Signature Bank

Signature Bank
Public company
Traded as NASDAQ: SBNY
Industry Banking, Financial Services
Founded 2001 (2001)
Headquarters United States
Website signatureny.com

Signature Bank (Nasdaq:SBNY) is a Wall Street bank founded in New York in 2001 and serves the needs of privately owned business clients, their owners and senior managers.[1]

With currently about $33 billion in assets[2] Signature Bank is one of the 50-biggest banks in the U.S.[3]

Prominent figures at the bank include former Congressman Barney Frank, who sits on the board of directors,[4] Alfonse D’Amato, also a board member and a former U.S. Senator and Hip-hop producer Irv “Gotti” Lorenzo, who calls himself a Signature customer for life after the bank stood by him when he was facing money-laundering charges.[5]

Controversy

In early 2016 investors filed suit against Signature after the company lost $66 million of investor cash in a ponzi scheme run by William Landberg, a money manager who pled guilty to the crime.[6] Investors allege that Signature helped Landberg by ordering him to shift money around dozens of accounts to cover up long-term overdrafts.[7]

References

  1. ↑ "Investor Relations - Signature Bank". Signature Bank. Retrieved 2016-05-11.
  2. ↑ "Wall Street Money: Barney Frank To Oversee Democratic Platform While Running Big Bank". ibtimes. Retrieved 2016-05-11.
  3. ↑ "The Only Bank This Hip-Hop Mogul Will Use". WSJ. Retrieved 2016-05-11.
  4. ↑ "Board of Directors". Signature Bank. Retrieved 2016-05-11.
  5. ↑ "The Only Bank This Hip-Hop Mogul Will Use". WSJ. Retrieved 2016-05-11.
  6. ↑ "SEC Wants Up To $13M In Fraud Case Against West End Exec". law 360. Retrieved 2016-05-11.
  7. ↑ "Signature Bank Sued Over Connection to Ponzi Scheme". nytimes. Retrieved 2016-05-11.
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