(afagen)

DOJ Sues Bank of America For Lying About Sketchy Mortgage-Backed Securities

Even though Bank of America execs appear to have avoided criminal prosecution for their part in the recent economic collapse, BofA continues to be slapped upside its head with civil suits for its bad behavior. The latest comes from the U.S. Dept. of Justice, which sued BofA and a number of its affiliates, alleging the defendants misled investors by telling them that mortgage-backed securities were A-OK, when in fact they were more toxic than a house full of lead paint and asbestos. [More]

(D.Michelson)

$11 Million Penalty Apparently Wasn’t Enough To Stop Scammy Telemarketers

Back in 2007-8, the Federal Trade Commission shut down a sketchy telemarketing company called Suntasia Marketing, Inc., for defrauding consumers and charging their bank accounts without consent programs they never enrolled in, like memberships in discount buyer’s and travel clubs. Two of the defendants behind the scam were hit with $11 million settlements and barred from getting involved in these sorts of shenanigans in the future, but that apparently wasn’t sufficient penalty to set them on a righteous path. [More]