Banking and Finance Law Commons^™

Vat Fraud And Terrorist Funding: The Azizi Extradition, Part Ii, Richard Thompson Ainsworth

Faculty Scholarship

This paper considers the remaining seven (7) Missing Trader Intra-Community (MTIC) fraud schemes alleged (some conceded) to have been conducted by Samir Azizi, a 25 year old German/Afghan citizen, who was extradited from the United States to Germany on April 14, 2015. The MTIC fraud schemes considered in this Part II involve alleged losses of €45,801,403 under 63 further criminal counts.

Underlying both Parts of this assessment is a fundamental (but unanswered) question: “Who exactly is Samir Azizi? Is he the mastermind of a multi-million euro VAT fraud, a fundraising fraudster for terrorist organizations, or a youthful face-of- convenience disguising …

Periodic Reporting In A Continuous World: The Correlating Evolution Of Technology And Financial Reporting, Daniel C. Rowe

Duke Law & Technology Review

The evolution of technology has drastically altered what it means to be a reporting company in the eyes of the Securities and Exchange Commission. Technological development has also played a large role in the shifting trend from periodic reporting to continuous reporting, as is particularly apparent in the evolution of the Form 8-K. It is true that the increasingly technological world of continuous reporting does not come without disadvantages. This issue brief, however, argues that despite the increased risks and challenges of continuous reporting, its net effect on disclosure, and the investing community generally, is positive. With that benefit in …

Trending @ Rwulaw: Susan Schwab Heyman's Post: Defining The Boundaries Of Insider Trading, Susan Schwab Heyman

Law School Blogs

No abstract provided.

Vat Fraud And Terrorist Funding: The Azizi Extradition, Part I, Richard Thompson Ainsworth

Faculty Scholarship

On April 14, 2015 Samir Azizi, a 25 year old German/Afghan citizen, was extradited from the United States to Germany. The Extradition Compliant alleged (in 89 criminal counts) that Azizi had denied the German Treasury €61,104,368 in VAT revenue with 12 distinct Missing Trader Intra-Community (MTIC) fraud schemes. At the time of arrest the 26 year old Azizi admitted that his involvement in MTIC frauds stretched back even before 2008, the initial reference year of the Complaint.

This paper assesses the Azizi extradition in two parts. The first part considers the first 26 criminal counts, representing alleged VAT losses of …

Securities Laws Implications For Savings Associations Acting As Trustees For Ira's And Keoghs

Akron Law Review

This article will focus on the major problem area which has resulted from the above legislation. That problem is whether or not a savings association must register with the Securities and Exchange Commission (SEC) pursuant to the Securities Act of 1931 or the Investment Company Act of 1940, as a consequence of acting as trustee for an IRA or Keogh plan.

New Investment Powers For Ohio Savings Associations

Akron Law Review

The scope of the Ohio statute is severely limited and complicated by federal laws and regulations concerning liquidity requirements, bank holding companies, and antitrust restrictions. The remainder of this article will focus on these limitations and other problems encountered by savings associations in the creation and operation of a bank for savings associations in Ohio. Specifically, part II discusses who may form a bank for savings associations in Ohio and with whom the bank can transact business. Part III explains the application of the Bank Holding Company Act as a limitation on investments, and how savings associations can avoid application …

Tie-In Statutes And Parity Regulations And Their Constitutionality

Akron Law Review

The first of the student articles on savings associations will examine various types of tie-in statutes and parity regulations which states have enacted to give their local savings associations the same powers as their federal counterparts. A framework for predicting the constitutional integrity of such statutes and regulations will then be established by reviewing United States Supreme Court analyses of federal statutes which, much like state parity statutes, delegate legislative power to administrative agencies. By using Ohio case law on delegation of authority, Ohio's statute which grants rule-making power to the Superintendent of Building and Loan Associations will then be …

Legislative Developments In The Savings And Loan Industry, Paul D. Drobbin, Jeffrey S. Goldman, Ronald Lee, Stephen R. Lindsey

Akron Law Review

This issue of the Akron Law Review is the first to be devoted entirely to legal questions relating to the savings and loan industry. The. following student project consists of three articles which contain in depth examinations of recent legislative developments and their effects on the savings and loan industry.

Loan Participations And The Savings And Loan Association: A Sleeping Giant Stirs, Kenneth M. Lapine

Akron Law Review

Savings institutions have believed themselves to be secure in their mortgage trading practices, but recent failures of financial institutions and the entry into the mortgage market of non-regulated, non-banking entities have prompted some much needed re-examination of the real risks and the character of the legal relationships which arise from such transactions. This article shall identify those risks, particularly the insolvency of the originating lender, and the resulting consequences which may be visited upon the investing savings institutions.

Regulating State Chartered Savings Associations: An Introduction To The Ohio Scheme, Ronald E. Alexander

Akron Law Review

This article is an initial effort to examine this regulator, certain of its most important policies, and the impact of those recent developments upon policy-making by the Division. Part one contains a brief overview of agency staffing, appointment and removal of the Superintendent, and the budget appropriation process. Part two examines the three most important areas of the Superintendent's regulatory authority: examinations, chartering and branching. Part three discusses the recently developed administrative procedures for rule-making by the agency.

Banks, Break-Ins, And Bad Actors In Mortgage Foreclosure, Christopher K. Odinet

Faculty Scholarship

During the housing crisis banks were confronted with a previously unknown number mortgage foreclosures, and even as the height of the crisis has passed lenders are still dealing with a tremendous backlog. Overtime lenders have increasingly engaged third party contractors to assist them in managing these assets. These property management companies — with supposed expertise in the management and preservation of real estate — have taken charge of a large swathe of distressed properties in order to ensure that, during the post-default and pre-foreclosure phases, the property is being adequately preserved and maintained. But in mid-2013 a flurry of articles …

School Finance Reforms For Ohio, Linda L. Robison, Loi Yoder

Akron Law Review

This comment will first examine the legal rationale of the leading court decisions concerned with the constitutionality of educational funding programs. Secondly, the advantages and disadvantages of current funding programs, as well as Ohio's present program, will be discussed. An analysis of the guidelines set by the Ohio courts, and a discussion of what is wrong with Ohio's current plan will follow. Finally, proposals for solving Ohio's problems will be offered.

A Survey Of Statutory And Regulatory Schemes For Commerical Bank Branching, Barbara Heinzerling

Akron Law Review

Two major arguments swirl around the controversies over branching. The first of these goes to concern about monopolies and the concentration of business, power, and assets. The second emphasizes the benefits and evils of competition, with particular focus on over-banking in an area and possible bank failure as a result.

Branch Banking In Ohio Under Senate Bill 256, Benito C.R. Antognoli

Akron Law Review

Presumably intending to enable more viable banks to proliferate, the Ohio General Assembly, in 1933, repealed the original branching law and enacted legislation allowing limited branching. This legislation remained in effect for forty-five years. It was not until April 27, 1978, that a major change in Ohio's branching law was passed, with the enactment of Amended Substitute Senate Bill 256.

Third Party Payments For Thrift Associations - The Latest Round, Joseph M. Lynch Jr.

Akron Law Review

This article will look at the state of third party payment systems. First, it will review the history of the NOW account and some problems which have arisen as to negotiability. Second, it will examine the experiences of state-chartered associations that have offered NINOWs. Third, AFT and POAs will be examined in light of recent developments. Finally, the Ohio scheme will be examined to determine if an Ohio-chartered savings and loan could offer a type of NOW account.

Ohio Usury Laws And The Real Estate Mortgage Lending Market - A Savings Association Viewpoint, Roger A. Yurchuck, James M. Ball

Akron Law Review

Although the concept of usury was unknown at common law, it is of ancient statutory origin. Irrespective of its economic utility to society, usury has become firmly entrenched as an accepted fact of economic life. The concept of usury is easily understandable and lends itself to simple definition. It is, in essence, a prohibition against the taking of an amount for the use of money which is greater than that permitted by law. While the concept itself is simple to grasp, methods of implementing that concept have varied widely from jurisdiction to jurisdiction. Moreover, within many jurisdictions, including Ohio, legislative …

The Private Mortgage Insurance Industry, The Thrift Industry And The Secondary Mortgage Market: Their Interrelationships, Diana G. Browne

Akron Law Review

On the other hand, the existence of the private mortgage insurance industry has facilitated the expansion of the thrift industry and of the secondary mortgage market. Twenty-two years after the formation of the first modern private mortgage insurance company and nine years after the creation of the federally sponsored market in conventional mortgage loans, the growth and success of the three industries can be seen as significantly interrelated.

The Road To Precautionary Review Of Financial Products, Hilary Allen

Scholarly Articles in Law Reviews & Journals

Financial innovation introduces new and complex products into the financial system, providing market participants with more bespoke ways to manage their risk, return and liquidity. However, by increasing the complexity of the financial system, financial innovation also compromises financial stability. Faced with the rapid pace of financial innovation, regulators have two options. One is to seek to meet the complexity of the industry with complex regulation, in an arms race that under-resourced regulators are bound to lose. The less explored (and more controversial) path is for regulators to try to reduce the complexity of the financial system by limiting financial …

Racial Credit Steering As A Discriminatory Credit Practice Under The Equal Credit Opportunity Act, Warren L. Dennis, Charles G. Field

Akron Law Review

This article will explore the possible application of the Equal Credit Opportunity Act with its multiple remedies and enforcement methods to racial credit steering practices as described above.

Stock Conversions Under The Amended Regulations, Charles E. Allen

Akron Law Review

The conversion regulations continue to contain various provisions designed to protect the converted association from a hostile takeover both during and after conversion. The entire conversion process is carefully regulated and monitored by the FSLIC to assure fairness and equitability and to avoid "windfall" profits by any group. There is, nonetheless, some controversy surrounding conversions, a discussion of which appears later in this article.

Savings And Loan Service Corporations: Regulations In Ohio, Ronald E. Alexander

Akron Law Review

The purpose of this article is to examine Ohio's scheme for regulating service corporations. This examination includes the history of service corporation regulation in Ohio, the scope of permissible business activities of these corporations, investment limitations for parent savings associations and the supervisory authority of the Ohio Division of Building and Loan Associations [Division]. Perhaps this article will also provide a useful vehicle for judging whether the risks perceived by the GAO and FHLBB can arise from a single state's regulatory scheme for service corporations. It must be remembered that any such risks inherent in Ohio's scheme threaten not only …

The Development Of Credit Co-Operatives Within The State Of Victoria, Australia, Peter Gilchrist Lumb, Kevin John Thompson

Akron Law Review

This article is intended to be of an informative rather than academic nature. As the reader will appreciate the co-operative movement in Victoria is still in its infancy and in consequence there has been little case law development in Victoria or throughout Australia.

The Depository Institutions Deregulation And Monetary Control Act Of 1980

Akron Law Review

This issue of the Akron Law Review is devoted to legal questions relating to the savings and loan industry. This particular project consists of an in-depth examination of the very important piece of legislation named in the title above. Although many of the provisions contained therein directly impact upon savings and loans, the authors have not limited themselves to that aspect, but have also addressed issues relating to all types of depository institutions. A general discussion of interest regulation is given first. This is followed by a title by title, section by section analysis of the major provisions of this …

Nationwide Now Accounts: Current Legal Issues, Supervisory Update, Thomas A. Pfeiler

Akron Law Review

Consequently, in the race for market shares, different institutions are offering NOW accounts upon a wide variety of terms and conditions. A number of legal questions have arisen as a result of these circumstances. It is the purpose of this article to consider and, perhaps, answer some of these questions. Where there is no definitive answer, suggestions as to an analytical or practical approach will be offered. In addition, the significance of various provisions of the implementing regulations will be considered.

Savings Associations And The New Depository Institutions Deregulation And Monetary Control Act, Robert W. Bartlett

Akron Law Review

The following is intended to be a general overview of the major provisions of the Depository Institutions Deregulation and Monetary Control Act insofar as they affect savings associations.

Developments In Ohio Savings And Loan Law: 1980, Ronald E. Alexander

Akron Law Review

This 1981 edition of the Akron Law Review has continued to fulfill the objectives of that first editorial board in 1978: to both provide a forum for professional and student work that explores the legal regimes which impact upon savings associations and to make a continuing contribution to the body of savings and loan law literature that is surely needed by the practicing attorneys who serve as counsel for savings associations.

A Fresh Look At The Equal Credit Opportunity Act, Gail R. Reizenstein

Akron Law Review

The subsequent material will illustrate that despite the fact that women have been required to meet both a different and a higher standard for them to be deemed creditworthy, studies have shown that they (especially single women) are in fact better credit risks than men. Nevertheless, in an investigation of special problems concerning the availability of credit, the National Commission on Consumer Finance identified difficulties that women in particular faced in obtaining consumer, as well as mortgage, credit.

Creditor's Rights In Ohio: An Extensive Revision, Peggy M. Coleman, Warren R. Ross, John P. Finan

Akron Law Review

House Bill No. 254, effective August 26, 1982, involves a balancing of competing interests as well as an attempt to bring Ohio law into compliance with the procedural requirements mandated, on Constitutional grounds, by various U.S. Supreme Court cases. It involves a cost-benefit analysis because, in making decisions in this area, one must balance the costs associated with procedural requirements against the benefits afforded to consumers. The costs involved are costs to consumers, as there is little doubt that any costs associated with the procedural requirements in effect since August 26, 1982, will be borne by consumers. To be sure, …

An Introductory Examination Of The Racketeer Influenced And Corrupt Organizations Act,, David E. Morris

Akron Law Review

This comment will attempt to serve as an introduction to RICO, addressed to those with little or no knowledge of either its provisions and intricacies, or its potential usefulness and adaptability as a prosecution tool. The recent criticism of RICO by the American Bar Association will also be reviewed, as well as the ABA's proposed amendments to RICO. Finally, the state RICO statutes will be discussed. The advantages they offer states currently without any substantive laws dealing directly and primarily with organized and white-collar crime will be examined.

Savings And Loan Insolvency In The 80'S

Akron Law Review

This project is divided into five parts. Part I examines the federal statutory scheme for the supervision of federally-chartered savings and loans. The provisions of 12 U.S.C. § 1464 are examined closely to determine the extent of the power of the Federal Home Loan Bank Board to appoint a receiver. The due process implications of this process are examined in light of the United States Supreme Court's opinion in Fahey v. Mallonee. Finally, the question of the scope of judicial review of the Board's decision is examined. Whether the association is entitled to a review de novo is a question …