What are the regulations regarding the following banking transaction? A cashier's check for $50,000.00 from an investor in a foreign corporation was exchanged for several cashier's checks. The person who cashed the check did not have an account in the corporation's name. A corporate authorization resolution was given to the bank along with corporate papers, which were in Spanish. There was no corporate seal on the resolution papers, nor was it attested by another corporate officer. The cashier's checks obtained by the person cashing the check were made payable to different credit card companies. There were five checks made out to the person cashing the check in the amount of $7,000.00 each and $3,500.00 was received in cash. The person cashing the check was a customer of the bank. Is this a legal transaction on the part of the bank or do they have potential liability?
What you have described doesn't sound good, but we are not attorneys and don't offer legal advice. There could be several problems with the transactions in your scenario including investment or securities fraud, etc. Whether or not the bank has any liability is not something we can say. If this scenario in fact happened, contact an attorney for answers.
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What you have described doesn't sound good, but we are not attorneys and don't offer legal advice. There could be several problems with the transactions in your scenario including investment or securities fraud, etc. Whether or not the bank has any liability is not something we can say. If this scenario in fact happened, contact an attorney for answers.
