Key to catching the traders charged with manipulating metals futures: electronic chatter
MarketWatch, 30 January 2018
The Commodity Futures Trading Commission announced criminal and civil enforcement actions on Monday against Deutsche Bank AG and Deutsche Bank Securities Inc, UBS AG and HSBC Securities (USA) Inc. and six individuals involved in spoofing and stop loss collusion schemes. The criminal and civil enforcement actions were filed in conjunction with the Department of Justice and Federal Bureau of Investigation’s Criminal Investigative Division.
Deutsche Bank AG and Deutsche Bank Securities Inc. were hit the hardest, agreeing to pay a $30 million penalty while neither admitting or denying they failed to supervise precious metals traders who allegedly schemed to manipulate the price of precious metals futures contracts and allegedly colluding to trigger customer stop-loss orders. The fraud allegedly ran from Feb. 2008 to at least Sept. 2014.
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How Putin Uses Money Laundering Charges to Control His Opponents
ANDREW S. BOWEN, 18 July 2013
Russian President Vladimir Putin (left) speaks with Defense Minister Sergei Shoigu (right) and Chief of Staff Valery Gerasimov during a flight to watch military exercises in Russia’s Zabaykalsky region July 17, 2013 (Reuters/Aleksey Nikolskyi)
Last Thursday, Sergei Magnitsky was convicted of tax evasion. The only problem was he was not there to hear the verdict read. Magnitsky was killed in Moscow’s Butyrka prison in 2009, likely as a result of beatings and a lack of medical treatment. His crime was uncovering a $230 million tax fraud involving members of the government while working as a lawyer for William Browder (an American investor who was also convicted in absentia). Continue reading “Article: How Putin Uses Money Laundering Charges to Control His Opponents”