There have been a number of filings, but I’ve got to hit this one at a time. Some of them are pretty sensational and, well, there’s this one. This one is sad. The Complaint The basis of the complaint can be summed up in two points: There are regulations which require banks to implement and enforce procedures to identify and report financial scams. As of 2001, ATM Leaseback scams were among the top 10. The plaintiffs allege that, under these regulations, the bank should have uncovered several red flags all related to Joel or Ed getting slapped by a Securities Commission or having registration revoked. That NASI used legit processors to receive their legit ATM income, but spent out far more than that on the ATM fees. The other monies deposited into their account often had “ATM Leaseback” written in the memo on the check. It all boils down to “how could CNB not have known that NASI was a Ponzi so therefore they knew it was a Ponzi.” The Response Then CNB filed an Anti-SLAPP motion. From what I gather, one premise in this motion is that whatever due diligence CNB performed is considered protected speech. That seem weird
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