Zurich, Switzerland’s oldest private bank has admitted that it helped United States taxpayers hide offshore accounts from the Internal Revenue Service. The bank, Rahn+Bodmer, will pay $22 million in fines and penalties. It also has reached a deferred prosecution agreement with the U.S. Department of Justice. Of the entire $22 million in penalties, $4.9 million,… Read More >>
Firms May Need to Revamp AML Policies: Report
U.S. banks may need to update their anti-money-laundering (AML) policies as a result of key provisions of the National Defense Authorization Act of 2021 (NDAA), which primarily covers appropriations for the U.S. Department of Defense programs, activities, and military personnel. However, the NDAA also covers many “matters relating to foreign nations,” according to the overview… Read More >>
Deutsche Bank Resolves Bribery & Fraud Probes
Deutsche Bank has signed a coordinated resolution with the SEC and the U.S. Department of Justice that for $130 million resolves investigations of a commodities fraud scheme and a conspiracy to cover payments to people who facilitated bribes of foreign officials. The agreement specifies that Deutsche Bank will pay more than $120 million in fines… Read More >>
Julius Baer & DoJ Resolve FIFA Case for $79M
Swiss private bank Julius Baer reports that it has reached a $79.7 million settlement with the U.S. Department of Justice resolving a money-laundering probe involving the Zurich-based world soccer group, Fédération Internationale de Football Association (FIFA). The U.S. settlement follows actions by the Swiss financial services regulator to close its case against the bank. Justice… Read More >>
Spoofing Cases Yield a Record Fine & Convictions
False trade orders that spur sharp market price reactions before they disappear — otherwise known as “spoof orders” — have the full attention of authorities as evidenced by a recent record fine against JPMorgan, and the conviction of two former traders at Deutsche Bank. JPMorgan Chase & Co. has agreed to pay nearly one billion… Read More >>
Scotiabank Fined $127M for Price Fixing & Spoofing
The Bank of Nova Scotia (Scotiabank) is settling major criminal and civil charges that it engaged in price-fixing and spoofing efforts via precious metals futures contracts. The Toronto-based bank has signed separate agreements with the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC), with the combined fines totaling approximately $127.5 million. The… Read More >>
Goldman Sachs Reaches $3.9B Settlement with Malaysia
Goldman Sachs is settling with Malaysia, whose sovereign-wealth fund was looted in the 1Malaysia Development Berhad scandal, the Malaysian sovereign wealth fund better known as 1MDB, to the tune of more than $2.5 billion. It’s the latest episode in the long-running saga of 1MDB, the fugitive financier Jho Low, and the New York City-based multinational… Read More >>
$96M of Luxury Loot Sought via 1MDB Scandal
The United States Justice Department (DoJ) reports that it has filed civil forfeiture complaints aimed at the “recovery of approximately $96 million in assets allegedly associated with an international conspiracy to launder funds misappropriated from 1Malaysia Development Berhad (1MDB), a Malaysian sovereign wealth fund.” Those assets include “luxury real estate in Paris, artwork by Claude… Read More >>
Banca IMI Pleads Guilty to ADR Bid-Rigging
Banca IMI Securities Corp., a New York broker-dealer, has pled guilty to an antitrust charge and been sentenced to pay a criminal penalty “in excess of $2 million for its involvement in a bid-rigging conspiracy for certain financial instruments,” the U.S. Department of Justice reports. Those financial instruments are pre-release American Depository Receipts (ADRs), which… Read More >>
Ex-State Street EVP Convicted for Secret Fees Schemes
A former State Street Bank & Trust executive vice president has been convicted, by a Boston federal jury, of one count of conspiracy to commit securities fraud and wire fraud, two counts of securities fraud and two counts of wire fraud. The conviction of Ross McLellan, 47, of Hingham, Mass., the former EVP, who served… Read More >>
