Fraud detection

Three recent criminal cases raise concerns that wealth managers and regulators aren’t detecting alleged fraud quickly enough or disclosing basic information about crimes and disciplinary problems.

Credit Suisse has discovered fraud at its international wealth management business, two years after it was criticized by a regulator in a similar case that rattled the bank and raised questions about controls.

Production companies claim fraudsters bilked them out of $3.5 million under the bank's watch.

Financial institutions need to alert customers about emails or websites that pretend to offer important COVID-19 information but instead could end up stealing their account numbers or logins.

A watchful planner might have saved a matriarch’s IRA from being allegedly pillaged by her son.

The demands come following a Financial Planning investigation revealing how JPMorgan’s Chase Private Client group used false evidence to get rid of an advisor.

A pastor was falsely arrested for check fraud because of errors made by Wells Fargo employees. Now, he may be forced to resolve legal claims against the bank in arbitration.

With the board still conducting a hiring search, the strategy for fixing past problems and returning to revenue growth remains in flux.

Firms need to consider new "fraud mitigation strategies," according to a new study.

Under the firm's CEO, who is also its chief compliance officer, the alleged scheme continued undetected for seven years, the SEC says.

Chuck Person persuaded student-athletes to form illegal business relationships with at least one financial advisor.

The banker involved in a case going before the justices is accused of misrepresenting the financial condition of a client.

FINRA says the firm did not disclose necessary client issues or hacking attempts.

One high-net-worth client with more than $20 million in assets took the majority of the losses, the regulator says.

The advisor allegedly sold $13 million worth of high-risk securities without disclosing that she earned commissions of up to 18%.

State Treasurer John Chiang says that Wells Fargo is keeping patterns of abuse hidden from view by resolving customer disputes through private arbitration.

The bank disclosed earlier this month that it faces a U.S. inquiry into its purchase of low-income housing credits.

The SEC claims Schwab failed to file reports on suspicious transactions by independent advisors.

Company policies were not reasonably designed to detect and prevent misconduct, the SEC claims after one advisor allegedly misappropriated more than $5 million from client accounts.

Prosecutors are presenting evidence of his training in securities markets to show that he'd likely know the information was purloined.