- Key insight: A private credit fund formerly part of UBS Asset Management is suing the law firm Pillsbury and partner Riaz Karamali, arguing they helped defraud it of $145 million — an unusual bid to hold a borrower’s lawyer liable.
- What’s at stake: A win for Clover could expose law firms to liability when partners vouch for clients in financings, and sharpen scrutiny of how private credit underwrites its loans.
- Supporting data: The complaint says a falsified Fidelity statement claimed Ibrahim AlHusseini held more than $199 million in securities when his accounts held about $2,694.
Overview bullets generated by AI with editorial review.
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A former UBS private credit fund is suing a major law firm it says helped defraud it of $145 million.
Clover Private Credit Opportunities Origination filed the complaint on Tuesday in New York County Supreme Court against Pillsbury…
THE TD BANK INSIDER “BRIBE-FOR-DATA” SCHEME (USA)
Date: February 17, 2026 Perpetrator: Edward Low (Former Bank Employee)
Case Description: In a high-profile case of “Insider Threat,” Edward Low, a former employee of TD Bank in New York, pleaded guilty in a New Jersey federal court to accepting bribes in exchange for confidential customer data. Between 2021 and 2022, Low leveraged his internal access to harvest the personal details of high-balance account holders. He then sold this “hot data” to external fraud syndicates for as little as $26,700 in personal kickbacks.
The external fraudsters used the information Low provided to conduct “Account Takeovers” (ATO), creating fraudulent checks and falsifying bank records to drain over $500,000 from unsuspecting customers. Low even went as far as helping co-conspirators open shell company accounts at a second financial institution where he was later employed. He now faces a maximum penalty of 30 years in prison. This case has sent shockwaves through the global banking sector, highlighting that even the most robust external firewalls cannot protect against a “rogue insider” with administrative credentials.
Link to Original: US Dept of Justice – TD Bank Insider Plea