Litigation of Bank Fraud


Conrad & Scherer is well recognized for its work in the Rothstein Ponzi scheme cases, where we represented a number of investors who were eventually victims of a multimillion-dollar Ponzi scheme. One of the problems with fraud is that by the time it’s found, most of the money has already been taken or the victims are left with pennies on the dollar. We look to the banks, which is what Conrad & Scherer has been able to do, particularly in Rothstein, where we achieved 100 percent of the recovery for the victims plus interest, attorney’s fees, and costs. Banks must typically know who their customers are.

They’re heavily regulated, and there are means for banks to become aware of fraudulent activity. Then there’s the Rothstein case, and other examples where they are truly involved. As a result, as commercial litigation lawyers miami fl we not only represent individual litigants, but also businesses that have been defrauded. We recently represented an insurance carrier in a multimillion-dollar insurance fraud action involving a group of about 80 or more medical clinics.

The bank accounts for these medical clinics had already been drained by the time the scam was detected, just as they had been for Rothstein. The clinics in question were bogus. Despite the fact that they were not providing medical services, they were able to receive millions of dollars in insurance benefits. So, by forensically reviewing bank records and obtaining information from banks, we were able to establish that the banks were aware of the bank fraud and, in some cases, actively participated in it. So it’s this skill that we’ve gained over the course of more than a decade of going after banks to recover funds that would otherwise be unavailable to our clients. 

When it comes to suing banks, they frequently assert a number of privileges when it comes to obtaining documents and information that are necessary to substantiate your case. SARS (suspicious activity reports) privilege is one of them. 

Additionally, the privilege of bank examiners. The Bank Secrecy Act is used to establish other privileges. All of these things make it difficult for people to gain access to data. So what we’ve been able to do at Conrad & Scherer is really push the boundaries of those privileges objections in order to collect the information we need to support our case. You will never receive the paperwork if you do not have the correct lawyers with the right experience. And it’s because of this that we’ve been able to achieve our goals. If the bank isn’t involved in the fraud directly. If they become aware of the scam, or if the perpetrators are using their accounts to launder money or commit fraud. They may then be held responsible. And, while the fraudsters may have made off with the money or the money has already left the country, the bank isn’t. We are able to collect for our clients at the bank because it is collectible.