Corporate Finance

This blog has covered numerous cases of fraudsters tricking organizations into transferring funds. The scams often involve fraudsters portraying themselves as a senior executive in an organization either by hacking or spoofing the executive’s email. Prima Donna Development v. Wells Fargo is a case like so many others previously covered by this blog. Prima Donna develops, builds, and manages hotel properties throughout the west coast. The company opened several bank accounts at Wells Fargo for…
On December 3, 2019 the Financial Crimes Enforcement Network (FinCEN) updated previous guidance regarding Suspicious Activity Reports (SARs). Previously banks handling transactions for hemp growers were required to file SARs on all transactions from growers of hemp. Now, in the wake of hemp’s removal from the list of Schedule I drugs under the federal Controlled Substances Act and USDA rules regulating the growing of hemp SARs will no longer need to be filed on hemp…