Signature Bank
| Company type | Public company |
|---|---|
| NASDAQ: SBNY | |
| Industry | Banking, Financial Services |
| Founded | 2001 |
| Headquarters | United States |
| Website | signatureny |
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
- ^ "Investor Relations - Signature Bank". Signature Bank. Retrieved 2016-05-11.
- ^ "Wall Street Money: Barney Frank To Oversee Democratic Platform While Running Big Bank". ibtimes. Retrieved 2016-05-11.
- ^ "The Only Bank This Hip-Hop Mogul Will Use". WSJ. Retrieved 2016-05-11.
- ^ "Board of Directors". Signature Bank. Retrieved 2016-05-11.
- ^ "The Only Bank This Hip-Hop Mogul Will Use". WSJ. Retrieved 2016-05-11.
- ^ "SEC Wants Up To $13M In Fraud Case Against West End Exec". law 360. Retrieved 2016-05-11.
- ^ "Signature Bank Sued Over Connection to Ponzi Scheme". nytimes. Retrieved 2016-05-11.