We’ve heard it so many times: the Miscellaneous Receipts Act prohibits federal enforcement agencies from doing anything with settlement money other than depositing 100% of it in the U.S. Treasury.
Entries in Financial Fraud Enforcement Task Force (3)
Bank of America is paying $16.65 billion to settle fraud claims by federal and state enforcement agencies and regulators that relate back to the financial crisis of 2008. It's "the largest civil settlement with a single entity in American history," the DOJ said Thursday.
Citigroup Inc. will pay $7 billion to settle a U.S. investigation into shoddy mortgage-backed securities the bank sold as the country headed toward financial crisis, including the largest civil fraud penalty ever imposed by the U.S. Justice Department.