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When a corporate culture becomes a breeding ground for employee misconduct, co-workers and customers — and in some cases entire communities — pay the price.

The financial services industry has suffered a string of conduct and culture failures over the past decade. Among the notable scandals: mis-selling of products, opaque pricing, lack of appropriate client disclosures, anti-money-laundering deficiencies and bullying and harassment. The damage has been tremendous: fines and lawsuits, management time diverted away from business growth and loss of customer trust.

It i...

The former owner of a California foreclosure rescue business will spend the next 14 years in prison after admitting in court that he used the business to steal struggling borrowers’ homes during the housing crisis.

Earlier this year, Sergio Barrientos pleaded guilty to conspiracy to commit wire fraud affecting a financial institution and bank fraud.

According to court documents, from about September 2004 through February 2008, Barrientos and co-conspirators Zalathiel Aguila and Omar Anabo operated a business in California called Capital Access.

The company offered a “...

Deutsche Bank facilitated hundreds of millions of dollars of transactions for a corrupt Cyprus bank that served as a hub for illicit money from “the darkest corners of the criminal underworld”, a trove of secret documents obtained by BuzzFeed News reveals.

Deutsche – and its New York subsidiary under scrutiny for its loans to Donald Trump – provided a crucial bridge between FBME Bank and the global financial system, acting as its longstanding correspondent bank in the US and helping some of its most nefarious clients move illicit money into the West.

FBME was banned...

The dominoes continue to fall for Ocwen Financial.

Last week, Ocwen reached settlement agreements with a total of 10 states that remove some of restrictions that were placed on their mortgage business as part of a multi-state regulatory action against the nonbank earlier this year.

And Wednesday morning, Ocwen announced that over the last week, it reached settlements with three additional states to remove each state’s mortgage servicing restrictions.

Ocwen also announced that the Securities and Exchange Commission concluded two different examinations of the nonba...

Embattled servicer Ocwen Financial will fork over up to $56 million in cash and shares to settle a class action lawsuit over “allegations in connection with” the company restating its 2013 and 2014 earnings, and a New York state investigation that forced the resignation of its founder, according to a regulatory filing.

The lawsuit was filed after Ocwen misstated its net income for four quarters in a row during 2013 and 2014 due to a flaw in its accounting system, according to a HousingWire report.

According to a filing Ocwen made with the Securities and Exchange...

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