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Violation Tracker Individual Record

Company: BB&T Leasing Corporation
Current Parent Company: Truist Financial
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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Penalty: $6,000,000
Year: 2006
Date: February 15, 2006
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: BB&T agreed to write off $6 million in lease payments to settle multistate litigation concerning a widespread telecommunications fraud involving NorVergence, Inc., a bankrupt New Jersey-based telephone equipment and service company.
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: Michigan Attorney General Cox Announces Settlement with Eighth Finance Company over NorVergence Telecommunications Fraud Claims, PR Newswire, February 15, 2006 (via Nexis).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.