Still got Signature's back.
When you’re offering to let customers physically punch you, you might be a bit too client friendly, and this can have both positive and negative consequences. On the plus side, you might build a $33 billion bank from scratch in a decade and a half, win over Barney Frank and earn the undying loyalty of hip-hop moguls battling money-laundering charges. On the other side, this:
All of its success — partly a result of its mantra to deliver top-notch service to its small and midsize business clientele — could not shield it from a Ponzi scheme that lost $66 million of investor money and sent a money manager to federal prison for three and a half years for securities fraud….
The cozy relationship Signature had with the money manager and his now-bankrupt investment firm helped advance the scheme, according to the lawsuit.