April 2015 – Financial Treason & Crime

Victor Golovtchenko, 23 April 2015

Superintendent of Financial Services Benjamin M. Lawsky, announced today that Deutsche Bank will part with $2.5 billion to settle litigation costs related to manipulation of various interest rate benchmarks.

This is the biggest LIBOR investigations related fine to date, and surpasses Swiss bank’s Credit Suisse record. Besides installing an independent monitor for New York Banking Law violations, the largest German investment bank will also have to terminate and ban certain employees. Continue reading “Article: Deutsche Bank Fined $2.5 bln for Interest Rate Benchmarks Manipulation”

04/23/201503/18/2021

Article: Deutsche Bank hit by record $2.5bn Libor-rigging fine

Article - Media, Publications

Deutsche Bank hit by record $2.5bn Libor-rigging fine

Jill Treanor, 23 April 2015

Germany’s Deutsche Bank has been fined a record $2.5bn (£1.7bn) for rigging Libor, ordered to fire seven employees and accused of being obstructive towards regulators in their investigations into the global manipulation of the benchmark rate.

The penalties on Germany’s largest bank also involve a guilty plea to the Department of Justice (DoJ) in the US and a deferred prosecution agreement. The regulators released a cache of emails, electronic messages and phone calls showing the attempts to move the rate used to price £3.5tn of financial contracts. Continue reading “Article: Deutsche Bank hit by record $2.5bn Libor-rigging fine”

04/22/201505/18/2020

Article: Financial Conduct Authority Fines Merrill Lynch International $20 Million

Article - Media

Financial Conduct Authority Fines Merrill Lynch International $20 Million

Corporate Crime Reporter, 22 April 2015

The Financial Conduct Authority (FCA) has fined Merrill Lynch International $20 million for incorrectly reporting 35,034,810 transactions and failing to report another 121,387 transactions between November 2007 and November 2014.

The size of the fine – the highest imposed for transaction reporting failures to date – reflects the severity of Merrill Lynch’s misconduct, failure to adequately address the root causes over several years despite substantial FCA guidance to the industry and a poor history of transaction reporting compliance, consisting of a private warning issued in 2002 and a fine of $225,000 in 2006.

Read full article.

04/03/201503/10/2021

Article: London property used for money laundering

Article - Media, Publications

London property used for money laundering

Compliance Alert, 03 April 2015

London is famed for providing a safe haven for foreign dissidents and refugees. It’s a hard-earned reputation going back to the French revolution and beyond. Then, as now, the super-rich who have fallen foul with their governments were among the influx. And then, as now, their reputations were not always immaculate.

But it has surely not often been the case that a millionaire alleged to have ordered an Englishman’s murder has ended up being exiled to a British mansion less than 60 miles away from the alleged intended victim’s home. Continue reading “Article: London property used for money laundering”