NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into MoneyGram International Inc. (NasdaqGS: MGI).
On November 8, 2018, the U.S. Department of Justice (“DOJ”) announced that the Company had agreed to forfeit $125 million for failing to comply with a prior agreement with the DOJ to resolve charges of aiding and abetting wire fraud and willfully failing to implement and maintain an effective anti-money laundering program. Despite its obligations, it failed to fully implement required enhanced compliance measures and “experienced significant weaknesses in its anti-money laundering (“AML”) and anti-fraud program during the term of the Agreement which caused a substantial rise in consumer fraud transactions” and failed to properly disclose the weaknesses to the DOJ, instead blaming “external circumstances.” As a result, the Company admitted to processing at least $125 million in additional consumer fraud transactions. Further, the settlement also resolved contempt charges by the Federal Trade Commission for violating an earlier order from that agency by failing to take proper remedial action to in response to its awareness of “high levels of fraud and suspicious activities.”
KSF’s investigation is focusing on whether MoneyGram’s officers and/or directors breached their fiduciary duties to MoneyGram’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of MoneyGram shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-mgi/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
