Bank deals with fraud accusations

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted October 7, 2021 12:04 PM

Tamer Moumen’s Ponzi scheme channeled money from investors into and out of accounts his hedge funds had at Northbrook Bank & Trust Co. Pleading guilty after he was tagged by the FBI, Moumen was sentenced to 10 years in prison and ordered to pay $7.5 million in restitution. Unable to collect from Moumen, two of his victims filed a class action complaint against Northbrook Bank for alleged negligence and violation of the Illinois Fiduciary Obligations Act.The plaintiffs argued the bank owed them a duty of reasonable care …

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