnerable to sharp shocks.

    For example, in March APRA-regulated lenders had to limit their new interest-only lending to no more than 30 per cent of new lending.

    About 90 per cent of housing finance is provided by APRA-regulated lenders. The Australian Securities and Investments Commission monitors non-authorised deposit taking institutions.

    The regulators are asking lenders to answer more than a dozen detailed questions about changes to the size and composition of their lending books, such as a transition from interest-only to principal and interest loans, increased loan-to-value ratios for higher risk borrowers and higher rates.

    It is also attempting to assess how lending practices have been influenced by closer attention to serviceability measures, such as assessment of living expenses and the identification of a borrowers' existing debts.

    APRA has also been rolling out new, and in some cases more prescriptive, guidance on what it considers lenders need to know about a borrower's total debt, income and spending.

    ASIC and the Australian Prudential Regulation Authority are checking with lenders on their communications with borrowers and mortgage brokers, who act as intermediaries between borrowers and lenders.

    Senior bankers believe the regulators are attempting to assess what impact their changes are having on current market conditions, how effective it has been, whether it needs tweaking and might have benefited bigger lenders at the expense of mutuals, co-operatives and non-big four competitors.

    The research will also provide benchmarks as a guide for future policy initiatives.

    Neither regulatory would confirm the review.

    But APRA chairman Wayne Byres recently stressed the importance of sophisticated data in ensuring lenders make "sound credit decisions" that are appropriate – individually and in aggregate –taking into account the broader housing market and economic trends.

    APRA said it is also focusing more attention on so-called "shadow banks", or non-ADIs, by looking at whether bank warehousing of their loans is increasing risks.

    Separately, NAB this weekend announced it is tightening its home lending credit policies by updating household expenses used to calculate serviceability. Westpac Group, AMP and Commonwealth Bank of Australia recently announced similar changes.

    Read More...
    3 days ago
  • Charles Ponzi created a new topic ' Tina Stagliano and Howard Bowles cases' in the forum.
    Will the LSBC be held to account?.
    Malcolm Turnbull has announced a royal commission into the banking sector, after Australia's big four banks wrote to the Treasurer asking for an inquiry to restore public faith in the financial system.

    A letter signed by the chairpersons and chief executives of ANZ, Commonwealth, NAB and Westpac argued that even though the sector had long campaigned against it, such a measure was now in the national interest.

    "Our banks have consistently argued the view that further inquiries into the sector, including a royal commission, are unwarranted," the letter said.

    "However, it is now in the national interest for the political uncertainty to end."

    Shortly after the letter was released, the Prime Minister announced the royal commission, saying that it was the only way to "give all Australians a greater degree of assurance" about the banking sector.

    "Since the financial crisis, there have been examples of misconduct by financial institutions. Some of them extremely serious. And that's demanded a response from the institutions themselves and from government," Mr Turnbull said.

    "The only way we can give all Australians a greater degree of assurance is a royal commission into misconduct into the financial services industry.

    "It will cover the nation's banks, big and small, wealth managers, superannuation providers, insurance companies. It will be a comprehensive inquiry."

    The Government will ask the royal commissioner to deliver a final report by February 1, 2019.

    More to come.

    Read More...
    2 weeks ago
  • Charles Ponzi created a new topic ' Pedophile Magistrate jailed 9 years' in the forum.
    Queensland magistrate William Randall jailed for child abuse

    Posted 21 Nov 2017, 4:05pm
    Map: QLD

    Queensland magistrate William John Randall lived a double life for years, passing daily judgment on others for criminal behaviour while systematically sexually abusing a young boy.

    The boy was just five when the abuse started in 1990 at Randall's home at Wynnum, on Brisbane's bayside.

    It continued for almost 12 years, and the victim was 30 before he finally gathered the courage to tell police.

    Randall, who retired just last year from his position as referee in the Small Claims Tribunal after years on the bench, continues to maintain his innocence.

    He pleaded not guilty in the Brisbane District Court last week to 18 charges including maintaining a relationship with a child, indecent treatment and sexual assault.

    His lawyers cross-examined the victim in the witness box about the allegations, accusing him of fabricating lies about being abused hundreds of times so he could later sue Randall.

    However, the jury dismissed this and returned guilty verdicts.

    Randall was on Tuesday sentenced to nine years' jail, and will be eligible for parole after serving half of that time.

    Judge Catherine Muir described Randall's behaviour as "shocking and reprehensible".

    "With your continued and repeated abuse of the complainant you essentially took away his innocence, his childhood," she said.

    Judge Muir acknowledged Randall had been well-regarded in the legal community, but said any reputation was "hypocritical given your offending behaviour occurred while you were sitting in judgment of others".

    She noted the effect the offending had on the victim, who said he had "turned to alcohol to try to drink the memories away".

    The victim and his family hugged outside court after the sentence was handed down.

    Read More...
    2 weeks ago
  • Charles Ponzi created a new topic ' DEA Drug Squad v Mastercard's Lawyer Ravelo' in the forum.
    According to customers of the Victorian Legal Services Board, it scapegoated and defamed and lent on them as it covered up it passing information to owners of bogus litigation service companies that threatene to use stand over men as part of its 'legal services'.

    www.dea.gov/divisions/nj/2017/nj112017.shtml
    Contact: Public Information Officer
    Number: (973) 776-1143
    @DEANewJerseyDiv
    Former NY law firm partner admits to conspiring to defraud two law firms out of more than $7 million

    (NEWARK, N.J.) – Valerie A. Nickerson, Special Agent in Charge of the Drug Enforcement Administration’s New Jersey Division, and William E. Fitzpatrick, Acting U.S. Attorney for the District of New Jersey, announced a Bergen County, New Jersey, woman today admitted using bogus litigation support companies to obtain millions of dollars from two law firms where she was a partner.

    Keila Ravelo, 52, of Englewood Cliffs, New Jersey, pleaded guilty before U.S. District Judge Kevin McNulty in Newark federal court to two counts of an indictment charging her with conspiracy to commit wire fraud (Count One) and tax evasion (Count Nine).

    Ravelo worked as a partner for a company identified in the indictment as “Law Firm 1” from July 1, 2005, through October 2010. She then became partner in another law firm, identified in the indictment as “Law Firm 2,” and worked there from October 2010 through November 2014.

    From 2008 through July 2014, Ravelo and her husband, Melvin Feliz, 51, conspired to defraud Law Firm 1 and Law Firm 2, forming two limited liability companies, “Vendor 1” and “Vendor 2,” which purported to provide litigation support to the firms, but in fact provided no actual services to the firms. Ravelo and Feliz controlled Vendor 1 and Vendor 2 bank accounts and submitted invoices to Law Firm 1 and Law Firm 2 for work that was never performed for the law firms or their clients. Ravelo, in her capacity as a partner at the law firms, approved payments to Vendor 1 and Vendor 2, which Ravelo and Feliz later used for personal expenses. The law firms paid Vendor 1 and Vendor 2 approximately $7.8 million. Ravelo and Feliz willfully failed to report the fraudulent earnings on their tax returns.

    On Aug. 25, 2015, Feliz pleaded guilty before U.S. District Judge Kevin McNulty in Newark federal court to an information charging him with one count of conspiracy to commit wire fraud and one count of tax evasion. Before pleading guilty for the role he played in this wire fraud and tax evasion conspiracy, Feliz pleaded guilty to an indictment which charged him and two other men with conspiring to distribute approximately 20 kilograms of cocaine.

    The charge of conspiracy to commit wire fraud is punishable by a maximum potential penalty of 20 years in prison and $250,000 fine, or twice the gross gain or loss from the offense. The tax evasion charge is punishable by a maximum potential penalty of five years in prison and $250,000 fine. Sentencing for Ravelo is scheduled for March 5, 2018. Feliz is awaiting sentencing.

    Acting U.S. Attorney Fitzpatrick credited law enforcement officers of the Drug Enforcement Administration, New Jersey Division, under the direction of Special Agent in Charge Valerie A. Nickerson, and law enforcement officers of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jonathan D. Larsen, with the investigation leading to today’s plea.

    Read More...
    2 weeks ago
  • November 27 2017
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    Former judges want royal commission powers for federal corruption watchdog
    Adam Gartrell

    Adam Gartrell
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    A federal corruption watchdog would have all the coercive powers of a royal commission and be able to investigate anyone involved in public administration, not just politicians, under designs drawn up by some of Australia's most respected retired judges.

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    Former Supreme Court judge Anthony Whealy wants a federal corruption watchdog.
    Former Supreme Court judge Anthony Whealy wants a federal corruption watchdog. Photo: Supplied

    Under the plan, the watchdog would be a fully independent statutory body designed to "prevent, investigate and expose corruption", with three commissioners appointed based on the recommendations of a bipartisan parliamentary committee.

    The watchdog would have guaranteed funding, strong investigative powers, the ability to hold public hearings and to make findings of fact, which would then be referred to a new well-resourced and specialised unit within the Director of Public Prosecutions for charges.

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    Justice Margaret McMurdo is also behind the push.
    Justice Margaret McMurdo is also behind the push. Photo: Supplied

    The body would have jurisdiction to "investigate any conduct of any person that adversely affects or could adversely affect, directly or indirectly, the honest or impartial exercise of public administration" under the blueprint from the National Integrity Committee.

    The committee has been established by former NSW ICAC Commissioner David Ipp, former President of the Queensland Court of Appeal Margaret McMurdo and former Supreme Court judge turned chairman of Transparency International, Anthony Whealy.

    Working with The Australia Institute think tank, the committee – which also includes former NSW Court of Appeal judge Paul Stein and former Victorian Court of Appeal judges Stephen Charles and David Harper – aims to put further pressure on federal politicians to agree to the establishment of a national watchdog to complement the state-based bodies.
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    By submitting your email you are agreeing to Fairfax Media's terms and conditions and privacy policy.

    The committee is also supported by 41 of Australia's top corruption fighters and lawyers.

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    Former NSW ICAC commissioner David Ipp.
    Former NSW ICAC commissioner David Ipp. Photo: Wolter Peeters

    Establishing the watchdog as a statutory body would ensure it was permanent and protected from political intervention or any budgetary changes imposed to weaken it. NSW ICAC has faced funding cuts in recent years, prompting it to shed 17 staff, including an entire investigative team, and prompting accusations the NSW government was trying to diminish it.​

    Under the blueprint to be launched in Canberra on Monday a Chief Commissioner – a judge appointed for five years – would have sweeping discretionary powers to compel evidence and witnesses, and order searches or the use of surveillance devices.

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    Ben Oquist from The Australia Institute.
    Ben Oquist from The Australia Institute. Photo: Supplied

    "Corruption and misconduct are often committed by highly skilled professionals in positions of power within a system that is both well-known to them and difficult for others to penetrate," the committee says in its design documents.

    "Corruption often occurs in networks of mutually beneficial relationships of powerful and influential people. The corrupt often know how to hide their trail and stay in front."

    Mr Whealy said said corruption did not stop at state borders and was falling through the gaps of the federal "swiss cheese" system.

    "We have designed a National Integrity Commission to fill these gaps and provide oversight of federal public administration," he said.

    Ms McMurdo said it was "time to get on with the job of investigating and exposing corruption to restore public trust in government".

    The Australia Institute Executive Director Ben Oquist said: "The only outcome worse than a failure to establish a national anti-corruption body would be the creation of a poorly designed anti-corruption body with insufficient powers and no ability to hold public hearings.

    The think tank's polling has consistently found strong support among Australians for a federal corruption watchdog, with 85 per cent of people saying they believe there is corruption at a federal level.

    Read More...
    2 weeks ago
  • Charles Ponzi created a new topic ' Tina Stagliano and Howard Bowles cases' in the forum.
    Ex-Big Law Partner Pleads Guilty to Wire Fraud Conspiracy, Tax Evasion ChargesKeila Ravelo, a former Willkie Farr & Gallagher partner, faces four to six years in prison and has been ordered to pay $7.9 million in restitution in the wake of her guilty plea Monday in Newark, New Jersey, federal court.By Charles Toutant | November 20, 2017ravelo-keila Keila Ravelo, former partner at Willkie Farr & Gallagher.Keila Ravelo, a former Willkie Farr & Gallagher partner, faces four to six years in prison and has been ordered to pay $7.9 million in restitution in the wake of her guilty plea Monday in Newark, New Jersey, federal court.She pleaded guilty to two counts of her nine-count indictment. Ravelo pleaded guilty to one count of conspiracy to commit wire fraud and one count of tax evasion, on the condition that the seven remaining counts be dropped. She also agreed to sell real estate and cars she owns to fulfill the restitution obligation.A sentencing hearing was set for March 5, 2018.Ravelo, 51, also faces three years of supervised release post-incarceration. She also agreed to refile her tax returns for years 2008-14 before sentencing.Monday’s hearing before U.S. District Judge Kevin McNulty of the District of New Jersey hit a few snags when Ravelo was questioned about details of her actions in order to provide that her guilty plea had a basis in fact. Ravelo engaged in lengthy, whispered consultations with defense counsel, Lawrence Lustberg of Gibbons in Newark and Steve Sadow of Schulten Ward Turner & Weiss in Atlanta, before ultimately answering affirmatively to questions such as whether she committed fraud amounting to $7.8 million through a scheme of fraudulent payments to vendors.The government ultimately accepted her answers even after she added caveats that her involvement in the scheme began in 2012 and that she did not know the total cost of the scheme.McNulty said he provisionally accepted Ravelo’s guilty plea pending his receipt of a sentencing report from the federal probation department, and if that report did not allow a sentence within the range of 48 to 72 months, the defendant could withdraw her plea.Ravelo was first arrested alongside her now-estranged husband, Melvin Feliz, in December 2014.New Jersey federal prosecutors alleged the two used bogus litigation vendor companies to obtain more than $7.8 million from Willkie and Hunton & Williams, where she previously practiced.Prosecutors said the couple funneled the majority of the funds into a joint bank account, using the money for personal expenses and investments. Ravelo is further accused of failing to report the earnings on her tax returns.Prosecutors said the couple funneled the majority of the funds into a joint bank account, using the money for personal expenses and investments. Ravelo is further accused of failing to report the earnings on her tax returns.Ravelo was charged with nine felony counts, including one count of conspiracy to commit wire fraud, four counts of wire fraud and four counts of tax evasion. The maximum potential sentence for the conspiracy charge and each count of wire fraud is 20 years in prison, while the tax evasion charges each carry a maximum sentence of five years in prison.In August 2015, Feliz admitted to his role in the scheme, pleading guilty to one count of conspiracy to commit wire fraud and one count of tax evasion. He is awaiting sentencing on the charges and a separate drug charge.Before she was arrested, Ravelo was representing Mastercard as a defendant in long-running antitrust litigation in the U.S. District Court for the Eastern District of New York. After her arrest in late 2014, Willkie conducted an internal review and uncovered behind-the-scenes communications between Ravelo and plaintiffs attorney Gary B. Friedman that ultimately led a federal judge to reject a settlement in similar antitrust litigation against American Express Co. The judge said Friedman improperly sent Ravelo confidential information and attorney work product.In Ravelo’s criminal case, her attorney in the past year has been seeking documents from law firms in the credit card litigation and documents from Friedman, a potential witness at her trial.Meanwhile, Friedman, whose legal career was upended after his communications with Ravelo came to light, is working on what he has called a “deeply personal memoir” related to the drama that will be out in 2018.After the hearing, Sadow said in a statement, “Ms. Ravelo chose to plead guilty because she felt it was important for her two college-aged sons and family to understand that she has accepted full responsibility for her conduct—the failure to expose her husband’s fraud upon the law firms where she worked and her client Mastercard when she became aware of it in 2012. Instead, and under intense emotional pressure to keep silent, she wrongfully covered up his fraud, and by doing so, allowed it to continue. It has taken her time to come to grips with the reality of her conduct, and after three long years of living with this nightmare and having lost everything, looks forward to putting this behind her.”
    Ex-Big Law Partner Pleads Guilty to Wire Fraud Conspiracy, Tax Evasion Charges
    Keila Ravelo, a former Willkie Farr & Gallagher partner, faces four to six years in prison and has been ordered to pay $7.9 million in restitution in the wake of her guilty plea Monday in Newark, New Jersey, federal court.
    By Charles Toutant | November 20, 2017

    ravelo-keila Keila Ravelo, former partner at Willkie Farr & Gallagher.

    Keila Ravelo, a former Willkie Farr & Gallagher partner, faces four to six years in prison and has been ordered to pay $7.9 million in restitution in the wake of her guilty plea Monday in Newark, New Jersey, federal court.

    She pleaded guilty to two counts of her nine-count indictment. Ravelo pleaded guilty to one count of conspiracy to commit wire fraud and one count of tax evasion, on the condition that the seven remaining counts be dropped. She also agreed to sell real estate and cars she owns to fulfill the restitution obligation.

    A sentencing hearing was set for March 5, 2018.

    Ravelo, 51, also faces three years of supervised release post-incarceration. She also agreed to refile her tax returns for years 2008-14 before sentencing.

    Monday’s hearing before U.S. District Judge Kevin McNulty of the District of New Jersey hit a few snags when Ravelo was questioned about details of her actions in order to provide that her guilty plea had a basis in fact. Ravelo engaged in lengthy, whispered consultations with defense counsel, Lawrence Lustberg of Gibbons in Newark and Steve Sadow of Schulten Ward Turner & Weiss in Atlanta, before ultimately answering affirmatively to questions such as whether she committed fraud amounting to $7.8 million through a scheme of fraudulent payments to vendors.

    The government ultimately accepted her answers even after she added caveats that her involvement in the scheme began in 2012 and that she did not know the total cost of the scheme.

    McNulty said he provisionally accepted Ravelo’s guilty plea pending his receipt of a sentencing report from the federal probation department, and if that report did not allow a sentence within the range of 48 to 72 months, the defendant could withdraw her plea.

    Ravelo was first arrested alongside her now-estranged husband, Melvin Feliz, in December 2014.

    New Jersey federal prosecutors alleged the two used bogus litigation vendor companies to obtain more than $7.8 million from Willkie and Hunton & Williams, where she previously practiced.

    Prosecutors said the couple funneled the majority of the funds into a joint bank account, using the money for personal expenses and investments. Ravelo is further accused of failing to report the earnings on her tax returns.

    Prosecutors said the couple funneled the majority of the funds into a joint bank account, using the money for personal expenses and investments. Ravelo is further accused of failing to report the earnings on her tax returns.

    Ravelo was charged with nine felony counts, including one count of conspiracy to commit wire fraud, four counts of wire fraud and four counts of tax evasion. The maximum potential sentence for the conspiracy charge and each count of wire fraud is 20 years in prison, while the tax evasion charges each carry a maximum sentence of five years in prison.

    In August 2015, Feliz admitted to his role in the scheme, pleading guilty to one count of conspiracy to commit wire fraud and one count of tax evasion. He is awaiting sentencing on the charges and a separate drug charge.

    Before she was arrested, Ravelo was representing Mastercard as a defendant in long-running antitrust litigation in the U.S. District Court for the Eastern District of New York. After her arrest in late 2014, Willkie conducted an internal review and uncovered behind-the-scenes communications between Ravelo and plaintiffs attorney Gary B. Friedman that ultimately led a federal judge to reject a settlement in similar antitrust litigation against American Express Co. The judge said Friedman improperly sent Ravelo confidential information and attorney work product.

    In Ravelo’s criminal case, her attorney in the past year has been seeking documents from law firms in the credit card litigation and documents from Friedman, a potential witness at her trial.

    Meanwhile, Friedman, whose legal career was upended after his communications with Ravelo came to light, is working on what he has called a “deeply personal memoir” related to the drama that will be out in 2018.

    After the hearing, Sadow said in a statement, “Ms. Ravelo chose to plead guilty because she felt it was important for her two college-aged sons and family to understand that she has accepted full responsibility for her conduct—the failure to expose her husband’s fraud upon the law firms where she worked and her client Mastercard when she became aware of it in 2012. Instead, and under intense emotional pressure to keep silent, she wrongfully covered up his fraud, and by doing so, allowed it to continue. It has taken her time to come to grips with the reality of her conduct, and after three long years of living with this nightmare and having lost everything, looks forward to putting this behind her.”

    Ex-Big Law Partner Pleads Guilty to Wire Fraud Conspiracy, Tax Evasion Charges
    Keila Ravelo, a former Willkie Farr & Gallagher partner, faces four to six years in prison and has been ordered to pay $7.9 million in restitution in the wake of her guilty plea Monday in Newark, New Jersey, federal court.
    By Charles Toutant | November 20, 2017

    ravelo-keila Keila Ravelo, former partner at Willkie Farr & Gallagher.

    Keila Ravelo, a former Willkie Farr & Gallagher partner, faces four to six years in prison and has been ordered to pay $7.9 million in restitution in the wake of her guilty plea Monday in Newark, New Jersey, federal court.

    She pleaded guilty to two counts of her nine-count indictment. Ravelo pleaded guilty to one count of conspiracy to commit wire fraud and one count of tax evasion, on the condition that the seven remaining counts be dropped. She also agreed to sell real estate and cars she owns to fulfill the restitution obligation.

    A sentencing hearing was set for March 5, 2018.

    Ravelo, 51, also faces three years of supervised release post-incarceration. She also agreed to refile her tax returns for years 2008-14 before sentencing.

    Monday’s hearing before U.S. District Judge Kevin McNulty of the District of New Jersey hit a few snags when Ravelo was questioned about details of her actions in order to provide that her guilty plea had a basis in fact. Ravelo engaged in lengthy, whispered consultations with defense counsel, Lawrence Lustberg of Gibbons in Newark and Steve Sadow of Schulten Ward Turner & Weiss in Atlanta, before ultimately answering affirmatively to questions such as whether she committed fraud amounting to $7.8 million through a scheme of fraudulent payments to vendors.

    The government ultimately accepted her answers even after she added caveats that her involvement in the scheme began in 2012 and that she did not know the total cost of the scheme.

    McNulty said he provisionally accepted Ravelo’s guilty plea pending his receipt of a sentencing report from the federal probation department, and if that report did not allow a sentence within the range of 48 to 72 months, the defendant could withdraw her plea.

    Ravelo was first arrested alongside her now-estranged husband, Melvin Feliz, in December 2014.

    New Jersey federal prosecutors alleged the two used bogus litigation vendor companies to obtain more than $7.8 million from Willkie and Hunton & Williams, where she previously practiced.

    Prosecutors said the couple funneled the majority of the funds into a joint bank account, using the money for personal expenses and investments. Ravelo is further accused of failing to report the earnings on her tax returns.

    Prosecutors said the couple funneled the majority of the funds into a joint bank account, using the money for personal expenses and investments. Ravelo is further accused of failing to report the earnings on her tax returns.

    Ravelo was charged with nine felony counts, including one count of conspiracy to commit wire fraud, four counts of wire fraud and four counts of tax evasion. The maximum potential sentence for the conspiracy charge and each count of wire fraud is 20 years in prison, while the tax evasion charges each carry a maximum sentence of five years in prison.

    In August 2015, Feliz admitted to his role in the scheme, pleading guilty to one count of conspiracy to commit wire fraud and one count of tax evasion. He is awaiting sentencing on the charges and a separate drug charge.

    Before she was arrested, Ravelo was representing Mastercard as a defendant in long-running antitrust litigation in the U.S. District Court for the Eastern District of New York. After her arrest in late 2014, Willkie conducted an internal review and uncovered behind-the-scenes communications between Ravelo and plaintiffs attorney Gary B. Friedman that ultimately led a federal judge to reject a settlement in similar antitrust litigation against American Express Co. The judge said Friedman improperly sent Ravelo confidential information and attorney work product.

    In Ravelo’s criminal case, her attorney in the past year has been seeking documents from law firms in the credit card litigation and documents from Friedman, a potential witness at her trial.

    Meanwhile, Friedman, whose legal career was upended after his communications with Ravelo came to light, is working on what he has called a “deeply personal memoir” related to the drama that will be out in 2018.

    After the hearing, Sadow said in a statement, “Ms. Ravelo chose to plead guilty because she felt it was important for her two college-aged sons and family to understand that she has accepted full responsibility for her conduct—the failure to expose her husband’s fraud upon the law firms where she worked and her client Mastercard when she became aware of it in 2012. Instead, and under intense emotional pressure to keep silent, she wrongfully covered up his fraud, and by doing so, allowed it to continue. It has taken her time to come to grips with the reality of her conduct, and after three long years of living with this nightmare and having lost everything, looks forward to putting this behind her.”

    Read More...
    3 weeks ago
  • Court Docs Signal Plea Deal for Ex-Willkie Partner Keila Ravelo
    According to court records Monday, a plea agreement hearing is set for Nov. 20 in Newark.
    By Christine Simmons | October 31, 2017

    Keila Ravelo Keila Ravelo

    With her criminal trial originally scheduled to start in just two weeks, former Willkie Farr & Gallagher partner Keila Ravelo appears to have agreed to a plea deal with federal prosecutors, who have accused her of multiple felony charges in an alleged scheme to defraud her former law firms.

    According to court records Monday, a plea agreement hearing is set for Nov. 20 in Newark before Judge Kevin McNulty of the U.S. District Court for the District of New Jersey. The latest docket includes no mention of a trial that had previously been scheduled to begin Nov. 13, said William Skaggs, a spokesman for U.S. Attorneys’ Office in New Jersey.

    Ravelo’s attorney, Steven Sadow, special counsel at Schulten Ward Turner & Weiss, said he is “not in a position to comment at this time” on whether his client has agreed to plead guilty to any charges. Skaggs also declined to comment.

    Throughout her case, Ravelo, who was first arrested alongside her now-estranged husband, Melvin Feliz, in December 2014, has denied wrongdoing and has blamed Feliz. Her attorney, Sadow, has said Feliz he took advantage of her.

    New Jersey federal prosecutors alleged the two used bogus litigation vendor companies to obtain more than $7.8 million from Willkie and Hunton & Williams, where she previously practiced.

    Prosecutors said the couple funneled the majority of the funds into a joint bank account, using the money for personal expenses and investments. Ravelo is further accused of failing to report the earnings on her tax returns.

    Ravelo has been charged with nine felony counts, including one count of conspiracy to commit wire fraud, four counts of wire fraud and four counts of tax evasion. The maximum potential sentence for the conspiracy charge and each count of wire fraud is 20 years in prison, while the tax evasion charges each carry a maximum sentence of five years in prison.

    In August 2015, Feliz admitted to his role in the scheme, pleading guilty to one count of conspiracy to commit wire fraud and one count of tax evasion. He is awaiting sentencing on the charges and a separate drug charge.

    Before she was arrested, Ravelo was representing MasterCard as a defendant in long-running antitrust litigation in the Eastern District of New York. After her arrest in late 2014, Willkie conducted an internal review and uncovered behind-the-scenes communications between Ravelo and plaintiffs attorney Gary B. Friedman that ultimately led a federal judge to reject a settlement in similar antitrust litigation against American Express. The judge said Friedman improperly sent Ravelo confidential information and attorney work product.

    In Ravelo’s criminal case, her attorney in the past year has been seeking documents from law firms in the credit card litigation and documents from Friedman, a potential witness at her trial.

    Friedman was initially called a “possible co-conspirator” by investigators, according to court documents, but Friedman has said that he “was used” and not a suspect. He said he sent documents to Ravelo that she or somebody working for her “doctored” to make it appear as if they were produced by a vendor.

    In an interview Tuesday, Friedman said he was last in touch with the prosecution in Ravelo’s case in early September and had no personal knowledge of a plea deal. He said the last conversation he had with Ravelo was about two and a half years ago, when he told her to “plead today” and “these deals don’t get better over time.”

    “It’s a long dance for a lot of people,” he said. “At some point, you come to accept the reality of the situation and try to get the best deal available.”

    Meanwhile, Friedman, whose legal career was upended after his communications with Ravelo came to light, is working on what he has called a “deeply personal memoir” related to the drama that will be out in 2018.
    ..............................................................................................................................................................................................................................................................
    See the last pages for the list.

    fsi.gov.au/files/2014/08/Supported_Resid...Action_Group_Inc.pdf

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    4 weeks ago
  • Charles Ponzi created a new topic ' S.123 AML/Counterterrorism Act' in the forum.
    Customers of Howard Bowles' McGarvie's and Fiona Bennett's government board advised Parliamentary Inquiries they were lent on, threatened, defamed, in an extraordinary cover up as the FBI & SEC sought additional information into the board passing information to people who claimed they were connected to mobsters. McGarvie's customers also claim he misled the Opposition Minister for counter terrorism, Robert Clark, at the same time Austrac investigated mobsters and terror financing via the same I.T at the centre of the scandalous charges by the SEC FBI IRS and US top level prosecutors on CBA I.T Executives Hunter and Waldron and the Clinton's Eric Pulier.

    www.legislation.gov.au/Details/C2006A00169

    Read More...
    4 weeks ago
  • Charles Ponzi created a new topic ' Narev to go.' in the forum.
    Customers of the CBA's Auckland Savings Bank like the Sgargetta's and Waldrons, hope the US Feds on McGarvie's files get to extradite a few more bank executives.

    www.sbs.com.au/news/article/2017/11/16/c...anced-search-new-ceo

    CBA 'well advanced' in search for new CEO

    CBA says it is "well advanced" in its search for a replacement for CEO Ian Narev (AAP)

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    Commonwealth Bank chairman Catherine Livingstone says the lender's search for a chief executive to replace Ian Narev is "well advanced".
    Source: AAP
    52 MINS AGO
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    Commonwealth Bank's search for a new chief executive is "well advanced".

    Chairman Catherine Livingstone has told shareholders at the bank's annual general meeting that Ian Narev, who is retiring amid the fallout of allegations the bank breached anti-money laundering and terrorism funding laws, is still scheduled to leave by June 30.

    "A global search for Ian's replacement is well advanced, and we are considering internal candidates and external candidates from Australia and offshore," Ms Livingstone said.

    Speaking at his final meeting as chief executive, Mr Narev again apologised for Commonwealth Bank's shortcomings and failure to spot breaches.

    Mr Narev said CBA's operational risk management - which led to AUSTRAC's allegations - had not met the standards applied to lending, funding and markets.

    "Our performance has been up with the best banks in the world on these dimensions," Mr Narev said.

    "The same cannot be said of how we have managed some of our operational risks."

    AUSTRAC, the Australian Transaction Reports and Analysis Centre, in August alleged CBA failed to provide on-time reports for 53,506 cash transactions of $10,000 or more between November 2012 and September 2015.

    A statement of claim for a class action naming Mr Narev and Ms Livingstone has been filed in the Federal Court in Victoria alleging CBA failed to disclose alleged breaches to investors.

    Read More...
    4 weeks ago
  • Charles Ponzi created a new topic ' Tina Stagliano and Howard Bowles cases' in the forum.
    Customers of the legal services board went to US law enforcement as advised, they advised the Victorian Ombudsman, by the whistleblowing tipsters inside the ethics board. Crime syndicates. Terrorists, CBA I.T Executives and even the Clinton's I.T expert ended up on the wrong end of global law enforcement. Will the IRS rule that donations to the Clinton charity for purposes outside the USA, like opposing assisting Get'Up and closing the Adani Mine in Queensland, violate US tax law? Watch this space.

    www.scribd.com/document/362274181/Indict...90416-1-0#from_embed

    Read More...
    2 months ago

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