New York Paralegal Blog

Credit Suisse, a major Swiss bank, has been caught in a web of financial deceit. The bank's subsidiary, Credit Suisse Services AG, recently pleaded guilty to conspiring with employees and customers to help hide over $4 billion in undeclared offshore accounts. This scheme allowed wealthy U.S. clients to evade taxes and reporting requirements, a serious crime. The guilty plea and a separate non-prosecution agreement were filed in court on or around May 5, 2025, marking a significant step in a years-long investigation. The Deal: Plea Agreement vs. Non-Prosecution Agreement (NPA) This case is unique because it involves two separate legal agreements. Guilty Plea: Credit Suisse Services AG pleaded guilty to hiding the $4 billion in offshore accounts. This is a formal admission of guilt for the conspiracy. Non-Prosecution Agreement (NPA): In addition to the guilty plea, the bank entered into an NPA for its separate misconduct in Singapore. An NPA is a legal deal between the go...

NEW YORK – The United States has filed a civil mortgage fraud lawsuit against Deutsche Bank AG and its wholly owned subsidiary, MortgageIT Inc.  The government’s complaint seeks damages and civil penalties under the False Claims Act for repeated false certifications made to the U.S. Department of Housing and Urban Development (HUD) in connection with the residential mortgage origination and sponsorship practices of MortgageIT.  To date, the Federal Housing Administration (FHA) has paid insurance claims on more than 3,100 mortgages, totaling $386 million, for mortgages endorsed by MortgageIT.   Today’s announcement was made by Preet Bharara, U.S. Attorney for the Southern District of New York; Tony West, Assistant Attorney General for the Justice Department’s Civil Division; Helen Kanovsky, General Counsel of HUD; and Michael P. Stephens, Acting Inspector General of HUD.   According to the government’s complaint filed today in Manhattan federal cour...

Uniondale-based jewelry and furniture chain Fortunoff, which filed for bankruptcy and is liquidating, will fulfill consumers’ pre-paid orders of in-stock furniture. As of March 5, 2009, the company canceled delivery of such purchases, contrary to its obligations, and prepared to have such furniture included in liquidation sales. Cuomo stepped in to ensure that the company’s actions were immediately reversed. This action follows the Attorney General’s intervention last month to make sure that consumers’ Fortunoff gift cards would be honored through March 8, 2009. The Attorney General intervened after receiving numerous complaints from consumers who paid thousands of dollars for furniture and were told that, although the furniture was in stock, it would not be delivered, and no refunds would be provided. The Attorney General urges all consumers who paid in full for furniture that has not been delivered to contact Fortunoff immediately to request delivery of any in-stock items.

(USDOJ) WASHINGTON – Siemens Aktiengesellschaft (Siemens AG), a German corporation, and three of its subsidiaries today pleaded guilty to violations of and charges related to the Foreign Corrupt Practices Act (FCPA), the Department of Justice and U.S. Securities and Exchange Commission announced. At a hearing before U.S. District Judge Richard J. Leon in the District of Columbia, Siemens AG pleaded guilty to a two-count information charging criminal violations of the FCPA’s internal controls and books and records provisions. Siemens S.A.- Argentina (Siemens Argentina) pleaded guilty to a one-count information charging conspiracy to violate the books and records provisions of the FCPA. Siemens Bangladesh Limited (Siemens Bangladesh) and Siemens S.A. - Venezuela (Siemens Venezuela), each pleaded guilty to separate one-count informations charging conspiracy to violate the anti-bribery and books and records provisions of the FCPA. As part of the plea agreements, Siemens AG agreed to pay...