Submitted at 11:34 AM July 12, 2012
"At the core of the complaint is a simplestory. If you were African-American orLatino, you were more likely to be placedin a subprime loan or pay more for yourmortgage loan, even though you werequalified and deserved better treatment.This is a case about real people-AfricanAmerican and Latino- who suffered realharm as a result of Wells Fargo’sdiscriminatory lending practices," saidAssistant Attorney General Perez.
Submitted at 11:31 AM July 12, 2012
The Department of Justice today filed thesecond largest fair lending settlement inthe department’s history to resolveallegations that Wells Fargo Bank, thelargest residential home mortgageoriginator in the United States, engaged ina pattern or practice of discriminationagainst qualified African-American andHispanic borrowers in its mortgagelending from 2004 through 2009.
Submitted at 2:46 PM July 12, 2012
"The recovery and repatriation of lost andstolen art to its rightful owner – whetherto a private citizen or to a foreigngovernment (as in this case) showcaseswhat can be achieved when lawenforcement partners from around theglobe work together to do the right thingfor all involved," said Deputy AttorneyGeneral Cole.
Submitted at 11:36 AM July 12, 2012
"Today, the Department of Justice reacheda significant settlement – totaling at least$175 million – with Wells Fargo Bank,the nation’s largest originator of residential home mortgages. Thissettlement constitutes the second-largestfair lending settlement ever reached by theDepartment," said Deputy AttorneyGeneral Cole.
Submitted at 10:45 AM July 12, 2012
Submitted at 12:20 PM July 12, 2012
The Federal Bureau of Investigation(FBI) on July 11, 2012 released thefollowing:“David B. Fein, United States Attorneyfor the District of Connecticut, announcedthat a federal grand jury sitting in NewHaven today returned a three-countindictment that charges Robert Braddock,Jr., 33, of Meriden, with participating in aconspiracy to conceal the source of contributions to the campaign of acandidate for the U.S. House of Representatives on which he worked.The indictment alleges that Braddock,while employed as the Finance Directorfor the campaign of a candidate for theU.S. House of Representatives, conspiredto accept conduit campaign contributions,which are contributions made by oneperson in the name of another person. Thepurpose of the conduit contributions wasto conceal the fact that the individualswho were actually financing the paymentshad an interest in legislation that wasexpected to be introduced, and eventuallywas introduced, before the ConnecticutGeneral Assembly during the 2012legislative session. The candidate is also acurrent member of the ConnecticutGeneral Assembly.“This indictment details an extensiveconspiracy to corrupt the electoralprocess,” stated U.S. Attorney Fein. “TheU.S. Attorney’s Office and the FBIcontinue to investigate not only thismatter, but all illegal behavior thatcorrupts our system of government.”According to the indictment, Roll YourOwn (“RYO”) smoke shops are retailbusinesses that sell loose smoking tobaccoand cigarette-rolling materials and offercustomers the option of paying a “rental”fee to insert the loose tobacco and therolling materials into a RYO machine,which is capable of rapidly rolling largequantities of cigarettes. Customers do notpay a tax on the RYO cigarettes whenrolled by the RYO machines, in contrastto cigarettes purchased over-the-counter.In August 2011, the state of Connecticut
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applied for an order permanentlyenjoining the RYO smoke shops fromoperating RYO machines, which the stateargued were tobacco manufacturingdevices under Connecticut law.The indictment alleges that, in 2011,certain RYO smoke shop owners andothers began to discuss the possibility thatthe Connecticut General Assembly wouldenact legislation harmful to RYO smokeshop owners’ business interests during the2012 legislative session. In November2011, the RYO shop owners arranged tomeet with the member of the GeneralAssembly to discuss their concerns. Alsoin November 2011, the RYO shop ownersand others began to deliver to Braddock and the campaign checks in the amount of $2,500, which were, in fact, conduitcontributions. Typically, the contributorswere reimbursed with cash from one ormore of the RYO shop owners. InNovember and December 2011, Braddock accepted a total of four $2,500 conduitcampaign contributions.The indictment further alleges that, onApril 3, 2012, the Connecticut GeneralAssembly’s Joint Committee on Finance,INDICTMENT page 1INDICTMENT page 2