Australia – Page 3 – Financial Treason & Crime

Agence France-Presse, 30 January 2018

US authorities on Monday announced fines and charges against three major European banks and eight individuals accused of manipulating futures markets for precious metals.

Deutsche Bank, UBS and HSBC will together pay a total of $46.6 million to settle allegations that traders at the banks worked to manipulate futures markets in precious metals through a process known as “spoofing,” the Justice Department and Commodity Futures Trading Commission said.Seven former traders, including ex-UBS trader Andre Flotron, who was indicted last year, as well as a technology consultant, also face charges of “spoofing” — in which traders place and then abort trades to manipulate prices — on markets for various precious metals including gold and silver between early 2008 and about 2014. Continue reading “Article: US fines Deutsche Bank, UBS and HSBC over market manipulation”

01/29/201803/15/2021

Article: Deutsche Bank hit with spoofing fine by US Justice Department

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Deutsche Bank hit with spoofing fine by US Justice Department

Deutsche Welle, 29 January 2018

US authorities have fined Deutsche Bank and two other European finance institutions for manipulating markets. Germany warned its best-known bank not to overdo bonuses — it’d be bad for its already soured image. Continue reading “Article: Deutsche Bank hit with spoofing fine by US Justice Department”

06/02/201603/18/2021

Article: The Deutsche Bank gold manipulation scandal

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The Deutsche Bank gold manipulation scandal

Leonard Melmano, 02 June 2016

Sophisticated British criminals exploited vulnerabilities in Australia’s search engine and cryptocurrency infrastructure to dupe small investors, lured by the promise of high-yield funds badged by some of the finance world’s most trusted brands.

The complex scheme involved stolen identities and fraudulent prospectuses that claimed to represent high-yield investment funds run by global managers Citibank, Nomura, and IFM Investors. It has ensnared millions from unsuspecting victims who sought better returns as interest rates collapsed during the COVID-19 crisis. Continue reading “Article: The Deutsche Bank gold manipulation scandal”

11/12/201403/20/2021

Article: Regulators fine global banks $4.3 billion in currency investigation

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Regulators fine global banks $4.3 billion in currency investigation

Kirstin Ridley, Joshua Franklin, Aruna Viswanatha, 12 November 2014

Regulators fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation.

HSBC Holdings Plc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Citigroup Inc, UBS AG and Bank of America Corp all faced penalties resulting from the inquiry, which has put the largely unregulated $5-trillion-a-day market on a tighter leash, accelerated the push to automate trading and ensnared the Bank of England.

Authorities accused dealers of sharing confidential information about client orders and coordinating trades to boost their own profits. The foreign exchange benchmark they allegedly manipulated is used by asset managers and corporate treasurers to value their holdings.

Dealers used code names to identify clients without naming them and swapped information in online chatrooms with pseudonyms such as “the players”, “the 3 musketeers” and “1 team, 1 dream.” Those who were not involved were belittled, and traders used obscene language to congratulate themselves on quick profits made from their scams, authorities said.

Wednesday’s fines bring total penalties for benchmark manipulation to more than $10 billion over two years. Britain’s Financial Conduct Authority levied the biggest penalty in the history of the City of London, $1.77 billion, against five of the lenders.

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