News & Results Archive for the ‘Banking’ Category

Ward & Hagen Sucessfully Resolves Another Financial Fraud Case

Wednesday, July 6th, 2016

In the Central District of California Case No. 2:15-06336 attorneys Chris Hagen and Steven Nuñez obtained a confidential settlement on behalf of financial fraud victims whose losses totaled $4.9 million.

Posted in Banking, Consumer and Class Action, Financial Fraud, Securities |

Judge Allows Class Action Against HSBC USA to Proceed for Allegedly Assisting Ponzi Scheme

Wednesday, July 6th, 2016

Court Denies HSBC USA’s Motion to Dismiss Alleged Ponzi Scheme Case Citing Sufficient Allegations in Complaint Regarding Alleged Knowledge and Substantial Assistance to WCM777 Fraud.  United States District Judge Allows Class Action To Go Forward Against HSBC USA.

Attorneys Julio J. Ramos, Steven M. Nunez and the Ward Hagen, LLP law firm obtained a significant legal victory in a class action against HSBC USA. Allegedly, the defendant maintained a correspondent banking account for HSBC Hong Kong. Correspondent banking is a practice in which the U.S. bank facilitates wire transfers between foreign financial institutions and their customers, even though the U.S. bank does not have a direct relationship with the institution’s customers.

Allegedly, between July and December 2013, thousands of investor victims of the WCM777 fraud, wire transferred over USD $37 million to HSBC Hong Kong after several United States regulators had commenced enforcement proceedings against WCM777 accounts in the United States. Allegedly, as its correspondent bank, HSBC USA processed many of these wire transfers.

Judge Wright’s ruling specifically stated: “Because Rule 9(b) provides that ‘malice, intent, knowledge, and other condition of mind may be averred generally,’ and because Plaintiffs have alleged knowledge of the fraud, the Court finds that Plaintiffs have adequately satisfied Rule 9(b)’s pleading requirements. See, e.g., Neilson, 290 F. Supp. 2d at 1120 (‘courts have found pleadings sufficient if they allege generally that defendants had actual knowledge of a specific primary violation.’) And, as in Gonzales, Plaintiffs averred sufficient facts for the Court to draw a reasonable inference in support of their allegation of aiding and abetting fraud. The Court therefore denies the Motion with respect to this claim.”

Judge Wright also denied HSBC USA’s attempt to strike the class action allegations.

The case is Ramiro Giron v. Hong Kong and Shanghai Bank Company, Ltd., No. 2:15-cv-08869-ODW-JC

Posted in Banking, Consumer and Class Action, Financial Fraud, Securities |

Ward & Hagen Files Two New Financial Class Action Complaints

Sunday, January 24th, 2016

Attorney Steven Nuñez is leading the charge on two new cases; the first involving investors in an alleged pyramid scheme run by Phil Ming Xu and his variety of WCM777 and World Capital Market companies, and the second on behalf of those who invested in the alleged Ponzi Scheme that was Nationwide Automated Systems, Inc. (or NASI).  Both cases are seeking class action status to recover millions of dollars in damages from the institutions that are alleged to have wrongfully taken part in these schemes.  Anyone seeking more information can visit www.nasi-lawsuit.com or by contacting the office via phone or email.

Posted in Banking, Consumer and Class Action, Financial Fraud, Securities |

New Lawsuit Filed Against Perpetrators of a Fraudulent Investment Scheme based in Los Angeles County

Saturday, August 15th, 2015

Attorney Steven Nuñez of Ward & Hagen, LLP has filed a new lawsuit on behalf of twelve investors who lost over $4,500,000.  The defendant, Charter Investments, Inc., is alleged to have sold fictitious certificates of deposit to the investors with promises of good returns.  Instead of placing the investments in FDIC insured accounts, the defendant is alleged to have used a bank to transfer the funds to overseas banking secrecy havens.  Attorney Nuñez has solid record of pursing defendants who commit financial fraud and he and his team will work diligently to see that the investors here recoup as much of the losses as legally possible.

 

Posted in Banking, Consumer and Class Action, Corporate and Commercial, Financial Fraud |