Two state court lawsuits charge that these moves amounted to fraudulent transfers, if not worse.
These included running out of cash and "exposure to fraudulent, mis-sold or detrimental financial products".
Investors are more attuned to fraudulent funds, the experts say, after the public downfall of Mr. Madoff.
On Friday, New York's attorney general sued MERS, contending that its system led to fraudulent foreclosure filings.
Robert Ham QC, for the Savile trust, had argued that the compensation scheme was open to fraudulent claims.
The bank revealed it was setting aside $2.3bn to cover litigation largely related to fraudulent or predatory mortgage lending.
Insurers had requested an increase of nearly 80percentt because of soaring losses they attributed to fraudulent claims.
The article also suggested that Mr Obiagwu's behaviour was comparable to fraudulent Nigerian "scamsters" and the "biggest crook of all", Nigeria's former dictator, Sani Abacha.
Less than two years ago, India was horrified over a scandal at Satyam, an Internet technology company whose founder and chairman admitted to fraudulent accounting.
After all, continental firms have been slower to embrace the brash excesses from stock options to fraudulent accounting that now dog their American rivals.
Despite the praise for Judge Rakoff, the court said that he erred in his description of English law related to fraudulent misrepresentation, which applied to the case.
