LAS VEGAS (AP) — A former Las Vegas investment company chief has pleaded not guilty to fraud and money laundering charges in a case alleging he and two other men bilked thousands of Japanese investors out of some $1.5 billion.
Anti-corruption activists are pushing countries such as the United States to require more disclosure from the owners of shell companies. Nevada has some of the country's weakest disclosure and liability laws.
Much of the Attorney General's term has been dominated by efforts to untangle mortgage fraud by brokers, real estate professionals and the banks themselves. The first of what has been promised as a series of victories by state attorneys general was the settlement in the robo-signing case.
State and federal officials across the country have announced a $26 billion settlement to charges that major banks acted carelessly and fraudulently in foreclosing on millions of homeowners across the country. Nevada Attorney General Catherine Cortez Masto had been reluctant to join but did include Nevada at the very end of marathon negotiations.
Nevada Attorney General Catherine Cortez Masto recently joined Arizona in suing the Bank of America to change its foreclosure practices. So what difference can the lawsuit make in the foreclosure crisis.