Bank of New York Is Part of Inquiry into RW Leasing


The Wall Street Journal reported that the Bank of New York and some of

its employees are subjects of a continuing investigation by federal authorities

into the activities of RW Professional Leasing Corporation, according to the

company’s quarterly Security and Exchange Commission Filing.


There are several other law suits, community banks, brokers, and the

American Express. Leasing News was about to publish the inside

story, but the lawyers for American Express asked for a motion to

wait for the FBI lawsuit as theirs may be mote. Perhaps in the

near future, we may give you the inside scoop about the famous

Thomas J. Depping memo ( we have all parties, except American

Express, who have told us their side.)


According to the Wall Street Journal article on May 15th, “several federal

criminal charges have been filed against RW Professional Leasing Services

and its principals, alleging they concocted elaborate schemes using rented mailboxes to borrow money from banks by sending phony checks, invoices,

leases and other false documents ( similar to the other lawsuits, including

American Express.)


The Securities Exchange Commission report notes the U.S. attorney’s office for the Eastern District of New York has informed the Bank of New York that it and

certain of its employees are subjects of the office’s continuing investigations relating to RW. It also noted that the Bank of New York said it is cooperating

fully with the investigation.


The Wall Street Journal picked up two other civil lawsuits ( if they had run

a Pacer report, they would have found the American Express). The Journal

notes one is “...seeking $46 million over its ties to RW, a former customer

of the Long Island branch...These actions allege Bank of New York

breached certain obligations and engaged in certain misrepresentations...Bank

of New York said it believes it has meritorious defenses to these actions.”


Here are some of the stories Leasing News has written about RW Professional


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