Fourth Circuit Upholds FDIC's $161M Fraud Judgment

Today the Fourth Circuit issued a decision upholding a $161 million civil verdict on behalf of the FDIC, which brought suit as receiver for a defunct bank, alleging that the defendant fraudulently induced the bank to invest hundreds of millions of dollars in a securitized loan scheme. But news of today's adverse ruling won't bother him. The defendant, who had fled the U.S. for Norway to avoid prosecution after he was indicted, died while this appeal was pending.