I wonder how many C level executives were let go with the WFC scam?
The same number that will be convicted under the RICO act and forfeit everything they have then be nailed to crosses up and down Wall Street.
Cheers
Qazulight
That’s banking, guys.
WOW. We accept fraud as the normal banking activity? Or or … we are using WFC’s latest scandal to justify any potential scandal in BOFI. Is our mind playing tricks with confirmation bias?
potential scandal
There is no scandal at BOFI as far as anyone knows. The fact is this stuff is pretty common in the banking industry like it or not. Another fact is BOFI has in its entire existence has not been fined one single dollar ever.
It is quite funny how much attention has been paid to BOFI when it is so far the cleanest bank in the industry. Even if they do get fined… do you really think it will take BOFI under? probably not…
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Another fact is BOFI has in its entire existence has not been fined one single dollar ever.
I guess I should probably provide my sources for such a statement.
April 2016 Q3 Earnings Conference Call
Greg Garrabrants…
The amended complaint is unimpressive as legal work, but had some share price impact when incorporated into a short seller headpiece timed around the [indiscernible] expiration deadline. Despite the capital markets impact, there’s been no impact on the performance of the business as today’s outstanding results and our growth plans demonstrate. The bank is in a strong regulatory standing, with no enforcement actions, has not been fined a single dollar by any regulatory agency and has not been required to modify its products or business practices.
http://seekingalpha.com/article/3969336-bofi-holdings-bofi-c…
August 2016 Q4 Earnings Conference Call
Greg Garrabrants…
The performance of our business has not been impacted based on today’s outstanding results. The bank is in strong regulatory standing with no enforcement actions, has not been fined a single dollar by any regulatory agency, and has not been required to modify its products or business practices. Additionally, we do not foresee any further impact to the underlying business as a result of the frivolous lawsuit and the short seller hit pieces. Our management team and employees remain focused on running the business. Due to the nature of the ongoing litigation, I will not answer any questions regarding our legal matters on this call, and the question-and-answer session.
http://seekingalpha.com/article/3994905-bofi-holdings-bofi-c…
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The fact is this stuff is pretty common in the banking industry like it or not.
Just because there are fraud in the industry it doesn’t mean it is common or it is acceptable. That’s my point. Why are we trying to justify fraud and willing to accept it?
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I am not willing to or saying we should accept it. I was merely trying to state that it has been a reality in the last several years. I also wanted to point out that at least as of now BOFI seems to be different and has not been fined yet. If they happen to be found guilty as a shareholder I will have to deal with it when the time comes. What I would decide to do depends on the nature of the offense, what is done to resolve the issue and if I feel it is likely to be repeated.
Personally I have become completely numb to the unbelievable things that go on at these banks. They continue to amaze me how low these big banks can stoop to make a buck. Personally I think if we just let the offenders go bankrupt instead of bailing them out it would go a long way to remedy the problem. It would help clear out the bad blood and make room for the small hungry entrepreneurs looking to innovate to make banking as we know it better.
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F1Fun asked about the date of the main court case against BOFI -
There are a number of cases that BOFI is involved in that revolve around these issues. You can find them and info about them on PACER, the federal court electronic filing system. You’ll need to create an account and there are charges for downloading info although they are not steep.
You then have to go the the US District Court for the Southern District of California. Search for BofI Holding as a start.
3:15-cv-02324-GPC-KSC is the class action filed on 10/15/2015. Other cases have been consolidated into it. The hearing on the motion to dismiss is set for Sept 23. I think a hearing like this doesn’t take long. The unknown is whether the judge decides right away or takes a while for various reasons.
3:15-cv-02287-BAS-NLS is Erhart’s suit against BOFI for firing him allegedly in retaliation for his whistle-blower actions. No entries in this case since March - it might be consolidated with the next case.
3:15-cv-02353-BAS-NLS is BOFI’s case against Erhart for a bunch of things including breaching his employment contract by not safeguarding confidential info. Trial set for end of Sept 2017.
3:15-cv-02722-GPC-KSC is a minority shareholder suit that is not a class action and is in he very early stages.
Ed
Please note, I am not a lawyer.
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