Tag: Citibank

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Article: CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED

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CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED

MARIA NIKOLOVA, 26 March 2018

Credit Suisse International (CSI) has had the complaint against it dropped in a case targeting a number of primary dealers of US Treasuries. The order, filed earlier today with the New York Southern District Court, was signed by Judge Paul Gardephe on March 23, 2018.

The order stipulates that CSI is no longer a party in the market manipulation case captioned Breakwater Trading LLC et al v. Bank Of America Corporation et al (1:17-cv-06497). The plaintiffs have voluntarily dismissed all claims against CSI without prejudice to reassert such claims against CSI at a later time should evidence arise in discovery or otherwise that reveals information providing a basis for joining CSI on the claims being litigated in this case. Continue reading “Article: CREDIT SUISSE INTERNATIONAL HAS MARKET MANIPULATION LAWSUIT AGAINST IT DISMISSED”

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Article: Deutsche Bank Securities Fined $70 Million in Manipulation Case

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Deutsche Bank Securities Fined $70 Million in Manipulation Case

TOM BEMIS, 02 January 2018

Deutsche Bank Securities Inc., a unit of Deutsche Bank (DB) – Get Report , was fined $70 million as part of a settlement of charges by the Commodity Futures Trading Commission that it attempted to manipulate a key foreign exchange benchmark.

The CFTC found that DBSI made false reports and sought to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, used as a daily reference in a wide variety of interest-rate products.

The manipulations between 2007 and 2012 sought to benefit DBSI’s derivative positions, the CFTC said in a statement. Continue reading “Article: Deutsche Bank Securities Fined $70 Million in Manipulation Case”

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Paper: Counterfeiting Stock

Paper

Counterfeiting Stock

Anna McParland

The Creation of Counterfeit Shares — There are a variety of names that the securities industry has dreamed up that are euphemisms for counterfeit shares. Don’t be fooled : Unless the short seller has actually borrowed a real share from the account of a long investor, the short sale is counterfeit. It doesn’t matter what you call it and it may become non–counterfeit if a share is later borrowed, but until then, there are more shares in the system than the company has sold.

The magnitude of the counterfeiting is hundreds of millions of shares every day, and it may be in the billions. The real answer is locked within the prime brokers and the DTC. Incidentally, counterfeiting of securities is as

It is estimated that 1000 small companies have been put out of business by the shorts.

PDF (12 Pages): Paper Counterfeiting Stock

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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”

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Article: Barclays, RBS and others settle U$2bn currency-rigging lawsuits

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Barclays, RBS and others settle U$2bn currency-rigging lawsuits

Jonathan Jones, 14 August 2015

HSBC (LON:HSBA), Barclays (LON:BARC), Royal Bank of Scotland (LON:RBS) and two other banks settled on yet more payouts for currency-rigging.

The banks settled with US investors, agreeing to a payout which took the overall total paid to the investors to US$2bn (£1.28bn) from nine banks.

US heavyweight Goldman Sachs and BNP Paribas also settled.

It’s another round of payouts after six banks, including Barclays and RBS were, in May, ordered to pay US$6bn (£3.84bn) by UK and US authorities.

At the time, Barclays was hit with the biggest bank fine in British history.

American investors claimed the banks joined together to manipulate the US$5.3trn a day foreign exchange market.

Legal firm Hausfeld, which represented the investors, said that the agreements were preliminary and subject to approval by US District Judge Lorna Schofield.

As yet, there has been no information on how the sum would be divided between the banks if passed.

“In addition to the billions of dollars in compensation, these settling banks have agreed to cooperate with investors in their continuing litigation” against other institutions, Hausfeld said.

The banks yet to settle are Standard Chartered (LON:STAN), Societe Generale, Bank of Tokyo-Mitsubishi UFJ, RBC Capital Markets, Deutsche Bank, Credit Suisse and Morgan Stanley.

The US$2bn includes earlier settlements of US$800mln, with JPMorgan, Bank of America, UBS and Citigroup.

“While the recoveries here are tremendous, they are just the beginning,” said Hausfeld chairman Michael Hausfeld.

“Investors around the world should take note of the significant recoveries secured in the United States and recognize that these settlements cover a fraction of the world’s largest financial market,” he said.

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Article: Boston pension fund accuses big banks of manipulating U.S. securities

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Boston pension fund accuses big banks of manipulating U.S. securities

Greg Ryan

Boston Business Journal, 24 July 2015

The city of Boston’s pension fund has sued more than 20 of the world’s largest financial companies, claiming they conspired to alter the prices of U.S. Treasury securities they sold to the fund and other investors across the country.

The lawsuit, which was filed in New York federal court on Thursday, targets Merrill Lynch, Goldman Sachs, Morgan Stanley, and Citigroup Global Markets, among other dealers of the securities.

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Article: Illegal Naked Short Selling Appears to Lie at the Heart of an Extensive Stock Manipulation Scheme

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Illegal Naked Short Selling Appears to Lie at the Heart of an Extensive Stock Manipulation Scheme

Larry Smith

SmithOnStocks, 16 June 2015

Only a motivated enforcement agency with subpoena power and an accompanying powerful enforcement infrastructure can prove that naked shorting is at the heart of an extensive stock manipulation scheme. However, I believe that the observational evidence is overwhelming that naked shorting practices are widely used to manipulate the stock prices of emerging biotechnology companies as well as many other small and large companies. Unfortunately, naked shorting is an investment variable that investors must understand if they are going to make investments in the emerging biotechnology space in particular and the equity markets in general.

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Article: FX collusion scandal reaches Australia, class action launched

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FX collusion scandal reaches Australia, class action launched

Byron Kaye, 27 May 2015

An Australian law firm filed a class action lawsuit on Monday against five major international investment banks accusing them of colluding to rig foreign exchange rates during 2008-2013 to jack up profits at the expense of businesses and investors.

The case involved some of the same banks caught up in similar currency market scandals in Europe and the United States.

UBS AG, Barclays Bank Plc, Citigroup Inc, Royal Bank of Scotland Group Plc and JP Morgan AG are accused, according to Australian court documents, of colluding to increase the price clients paid for certain investment products in order to fix exchange rates at more costly levels. Continue reading “Article: FX collusion scandal reaches Australia, class action launched”

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Article: Barclays, Citicorp, JPMorgan, RBS, and UBS Enter Guilty Pleas Stemming from Collusion and Fraud in Foreign Exchange Market; Banks Agree to Pay More Than $5.8 Billion in Fines for Misconduct

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Barclays, Citicorp, JPMorgan, RBS, and UBS Enter Guilty Pleas Stemming from Collusion and Fraud in Foreign Exchange Market; Banks Agree to Pay More Than $5.8 Billion in Fines for Misconduct

GLOBE NEWSWIRE, 20 May 2015

Hausfeld, a global claimants’ firm dedicated to handling complex litigation, announced today that five defendants in In re Foreign Exchange Benchmark Rates Antitrust Litigation, 13-cv-7789 (S.D.N.Y.), have agreed with the U.S. Department of Justice to plead guilty to violating U.S. law through their conduct in the foreign exchange (“FX”) market. Barclays PLC, Citicorp, JPMorgan Chase & Co., and The Royal Bank of Scotland PLC pled guilty to violating U.S. antitrust laws. UBS AG pled guilty to wire and mail fraud after the DOJ determined that UBS’s misconduct in the FX market had breached UBS’s prior non-prosecution agreement for LIBOR-related misconduct. The guilty pleas entered today reflect widespread collusion in the FX market over a period of several years.

In addition to the guilty pleas, the banks agreed to pay more than $2.7 billion to the Department of Justice to resolve the DOJ’s FX investigations. The Federal Reserve imposed further fines of more than $1.6 billion on affiliates of the same five banks and a fine of $205 million on Bank of America Corporation for “unsafe and unsound practices.” Barclays will also pay a $1.3 billion fine as part of settlements with the New York Department of Financial Services, the Commodity Futures Trading Commission, and the Financial Conduct Authority. Continue reading “Article: Barclays, Citicorp, JPMorgan, RBS, and UBS Enter Guilty Pleas Stemming from Collusion and Fraud in Foreign Exchange Market; Banks Agree to Pay More Than $5.8 Billion in Fines for Misconduct”

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Article: Four Banks Plead Guilty To Foreign Exchange Collusion, UBS Pleads Guilty To Wire Fraud

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Four Banks Plead Guilty To Foreign Exchange Collusion, UBS Pleads Guilty To Wire Fraud

Antoine Gara, 20 May 2015

U.S. banking giants Citigroup and JPMorgan Chase and U.K.-base conglomerates Barclays and The Royal Bank of Scotland have agreed to plead guilty antitrust violations stemming from their collusion to manipulate prices in the foreign exchange market over the course of five years, the Department of Justice said on Wednesday. Those banks and UBS have agreed to pay a total of $5.8 billion in fines to global regulators as part of their FX market collusion.

Five banks will pay the Department of Justice nearly $3 billion in fines and penalties for their manipulation of U.S. dollar and Euro exchange rates, which the DoJ characterized as occurring “almost every day for five years” through private chat rooms, benefiting their trading positions but harming countless consumers and investors around the world. Separately, the Federal Reserve said on Wednesday, six banks would pay a total of $1.8 billion in fines for “unsafe and unsound practices” in the FX market. Continue reading “Article: Four Banks Plead Guilty To Foreign Exchange Collusion, UBS Pleads Guilty To Wire Fraud”

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Article: UBS pays $545m to settle foreign exchange probe

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UBS pays $545m to settle foreign exchange probe

BBC News, 20 May 2015

Swiss bank UBS has paid US authorities a total of $545m (£352m) to settle an investigation into the manipulation of foreign exchange rates.

The total includes a $203m fine after UBS pleaded guilty to a charge it rigged Libor benchmark interest rates. UBS announced the move hours before US and UK authorities said five banks were to pay fines totalling $5.7bn related to the foreign exchange investigation.

The others are JPMorgan, Citigroup, Barclays and RBS. UBS said it had settled with the US Department of Justice, the US Federal Reserve and the Connecticut Department of Banking. Continue reading “Article: UBS pays $545m to settle foreign exchange probe”

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Article: Swiss Bank UBS To Pay $342 Million Currency Manipulation Fine, Plead Guilty On LIBOR

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Swiss Bank UBS To Pay $342 Million Currency Manipulation Fine, Plead Guilty On LIBOR

Antoine Gara, 20 May 2015

UBS said on Wednesday morning it would pay a $342 million fine for its involvement in manipulating the foreign exchange market, averting criminal prosecution as a result of its cooperation in the multi-year probe. The Swiss banking giant, however, will plead guilty to one count of wire fraud for its role in manipulating interest rate benchmarks such as LIBOR, paying a $202 million fine, and tearing up a previously agreed 2012 deferred prosecution agreement with U.S. regulators.

The collective $545 million in fines and guilty plea will help UBS put to rest some of its largest legal issues in the United States and won’t have a financial impact given the bank’s exiting provisions for litigation. Continue reading “Article: Swiss Bank UBS To Pay $342 Million Currency Manipulation Fine, Plead Guilty On LIBOR”

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Article: 5 big banks pay $5.4 billion for rigging currencies

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5 big banks pay $5.4 billion for rigging currencies

Virginia Harrison and Mark Thompson, 20 May 2015

Citigroup (C), Barclays (BCS), JP Morgan Chase (JPM), and Royal Bank of Scotland (RBSPF)were fined more than $2.5 billion by the U.S. after pleading guilty to conspiring to manipulate the price of dollars and euros. The four banks, plus UBS (UBS) , have also been fined $1.6 billion by the Federal Reserve, and Barclays will pay regulators another $1.3 billion to settle related claims.

The first four banks operated what they described as “The Cartel” from as early as 2007, using online chatrooms and coded language to influence the twice-daily setting of benchmarks in an effort to increase their profits. The guilty banks “participated in a brazen display of collusion and foreign exchange rate market manipulation,” said U.S. Attorney General Loretta Lynch. Continue reading “Article: 5 big banks pay $5.4 billion for rigging currencies”

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Article: UBS to Pay Over $500 Million in Fines for Manipulating Currencies and Libor

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UBS to Pay Over $500 Million in Fines for Manipulating Currencies and Libor

Chad Bray, 08 March 2021

The Swiss bank UBS said on Wednesday that it would pay more than $500 million in fines to the authorities in the United States for its role in the manipulation of currency markets and benchmark interest rates.

UBS said it would not face a criminal charge over currency misconduct but would be required to separately plead guilty to a criminal charge for its prior conduct over the manipulation of the interest rates, including the London interbank offered rate, or Libor, after the Justice Department tore up a 2012 nonprosecution agreement. Continue reading “Article: UBS to Pay Over $500 Million in Fines for Manipulating Currencies and Libor”

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

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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”

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