Money Laundering Probe Reported – Bank of Internet
BofI Holding, Inc. – New York Post Reports Federal Probe into Possible Money Laundering at Bank of Internet
Kehoe Law Firm, P.C. is investigating potential claims on behalf of those who purchased securities or common stock in online lender Bank of Internet, also known as BofI, publicly traded as BofI Holding, Inc. under the ticker symbol BOFI (NASDAQ: BOFI).
Department of Justice and Office of Comptroller of Currency Investigate BofI
On March 31, 2017, in an article titled “Feds Probe Bank of Internet for Possible Money Laundering,” the New York Post reported a probe by federal agents into possible money laundering at BofI. The newspaper reported that sources said the Justice Department, leading the investigation, has interviewed at least one former BofI employee and that one focus of the probe is BofI’s CEO, Gregory Garrabrants. Although there were no accusations of criminal activity, the New York Post reported that, according to people familiar with the investigation, part of the probe focuses on regulatory filings BofI submitted by to the Office of Comptroller of Currency, which is also part of the investigation.
Other Lawsuits Filed Regarding BofI’s Accounting and Money Laundering Controls
According to the New York Post, “BofI’s accounting and money laundering controls have been the subject of lawsuits for at least two years – since a former auditor, Charles Erhart, accused Garrabrants in a separate civil suit of flouting disclosure rules.”
BofI’s Stock Drop & What Investors Can Do?
Following the news of the federal probe, BofI’s stock declined. Kehoe Law Firm, P.C. is investigating whether BofI and certain of its officers may have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. If you have information regarding the investigation, purchased BofI shares, or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.
