Saturday, July 26, 2025
Friday, July 25, 2025
Synovus Lending Disparities and CFPB Fine Bode Badly For Pinnacle Proposal FFW Details
by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX/SDNY, July 25 – Synovus Bank, with a track record of disparate lending and consumer complaints, now proposes to cash out and merge with Nashville-based Pinnacle.
Fair Finance Watch, as the Federal Reserve memorialized, has noted "disparities in denial rates and home mortgage originations to African Americans and/or Hispanics, as compared to whites, in certain markets. The commenter also noted a complaint filed with the CFPB against Synovus Bank relating to collecting on a debt allegedly not owed."
Since then, Synovus showed up in the criminal "We Build the Wall" prosecution in the U.S. District Court for the Southern District of New York, covered by Inner City Press, and in NSF investigations.
Fair Finance Watch has reviewed the just-released 2024 Home Mortgage Disclosure Act data of Synovus and finds that while it made 3.18 loans to whites for each denial to whites, it made only 1.7 loans to African Americans for each denial to African Americans. We will have more on these troubling disparities, including under the Community Reinvestment Act. Watch this site.
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After Luigi Mangione Arraigned for Killing UnitedHealth CEO He Wants US Info on Victim
by Matthew Russell Lee, Substack Book Patreon
SDNY COURTHOUSE, July 25 – Luigi Mangione was presented in Federal court on December 19 on four charges, one of them death penalty eligible, for the killing of UnitedHealth CEO Brian Thompson. Inner City Press was there, covering the case toward a book.
On February 4, death penalty qualified (learned) counsel was appointed for Mangione in SDNY, endorsed letter on Patreon here
On April 1 DOJ announced it will seek the death penalty against Mangione.
In the interim, after some push back, Inner City Press published a book Luigi Mangione Lone Wolf here, audiobook here.
On April 15 the US responded to Mangione's anti-death penalty filing with a ripeness argument: "The defendant has identified no authority for the notion that it can prevent the Government from seeking capital punishment before indictment." Full filing on Patreon here
On April 17, Inner City Press vlogged in the morning to expect something - and past 5 pm the SDNY prosecutors docketed an indictment of Mangione, with "Special Findings Regarding the Murder of Brian Thompson" - here.
On April 24 the US filed "NOTICE OF INTENT TO SEEK THE DEATH PENALTY" - here.
On April 25 Inner City Press live tweeted the arraignment, including Karen Friedman Agnifilo saying the defense will move to have the Federal case go first - and that a telephone call between her and Mangione was inappropriately monitored. Thread.
On July 25, Mangione's lawyer filed for more information from the US, including about its claims as to the victim: "the death penalty Notice says only that the government will prove the “injury, harm, and loss caused” by Luigi Mangione to “the family, friends and co-workers of Brian Thompson” as “evidenced by the victim’s personal characteristics and by the impact of the victim’s death upon his family, friends and co-workers.”The Notice is silent on what characteristics of Mr. Thompson the Government intends to prove, which family members, friends and co-workers were impacted by his loss, and the nature of the impact suffered by each relative, friend or co-worker the Government intends to rely on." 18 page memo on Patreon here.
The Federal case is US v. Mangione, 1:25-cr-176 (Garnett)
More / extra on X for Subscribers here and Substack here
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In Roman Storm Trial DOJ Says Still Eying DragonFly Execs for Prosecution Then Seals It
by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, July 25 – Roman Storm is charged using his cryptocurrency mixed Tornado Cash to help launder money for North Korea's hackers in the Lazarus Group.
On September 6, 2023 he was arraigned before U.S. District Court for the Southern District of New York Judge Katherine Polk Failla. Inner City Press was there - thread
The US on July 9, 2025 filed opposition - just as in the Samouri Wallet case a letter from Senator Lummis and Wyden that cites theTornado Cash case, letter now on Patreon, with Samouri story, here.
On July 11 Inner City Press live tweeted a conference in which the US said Witness-1 only began speaking to them on July 3 and is seeking sentence reduction under Rule 35. Judge Failla will let Witness-1 testifying, but expressed doubts on venue. Thread.
On July 14 Inner City Press live tweeted jury selection.
Crypto Tornado book 1 here
On July 25 there were no witnesses - possible immunity for Tom Schmidt is still an open question, and during the argument the AUSA said they are still mulling prosecuting others at DragonFly. Then the AUSA asked to seal what he had just said, and Judge Failla granted it. But it was already public - Inner City Press has live tweeted it, thread
More on X for Subscribers here and Substack here
The case is USA v. Storm, et al., 1:23-cr-430 (Failla)
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In Roman Storm Trial Preston Van Loon Says He Used Tornado Cash for Safety now Malekan
by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, July 24 – Roman Storm is charged using his cryptocurrency mixed Tornado Cash to help launder money for North Korea's hackers in the Lazarus Group.
On September 6, 2023 he was arraigned before U.S. District Court for the Southern District of New York Judge Katherine Polk Failla. Inner City Press was there - thread
The US on July 9, 2025 filed opposition - just as in the Samouri Wallet case a letter from Senator Lummis and Wyden that cites theTornado Cash case, letter now on Patreon, with Samouri story, here.
On July 11 Inner City Press live tweeted a conference in which the US said Witness-1 only began speaking to them on July 3 and is seeking sentence reduction under Rule 35. Judge Failla will let Witness-1 testifying, but expressed doubts on venue. Thread.
On July 14 Inner City Press live tweeted jury selection.
Crypto Tornado book 1 here
On July 24 the US rested and the defense put on Preston Van Loon, who said he used Tornado Cash four times for privacy and safety. Thread. Prof. Omid Malakan is slated to say the same, with constraints
More on X for Subscribers here and Substack here
The case is USA v. Storm, et al., 1:23-cr-430 (Failla)
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On FOIA of Circle Application for Bank Charter OCC Says Press Must Give All Email Addresses
by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX/SDNY, July 24 – With the US Congress passing the cryptocurrency GENIUS Act, Ripple Labs as well as Circle and others, have applied for banking charters to the Office of the Comptroller of the Currency.
Inner City Press asked the IMF about the GENIUS Act on July 24, here.
Later on July 24, the OCC responded to its FOIA request for communications related to Circle's proposal by stating "[p]lease provide the email addresses of Circle's counsel as well as the specific OCC personnel whose correspondence you would like for us to search.
This is a travesty: it is the OCC which knows the identity and address of applicant Circle's counsel, and of the OCC personnel. Inner City Press will appeal.
On July 18, Fair Finance Watch filed timely opposition to Ripple's application:
On behalf of Fair Finance Watch, this is a timely comment in opposition to the application to charter the proposed Ripple National Trust Bank.... as to Ripple under the statutory factors that must be considered including managerial resources, consider: "Ripple’s CEO distances firm from federal investigations into Linqto’s shares scandal," and "Is Ripple at Risk?" In terms of lack of transparency, consider for the record: "Is Ripple Selling XRP Behind the Scenes? On-Chain Clues Emerge."
FFW will have more to say when it receives responses to its and Inner City Press' FOIA requests (see below). On the current record, the application(s) could not legitimately be approved.
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SDNY Press Room
Nationwide Injunction on Job Corps Closings Now Formally Narrowed After Casa Decision
by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, July 24 – On June 4, an injunction against the US Department of Labor moving to shut Job Corps centers was issued by U.S. District Court for the Southern District of New York Judge Andrew L. Carter.
Then came the Supreme Court's Casa decision against nationwide injunctions.
On July 23 Judge Carter convened an oral argument on the application of the Casa decision to his Job Corps injunction. Inner City Press live tweeted it, thread:
DOJ lawyer: The only real question is what relief is appropriate to the claims brought by this Association - the damages it alleges are to itself. It says it would stop getting dues. It's standing is, it wants to advocate for the program. So it is not entitled
Judge Andrew L. Carter: I have some questions. Plaintiffs, defendants contend I did not act under the APA - it seems that is the case. The motions did not mention 5 USC 705 or 706. Can you respond? Plaintiffs (repped by Hecker Fink) Injunction's well justified
DOJ lawyer: After Casa, the Court's equitable powers are limited to the parties before it. Plaintiffs' lawyer: We have established our entitlement to relief under the APA as well. Judge Carter: I did not rule it was elimination, but rather tantamount to a closure
Plaintiffs' lawyer: This does not belong in the Federal Court of Claims. The decision applied to all Job Corps contractors - it wouldn't make sense to apply relief only to parties in this case. Consider Justice Kavanaugh's concurrence
DOJ lawyer: The principle underlying Casa, the relief available is limited to the plaintiffs. This case is about some but not all the centers. Those centers not in the case, it doesn't make sense to reach out and grant them relief. Judge Carter: Any rebuttal?
Plaintiffs' lawyer: They stopped background checks, stopping any new entries. Your decision remains valid, even after Casa. We urge the Court to maintain the injunction as written. DOJ lawyer: NY v DHS proves out point - the 2d Circuit limited relief to 3 states
Judge Carter: Let's move on to the issue of proposed intervenors. I received motions from two individuals. I deny them. Overall, I recognize I am bound by the Supreme Court. Under the APA it might be different. So, I will narrow the stay…
And on July 24, he did, docketing: "ORDER: The preliminary injunction previously issued in this matter is amended as follows: UPON CONSIDERATION OF the Plaintiffs' motion for a preliminary injunction (Dkt. Nos. 6 and 41) and accompanying papers, as well as Defendants Opposition thereto (Dkt. No. 29) and accompanying papers, as well as the arguments made by the Parties at the hearing held on June 17, 2025, it is hereby: ORDERED that the motion for a Preliminary Injunction is GRANTED with respect to the 31 centers covered by the Operator Plaintiffs and the 5 additional centers at which Plaintiff Transportation Communications Union/IAM provides training services; It is further ORDERED that Defendants, their agents, and all persons acting in concert or participation with Defendants are ENJOINED from enforcing, implementing, maintaining or giving effect to the closure of the private Job Corps centers, including the stop work orders and termination and non-renewal notices delivered to Job Corps center operators starting May 29, 2025, from issuing, enforcing, implementing, maintaining or giving effect to any shutdown tasks, job terminations, or student removals; and from taking any further action to close any Job Corps Centers without following the steps outlined in 29 U.S.C. §3209(j) or without Congressional authorization; It is further ORDERED that this injunction will not supersede any contrary ruling by any other federal district court; It is further ORDERED that Plaintiffs post security pursuant to Federal Rule of Civil Procedure 65(c) (the $200,000 bond previously posted by Plaintiffs is sufficient). (And as further set forth herein.) SO ORDERED. (Signed by Judge Andrew L. Carter, Jr on 7/24/2025)."
The case is National Job Corps Association, et al., v. Department of Labor, et al., 1:25-cv-4641 (Carter)
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Nissan Bid for US Bank Charter Hit with Protest to FDIC and Utah from Fair Finance Watch
by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX/SDNY, July 23 – Amid scandals, Nissan has applied for a banking charter to the FDIC and Utah regulator.
On July 23, Fair Finance Watch filed timely opposition to Nissan's application:
On behalf of Fair Finance Watch, this is a timely comment in opposition to the application to charter and insure the proposed Nissan Bank U.S. LLC.
This cookie-cutter application, for which inappropriate requests for confidential treatment have been made, explains virtually nothing about what the proposed Nissan Bank would do, particularly under the Community Reinvestment Act.
While the claim is made that it will serve, if not the community, Nissan dealership, the scandal-plagued company has been sued by its dealerships: "A Southern California dealership group has accused Nissan North America in a lawsuit of a “nefarious scheme to suffocate the vehicle inventory of and ultimately squeeze out one of its most loyal and successful franchised dealers for illegal and improper reasons."
This refers to Nissan's wider, still unresolved scandal.
See, e.g, "THIS PUBLIC SCANDAL HAS TO BE THE WORST IN NISSAN'S HISTORY,"
"The 2020s have thus far proven to be a horrific decade for Nissan. With income rapidly declining, discontinuation of the GT-R halo car, and about 20,000 layoffs as of May 2025, the Japanese automaker hasn't seen a break in a while — but at least it's a better situation than the Carlos Ghosn scandal, an ongoing tale of financial misappropriation, breach of trust, and a daring escape inside a musical instrument box. The scandal revolves around a combination of various financial fraud accusations levied against one Carlos Ghosn, former head of Nissan, Renault, and Mitsubishi. The accusations claim the disgraced CEO supposedly underreported vast sums of his own salary and organized a complex financial scheme between his personal account, Nissan, and the Middle East."
The scandal are even more specific, impacting for example subcontractors: Nissan received " a warning from the Fair Trade Commission. The regulator in March reported that Nissan unlawfully pressured subcontractors between January 2021 and April 2023 to reduce prices. Underpayments totaled ¥3 billion, the most ever recorded since the Subcontract Act was enacted in 1956. Earlier this month, TV Tokyo reported that Nissan had continued the practice with two suppliers despite the warning."
This is not a company that should be given FDIC insurance from US taxpayers, not a bank charter with no public benefit, no real CRA plan.
FFW will have more to say when it receives responses to its and Inner City Press' FOIA requests. On the current record, the application(s) could not legitimately be approved.
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Nissan Bid for US Bank Charter Hit with Protest to FDIC and Utah from Fair Finance Watch
by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX/SDNY, July 23 – Amid scandals, Nissan has applied for a banking charter to the FDIC and Utah regulator.
On July 23, Fair Finance Watch filed timely opposition to Nissan's application:
On behalf of Fair Finance Watch, this is a timely comment in opposition to the application to charter and insure the proposed Nissan Bank U.S. LLC.
This cookie-cutter application, for which inappropriate requests for confidential treatment have been made, explains virtually nothing about what the proposed Nissan Bank would do, particularly under the Community Reinvestment Act.
While the claim is made that it will serve, if not the community, Nissan dealership, the scandal-plagued company has been sued by its dealerships: "A Southern California dealership group has accused Nissan North America in a lawsuit of a “nefarious scheme to suffocate the vehicle inventory of and ultimately squeeze out one of its most loyal and successful franchised dealers for illegal and improper reasons."
This refers to Nissan's wider, still unresolved scandal.
See, e.g, "THIS PUBLIC SCANDAL HAS TO BE THE WORST IN NISSAN'S HISTORY,"
"The 2020s have thus far proven to be a horrific decade for Nissan. With income rapidly declining, discontinuation of the GT-R halo car, and about 20,000 layoffs as of May 2025, the Japanese automaker hasn't seen a break in a while — but at least it's a better situation than the Carlos Ghosn scandal, an ongoing tale of financial misappropriation, breach of trust, and a daring escape inside a musical instrument box. The scandal revolves around a combination of various financial fraud accusations levied against one Carlos Ghosn, former head of Nissan, Renault, and Mitsubishi. The accusations claim the disgraced CEO supposedly underreported vast sums of his own salary and organized a complex financial scheme between his personal account, Nissan, and the Middle East."
The scandal are even more specific, impacting for example subcontractors: Nissan received " a warning from the Fair Trade Commission. The regulator in March reported that Nissan unlawfully pressured subcontractors between January 2021 and April 2023 to reduce prices. Underpayments totaled ¥3 billion, the most ever recorded since the Subcontract Act was enacted in 1956. Earlier this month, TV Tokyo reported that Nissan had continued the practice with two suppliers despite the warning."
This is not a company that should be given FDIC insurance from US taxpayers, not a bank charter with no public benefit, no real CRA plan.
FFW will have more to say when it receives responses to its and Inner City Press' FOIA requests. On the current record, the application(s) could not legitimately be approved.
***
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After SBF 25 Years Salame 90 Months Michelle Bond Counsel Redacts Mayer Brown Letter
SDNY COURTHOUSE, July 23 – On the US v Sam Bankman-Fried trial, hours after the guilty verdict, a book was published: "Crypto Criminal: The Conviction of Sam Bankman-Fried: As live tweeted and investigated from inside the SDNY courthouse by Matthew Russell Lee," audio/book here.
On March 28, 2024, Inner City Press live tweeted his sentencing, to 25 years.
On May 28 Salame was "sentenced to 90 months."
On August 21, Salame filed that "the Government used the plea negotiations to threaten Salame’s domestic partner and the mother of his child, Michelle Bond." Full filing on Patreon here.
On August 22, after Inner City Press published a curtain raiser on Michelle Bond being presented in SDNY Mag court, it happened, thread
On June 19 Bond's lawyers requesting a hearing about Salame's plea, saying she is a third party beneficiary and that the case provides a rare opportunity to cast Brandeis' sunshine onto the SDNY prosecutors' "tactics in obtaining pleas."
On July 22, amid the US v Storm crypto trial, this:
AUSA Simon: Mr. Breslin seems to say we agreed to not tell the court about an agreement. This is serious and may implicate Rule 11.
Afterward: "Minute Entry for proceedings held before Judge George B. Daniels: Oral Argument as to Michelle Bond held on 7/22/2025. for Government: Stephanie Simon. Attorney(s) present for Defendant(s): Eric R. Breslin; Melissa S. Geller. Also present: Defendant; Court Reporter. Notes: Oral argument re ECF No. 39 held. Next status conference is scheduled for September 25, 2025 at 10:00 a.m
On July 23 Michelle Bond's new counsel from Duane Morris filed a redacted copy of Bond's supplemental retainer letter, about the plea discussion. We'll have more on retainer letter(s)
More details on X for Subscribers here, Substack here
This case is US v. Bond, 24-cr-494 (Daniels)
We'll have more on this.
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SDNY Press Room