{"id":6300,"date":"2018-08-07T09:39:59","date_gmt":"2018-08-07T13:39:59","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=6300"},"modified":"2018-08-07T09:39:59","modified_gmt":"2018-08-07T13:39:59","slug":"bank-of-america-sued-over-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/bank-of-america-sued-over-ponzi-scheme\/","title":{"rendered":"Bank Of America Sued Over Ponzi Scheme"},"content":{"rendered":"<p>Following the SEC charging <a href=\"https:\/\/www.secarbitrationlawyer.com\/silver-law-group-is-representing-investors-in-the-first-nationle-solution-llc-ponzi-scheme\/\" target=\"_blank\">five individuals with fraud related to a Ponzi scheme,<\/a> Bank of America (\u201cBOA\u201d) has now been sued over its involvement with the First Nationle <a href=\"https:\/\/www.youtube.com\/watch?v=H5Y0SYhFb7w\" target=\"_blank\">scheme<\/a>. The class-action suit on behalf of multiple investors who lost money alleges that BOA provided more than 100 accounts for the individuals to perpetuate their scheme. \u00a0Others charged in the <a href=\"https:\/\/www.secarbitrationlawyer.com\/silver-law-group-is-representing-investors-in-the-first-nationle-solution-llc-ponzi-scheme\/\" target=\"_blank\">scheme<\/a> include Perry Santillo, Chris Parris, Paul LaRocco, Percipience and United RL.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-4478\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Ponzi-Schemes2-300x150.jpg\" alt=\"Ponzi-Schemes2-300x150\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Ponzi-Schemes2.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2017\/07\/Ponzi-Schemes2-240x120.jpg 240w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>According to the complaint, the brother and sister that sued to recover losses from their late father\u2019s investment allege that the fraudsters <em>\u201ccould not have perpetuated their scheme without the knowing assistance of their primary banking institution, Bank of America, which lent the scheme an air of legitimacy and provided critical support, including at times when the scheme would have otherwise collapsed.\u201d <\/em><\/p>\n<p>After promising to invest the monies into profitable and dividend paying companies, they used the funds for lavish personal expenses and to pay \u201cdividends\u201d to other investors. The bank is accused of failing to catch their suspicious activity, which included transfers of large amounts of cash into accounts with small, negative or even non-existent balances, and then transferring the cash out in the same week. The money was transferred to their personal accounts, or to that of some of the investors. This fraud occurred over a period of time beginning in or about 2011. By not alerting authorities or putting a stop to the fraudulent activity, BOA assisted in the perpetuation of the scheme.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.silverlaw.com\/blog\/bank-of-america-sued-over-ponzi-scheme\/\"  title=\"Continue Reading Bank Of America Sued Over Ponzi Scheme\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Following the SEC charging five individuals with fraud related to a Ponzi scheme, Bank of America (\u201cBOA\u201d) has now been sued over its involvement with the First Nationle scheme. The class-action suit on behalf of multiple investors who lost money alleges that BOA provided more than 100 accounts for the individuals to perpetuate their scheme. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[602,593],"tags":[996,997,295,998,999],"class_list":["post-6300","post","type-post","status-publish","format-standard","hentry","category-class-action","category-ponzi-schemes","tag-bank-of-america","tag-first-nationle","tag-ponzi-scheme","tag-scott-silver-bank-of-america","tag-scott-silver-first-nationle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bank Of America Sued Over Ponzi Scheme &#8212; Securities Arbitration Lawyers Blog &#8212; August 7, 2018<\/title>\n<meta name=\"description\" content=\"Following the SEC charging five individuals with fraud related to a Ponzi scheme, Bank of America (\u201cBOA\u201d) has now been sued over its involvement with the &#8212; August 7, 2018\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/bank-of-america-sued-over-ponzi-scheme\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bank Of America Sued Over Ponzi Scheme &#8212; 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