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BUSINESS
April 12, 1992 | From Associated Press
From a British schoolteacher who lost his life savings to a Beverly Hills millionaire who fears he may lose his home, claims are rolling in for the millions forfeited by the Bank of Credit and Commerce International. Gerald Bolton, a Briton living in Qatar, says he had about $100,000 in a savings account at BCCI's home branch in Luxembourg. "This humble petitioner . . . pleads with the court to enable me to retrieve the money I have deposited," Bolton wrote.
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BUSINESS
April 3, 2014 | By E. Scott Reckard, This article has been corrected. See the note at the bottom for details.
Sounding alarm over an especially sinister new wave of cybercrime, regulators are warning bankers that hackers have succeeded in changing the controls on automated teller machines to allow thieves to make nearly unlimited withdrawals. The hackers often schedule the withdrawals for holidays and weekends, when extra dollars are loaded into ATMs and monitoring by the banks drops off, an umbrella group for financial regulators said Wednesday. The U.S. Secret Service is calling the scam Unlimited Operations because it circumvents the usual caps on ATM withdrawals, enabling the criminals at times to extract far more than depositors have in their accounts.
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SPORTS
November 26, 2013 | By Lance Pugmire
Manny Pacquiao's bank accounts in the Philippines have been frozen, stopping him from fulfilling his promise to help typhoon victims in his homeland, according to his promoter. Pacquiao was locked in training camp more than 400 miles away from the typhoon's deadly devastation when it struck, killing more than 5,200, and he vowed after beating Brandon Rios by unanimous decision in Macao, China, on Saturday night Pacific time that he would roll up his sleeves and help with his country's recovery.
NATIONAL
March 29, 2014 | By Paresh Dave
A tiny northern Florida city that received national notoriety for issuing thousands of speeding tickets on its funky stretch of highway will be spared from death. State lawmakers Friday dropped their threat to dissolve Hampton, a 1-square-mile city located an hour's drive south of Jacksonville. Auditors in February reported that the small cadre of officials in the city of about 500 residents mismanaged the city's bank accounts, credit cards and collections. The city had just three full-time employees: a clerk, a police chief and a water manager.
CALIFORNIA | LOCAL
February 24, 2011 | By Jessica Garrison, Los Angeles Times
Montebello officials said Wednesday night they are contacting every bank in their city and the "general vicinity" to make sure there are no other accounts with city funds that officials don't know about and don't have on their books. The announcement came a day after the Los Angeles County district attorney's office said it had opened an inquiry into two off-the-books bank accounts that city officials recently discovered, one at Union Bank and one at Banco Popular. David Demerjian, deputy district attorney in charge of the public integrity unit, said the inquiry would help his office determine whether a criminal investigation was warranted.
NEWS
February 12, 2012 | By Stuart Pfeifer
Here is a roundup of alleged cons, frauds and schemes to watch out for. Counterfeit luxury items - Bargain hunters should take extreme care when shopping for discounted brand-name merchandise on the Internet, the Better Business Bureau said in a recent bulletin. Websites such as Craigslist and EBay have been used to sell counterfeit items, the BBB said. But some firms have also set up their own websites to market knockoff luxury goods, which are often of poor quality and likely to disappoint the consumer, the group said.
WORLD
March 19, 2013 | By Anthee Carassava
ATHENS -- Lawmakers in Cyprus on Tuesday voted against a bailout plan that officials had hoped would stave off a chaotic government default and keep the island republic part of Europe's single-currency system. In a resounding rejection, not a single one of Cyprus' 56 lawmakers supported the proposal to impose levies as much as nearly 10% on bank deposits in exchange for $13 billion in aid from Europe and the International Monetary Fund to prop up the island's faltering banks.
BUSINESS
January 23, 2013 | By Andrew Tangel
A cyber-crime case brought by U.S. prosecutors in New York may add to the fears of anyone who banks online. The charges against three foreign nationals -- a Russian, a Latvian and a Romanian -- allege they were involved in creating and distributing a computer virus that infected more than 40,000 computers in the United States in an effort to steal customers' bank-account data and other information. The so-called Gozi virus led to the theft of unspecified millions of dollars, court documents say. U.S. Atty.
BUSINESS
September 14, 2012 | By Tiffany Hsu
The number of Americans without bank accounts is rising, with 10 million households lacking last year, up from 9 million in 2009. That's 8.2% of U.S. households, or 17 million adults who are categorized as "unbanked," according to a report from the Federal Deposit Insurance Corp. Nearly three in 10 households don't have a savings account, while 10% don't have a checking account. Factor in all the additional people who are underbanked, and 28.3% of all households are conducting some or all of their financial transactions outside the mainstream banking system.
BUSINESS
January 23, 2013 | By Andrew Tangel, Los Angeles Times
NEW YORK - Federal prosecutors said they had foiled an international cyber-crime ring that targeted bank accounts in the U.S. and around the globe. The criminal charges, disclosed Wednesday, highlight the vulnerabilities of online consumer banking, which has become more popular in the digital age. It also comes just months after most every major U.S. bank suffered a relentless round of online attacks by Middle Eastern hackers. In the case unveiled Wednesday, three men - a Russian, a Latvian and a Romanian - allegedly created and spread a virus they called "Gozi" that infected more than 1 million computers around the globe, including at least 40,000 in the United States.
CALIFORNIA | LOCAL
March 25, 2014 | Chris Megerian
SACRAMENTO - Millions of dollars in welfare benefits are ending up in banks' pockets each year when poor Californians access their taxpayer-funded benefits, according to state statistics and a report released Tuesday. Like many other states, California issues electronic cards to welfare recipients so they can withdraw public assistance from ATMs. Last year, $18.9 million was spent on ATM fees. The year before they topped $19.4 million. The state welfare system allows recipients to make four free withdrawals per month at ATMs run by MoneyPass, part of U.S. Bank.
NEWS
February 14, 2014 | By Timothy M. Phelps
WASHINGTON - The Obama administration issued guidance to prosecutors and banks Friday meant to make it easier for legal marijuana sellers to open bank accounts. But the guidance fell short of giving banks carte blanche to get involved in a business that is legal in some states for medical or recreational purposes but is still illegal under federal law. A memo issued Friday by Atty. Gen. Eric H. Holder Jr. to all federal prosecutors said that prosecution may not be appropriate for banks dealing with marijuana sellers if they are operating legally in their states and stay away from red zones, such as the sale of the drug to minors or across state lines.
CALIFORNIA | LOCAL
January 30, 2014 | By Richard Winton and Ruben Vives
A former top official for the Girl Scouts of Greater Los Angeles on Wednesday pleaded guilty to one count of mail fraud and one count of money laundering. Channing Smack, 51, of Marina del Rey, was also ordered to pay about $370,000 that prosecutors say he embezzled from the youth organization known for its annual cookie sales. Girl Scout officials say about $250,000 of that amount has already been recovered. “We were outraged that a trusted member of our staff would violate the fundamental values we teach our girls every day,” said  Carol Dedrich, the organization's chief external relations officer.
BUSINESS
January 13, 2014 | David Lazarus
I almost feel sorry for telemarketers. Almost. Last week, I solicited advice from readers about the best ways to get telemarketers to stop bugging you, especially robocallers like "Rachel from cardholder services," which the former head of the Federal Trade Commission branded "public enemy No. 1. " Judging from the avalanche of responses I received, I can say with confidence that many of you are not only fed up with these pests, you're more...
CALIFORNIA | LOCAL
December 19, 2013 | By Richard Winton
When a former top Girl Scout official was taken into custody by the FBI on money laundering charges, prosecutors allege he was carrying more than $18,000 in cash, including $9,500 in an envelope concealed in his left boot. FBI agents arrested Channing Smack, a high-ranking property manager for the Girl Scouts , in his Jaguar after he drove out of the parking garage of his Marina del Rey apartment complex, where he also kept a Cadillac Escalade, according to a search warrant obtained by The Times.
ENTERTAINMENT
November 30, 2013 | By Rebecca Keegan
Some jobs - catching fastballs, singing pop songs, dancing en pointe - are a lot easier when you're young. Add to that list directing independent movies, where it's not the physical demands that wear out many filmmakers but the financial stresses. At some point, most indie directors tire of the never-ending hustle for the money to make and release their movies and repair to the more lucrative worlds of television and studio fare. That's what makes the career of John Sayles so remarkable.
CALIFORNIA | LOCAL
August 14, 2010 | By Robert Faturechi, Los Angeles Times
A judge ordered authorities this week to unfreeze bank accounts connected to a physician described as a "subject of interest" in the 2008 slaying of an aspiring model in Santa Monica. Last month, the Los Angeles County district attorney's office requested 60 bank accounts frozen, said Benjamin Gluck, an attorney who represents physician Munir Uwaydah. Two of those accounts belonged to businesses owned by Uwaydah, Gluck said. The district attorney's office has declined to detail the seized assets saying that information is under seal.
BUSINESS
October 1, 2010 | By Geraldine Baum and Stuart Pfeifer, Los Angeles Times
More than 60 people have been charged in international schemes that used computer viruses to steal millions of dollars from bank accounts throughout America, state and federal prosecutors said Thursday in New York. "The modern, high-tech bank heist does not require a gun, a mask, a note or a getaway car," U.S. Atty. Preet Bharara said. "It requires only the Internet and ingenuity. And it can be accomplished in the blink of an eye, with just a click of the mouse. " The cyber attacks began in Eastern Europe and included malware known as the Zeus Trojan, which was typically sent in an e-mail to computers at homes, businesses and government offices in the United States.
SPORTS
November 26, 2013 | By Lance Pugmire
Manny Pacquiao's bank accounts in the Philippines have been frozen, stopping him from fulfilling his promise to help typhoon victims in his homeland, according to his promoter. Pacquiao was locked in training camp more than 400 miles away from the typhoon's deadly devastation when it struck, killing more than 5,200, and he vowed after beating Brandon Rios by unanimous decision in Macao, China, on Saturday night Pacific time that he would roll up his sleeves and help with his country's recovery.
SPORTS
November 26, 2013 | By Lance Pugmire
Achieving the impossible has to start somewhere, and after so many failed tries to make a Floyd Mayweather Jr.-Manny Pacquiao super-fight, there's an olive branch being extended. Showtime Executive Vice President Stephen Espinoza, whose premium network has four fights remaining in its exclusive deal with the unbeaten Mayweather, said he plans to reach out this week to Pacquiao's promoter Bob Arum to gauge interest in the bout. Despite Arum's denials, Espinoza said he had made repeated efforts to talk to Arum on the telephone.
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