León Cosgrove

Page One Allegations of $180 Million Fraud Filed by León Cosgrove Attorney

By: Derek E. León

Complex litigation by León Cosgrove Founding Partner Scott B. Cosgrove against outlier bank Regions Financial Corp. for aiding and abetting a massive fraud against French banking entity CDR Creances S.A.S. resulted in a page one feature in the October 14, 2013 edition of the Miami Daily Business Review.

Mr. Cosgrove is seeking to hold Regions responsible for fraud-related losses in excess of $180 million. His lengthy filing Sept. 20, 2013 in Miami-Dade Circuit Court included detailed allegations of mortgage fraud by Regions (formerly Union Planters Bank) that helped convicted tax cheats Maurice and Leon Cohen hide money they falsely secured from failed French bank SDBO for the renovation of a New York City hotel.

The filing alleges that Regions had actual knowledge of the fraud being perpetrated by the Cohens against SDBO successor CDR through a complex web of shell companies used to obscure their stolen money trail. As long as Regions cooperated by disregarding critical and routine federal reporting requirements, as well as its own anti-fraud and anti-money laundering policies, the bank allegedly was rewarded with tens of millions in deposits by an ever-growing list of Cohen shell companies. Transactions among the shell entities, through Regions, allegedly also earned the bank millions in fees. Read the news article here.