Losses & Lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
Commerce Bancorp
In a case that the Philadelphia press has billed as one that represents the city’s ‘pay-to-play’ culture, two executives with Cherry Hill, New Jersey-based Commerce Bank were indicted in July 2004 in a scandal involving allegations of corruption, illegal payments in exchange for municipal bond deals and ‘sweetheart deals’. The two employees were the president of the bank’s Pennsylvania operations, Glenn Holck and a regional vice-president, Stephen Umbrell – both of whom were
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