Ermotti – Financial Treason & Crime

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”

05/20/201503/13/2021

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”

05/20/201503/13/2021

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

Article - Media, Publications

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”

10/27/201103/13/2021

Article: UBS will pay $12M over naked shorts

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UBS will pay $12M over naked shorts

dcubberley, 27 October 2011

UBS AG, Switzerland’s biggest bank, will pay $12 million to resolve Financial Industry Regulatory Authority claims that a brokerage unit allowed millions of short-sale orders to be placed without reasonable grounds to believe that the securities could be delivered. Continue reading “Article: UBS will pay $12M over naked shorts”