Jury finds ex-San Francisco bank executive guilty of fraud
Legal Events
A former executive of a San Francisco-based bank that received federal bailout money has been convicted of fraud.
U.S. Attorney Melinda Haag said Thursday a federal jury in Oakland found 66-year-old Ebrahim Shabudin guilty of conspiring with others within the bank to falsify key bank records as part of a scheme to conceal millions of dollars in losses and falsely inflate the bank's financial statements.
Shabudin was Chief Operating Officer for United Commercial Bank between 2008 and 2009.
United Commercial Bank received $298 million from the Troubled Asset Relief Program, or TARP, in 2008 during the height of the nation's financial crisis. That money was lost when the bank was seized by regulators, shuttered and filed for bankruptcy the following year. Shabudin faces up to 25 years in prison.
Related listings
-
Texas abortion clinic to reopen after court ruling
Legal Events 09/04/2014Women in South Texas facing a 200-mile drive for access to legal abortions learned Wednesday that a local clinic shuttered by a sweeping anti-abortion law would reopen, marking the first tangible effect of a court ruling last week that blocked key pa...
-
Apple wins EU court case on store design trademark
Legal Events 07/11/2014The European Union's highest court says Apple's characteristic retail store layout may be registered as a trademark. The Court of Justice on Thursday overturned a decision by German patent authorities which last year rejected an application to grant ...
-
SC Supreme Court hears appeal in fatal dog attack
Legal Events 04/15/2014Prosecutors want South Carolina's highest court to reinstate the conviction of a Dillon County man whose dogs attacked and killed a 10-year-old boy in 2006. The state Supreme Court on Tuesday hears an appeal in the case of Bentley Collins. In 2012, t...
Texas Adopts Statewide Texting-While-Driving Ban
Effective September 1, 2017, Texas will become the 47th state to pass a statewide ban on texting while driving. Governor Abbott’s signing of House Bill 62 is an effort to unify Texas under a uniform ban and remedy the “patchwork quilt of regulations that dictate driving practices in Texas.”
The bill specifically prohibits drivers from reading, writing, or sending an electronic message on a device unless the vehicle is stopped. That includes texting and emailing. It does not, however, prohibit dialing a number to call someone, talking on the phone using a hands-free device, or using the phone’s GPS system.
Violations would be punishable by a fine ranging from $25 to $99, to be set by each municipality. Although penalties could rise to as much as $200 for repeat offenders.
Studies have found that a driver’s reaction time is half as much when a driver is distracted by sending or reading a text message. According to state officials, in 2015 more than 105,000 traffic accidents in Texas involved distracted driving, leading to at least 476 fatalities.