A portfolio manager at SAC Capital was sentenced to 3 years 6 months for his role in the insider trading that forced the hedge fund manager to shut down.
Sallie Mae will pay $7 million in penalties and an estimated $90 million in restitution after systematically defrauding its student loan customers by misrepresenting military service rules and payment deadlines. The bank says it has fixed its processes to comply with its contracts and fair lending standards.
The specter of bank failure returned to Chicago, tonight claiming the nine-year-old AztecAmerica Bank. The bank had never recorded a profit because of problems with business loans and mortgages. It had $90 million in deposits at its peak and by today had shrunk by about a third from that.