DOJ: Disbarred attorney serving as bank CCO charged for fraud role
By 
Jeff Dale2023-04-21T17:01:00
The Department of Justice (DOJ) announced charges Thursday against the “purported” chief compliance officer at Dominion Bank and Trust Company Limited for allegedly taking part in a multimillion dollar fraud scheme.
Gerald Shaw was arrested and charged with one count each of conspiracy to commit wire fraud and wire fraud for aiding the bank in defrauding at least 60 victims out of more than $4 million, the DOJ said in a press release.
From October 2016 until April 2020, Shaw served as Dominion Bank’s CCO despite being a convicted felon and disbarred attorney, the DOJ said. In July 2010, he pleaded guilty to wire fraud for his role in a high-yield investment fraud scheme and was sentenced to nearly six years in prison. A year later, the state of California disbarred him from practicing as an attorney.
Related articles
-
News BriefCOSO report offers updated fraud risk management program blueprint
A new report from the Committee of Sponsoring Organizations of the Treadway Commission offers a blueprint to organizations for establishing an overall fraud risk management program.
-
News Brief
Infinity Q founder sentenced to 15 years for fraud scheme
The former chief investment officer and founder of investment adviser Infinity Q Capital Management was sentenced to 15 years in prison and ordered to forfeit $22 million for artificially inflating the values of certain derivatives to defraud investors.
-
News Brief
Ex-OneCoin compliance head charged over alleged fraud role
The former head of legal and compliance at OneCoin was indicted on separate charges of conspiracy to commit wire fraud and money laundering for her role in the $4 billion cryptocurrency fraud scheme.
More from Regulatory Enforcement
-
ArticleFormer startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
-
ArticleGeorgia Tech to pay $875,000 for allegations brought by compliance officers
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
-
ArticleTractor Supply Company hit with $1.35M fine for alleged California privacy violations
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.