Daryl Bank
Barred Advisor Convicted for Role in $25 Million Investment Scheme Daryl Bank faces a maximum sentence of 300 years in prison after a jury in Virginia federal court found him guilty of defrauding investors, many of whom were retirees.
A financial advisor who’d previously been barred from the securities industry was convicted last week for his role in a scheme that defrauded more than 300 investors out of more than $25 million.
Daryl Bank faces a maximum prison sentence of more than 300 years after a jury found him guilty of conspiracy, mail and wire fraud, selling unregistered securities, securities fraud and money laundering in Virginia federal court. According to Raj Parekh, the acting U.S. attorney for the Eastern District of Virginia, the four-week trial illustrated how Bank and his co-conspirators orchestrated a scheme that drained the retirement accounts of many investors, leaving “a trail of financial and emotional devastation” in their wake.
Former Virginia Beach investment executive found guilty on 27 counts in federal fraud trial pilotonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pilotonline.com Daily Mail and Mail on Sunday newspapers.
Daryl Bank is accused of cheating about 300 investors, most of whom were at or near retirement age. His trial began Tuesday in U.S. District Court in Norfolk and is expected to last several weeks.
Seventh Circuit Vacates and Remands Class Certification in Securities Fraud Action
Carpenters Pension Tr. Fund for N. Cal. v. Allstate Co., No. 19-1830 (7th Cir. July 16, 2020)
In a securities fraud case against Allstate Corporation, the Seventh Circuit vacated certification of a plaintiff class for legal error and remanded the case for further consideration.
In early 2013, Allstate announced it would be “softening” underwriting standards for its auto insurance business in an effort to attract new customers and increase profitability, but it acknowledged the softer standards held the risk of increasing auto claims frequency. The company’s CEO said the company would monitor claims frequency and adjust business practices as necessary. Two years later, Allstate announced that the growth strategy had indeed increased claims frequency and that it would be retightening underwriting standards. Its stock immediately dropped by more than 10 percent.