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BMO loses lawsuit tied to a Ponzi scheme, $563 million penalty

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coldfusion
Community Leader
Mega Contributor

BMO loses lawsuit tied to a Ponzi scheme, $563 million penalty

By way of quick background,  a Minnesota bank that was later acquired by BMO (Marshall & Isley) was involved in the handling of money tied to a Ponzi scheme that defrauded a number of people.   The bank noted irregularities with the account but failed to notify regulators.  Lawsuits were filed, and a jury yesterday awarded $563 million in favor of one of the victims.

 

https://www.startribune.com/bmo-ordered-to-pay-563m-in-petters-fraud-in-largest-financial-penalty-by...

 

Whether or not this could influence final approval of the BMO Harris/BOTW merger, no idea.

(3/2024)
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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
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