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

Law360, New York (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.