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BofA, Fifth Third Aided $70M Insurance Fraud: Concord

Law360 (March 17, 2011, 6:24 PM EDT) -- An attorney for Concord Capital Management LLC told a New York state judge Thursday that Bank of America NA and Fifth Third Bank aided a loan agreement scheme by rogue executives that cost the insurance premium finance company $70 million.

Concord was used as little more than a cash conduit to direct money to the pockets of former Chief Financial Officer Ira L. Brody and other company insiders with the bank's knowledge and aid, Marc E. Kasowitz of Kasowitz Benson Torres & Friedman LLP, which represents...
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