Wednesday, April 30, 2014

NC bank pays $1 million to settle fraud complaint

Four Oaks Bank in Johnston County NC bank pays $1 million to settle fraud complaint April 29, 2014 15:42 EDT RALEIGH, N.C. (AP) -- Federal prosecutors say a North Carolina bank accused of promoting an illegal scheme to take money from consumers' bank accounts is paying $1 million to settle the complaint. U.S. Attorney Thomas Walker said Tuesday that Four Oaks Bank and Trust signed a consent order resolving a civil lawsuit with his office. The complaint said that between 2009 and 2013, Four Oaks used a third-party payment processor in Texas to help process transactions with fraudulent merchants. All told, Four Oaks permitted the processor to originate nearly 10 million debit transactions, for a total of more than $2.4 billion against consumers' bank accounts.






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