Michael McDonald, a 27-year veteran U.S. Treasury agent in Miami, specialized in money laundering and helped strengthen U.S. law to combat money laundering in banks. His efforts sent many drug traffickers from the Medellin Cartel to prison in the 1980s.
According to Coral Gables-based Bauer Financial, 75.5 percent of banks in Florida earned a “recommended” rating during the second quarter of 2016, up from 66.5 percent during the same period last year.
Miami-based Fairholme Fund is among investors suing the federal government over the future of mortgage insurers Fannie Mae and Freddie Mac. At risk, say plaintiffs, is the 30-year fixed mortgage that makes home ownership affordable for most Americans. Also at issue: Whether the government can supercede shareholders’ rights.
The largest-ever lawsuit against an auditing firm opens Monday in Miami-Dade County Circuit Court, pitting Big Four firm PwC against a trustee of the defunct Taylor, Bean & Whitaker Mortgage Corporation. At stake: $5.5 billion.
The U.S. Treasury Department will seek more information on people who use shell companies to pay cash for luxury homes in Broward and Palm Beach counties, as well as New York City, Los Angeles, San Francisco, San Diego and San Antonio. The move is part of a broader crackdown on money laundering in American real estate.
An increasing number of Caribbean banks and wire transfer providers are getting cut off by U.S. commercial banks, who say their low volume business is not worth the risk of hefty fines over dirty transactions.
Nearly three in four Florida banks won a “recommended” rating from Bauer Financial and the number of “troubled and problematic” banks statewide fell, too. But two Miami-Dade financial institutions lost their five-star ratings.
A South Florida real-estate investor made a killing on a tiny Miami Beach condo he owned for just three months. The listed owner of the offshore that bought the unit turned up in the massive leak of documents known as the Panama Papers.