Article: France opens graft probe into Lebanon’s central bank chief

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France opens graft probe into Lebanon’s central bank chief

Associated Press, 07 June 2021

PARIS — The French national financial prosecutor’s office has opened a preliminary investigation into the actions of Lebanon’s central bank governor involving potential money laundering, the prosecutor’s office said Monday.

The French move came months after Switzerland started a probe into possible money laundering and embezzlement at Lebanon’s central bank, which is now at the center of an unprecedented financial crisis roiling the small Mediterranean country. The French prosecutor’s office said the investigation around Riad Salameh was opened in late May involving potential charges of money laundering and association with an organized criminal group. It gave no further details. Continue reading “Article: France opens graft probe into Lebanon’s central bank chief”

Article: France probes Lebanese central bank chief’s wealth

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France probes Lebanese central bank chief’s wealth

AFP, 06 June 2021

PARIS: France has opened a probe into the personal wealth of Riad Salameh, central bank chief in crisis-hit Lebanon, sources told AFP Sunday.

Paris financial prosecutors have opened a preliminary probe into criminal association and money laundering by Salameh, a source close to the investigation and a judicial source said, following a similar move by Switzerland. Its findings could shed light onto the origins of the 70-year-old former Merill Lynch banker’s wealth. Continue reading “Article: France probes Lebanese central bank chief’s wealth”

Article: Victorian Royal Commission into Crown Melbourne begins

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Victorian Royal Commission into Crown Melbourne begins

Peter Lynch, 17 May 2021

The Victorian Royal Commission into the suitability of Crown Resorts to hold a casino licence in Melbourne commenced today.

The commission revealed its first four witnesses as Timothy Bryant and Jason Cremona from the Victorian Commission for Gambling and Liquor Regulation (VCGLR), Dr Murray Lawson, director of Ethics and Risk Culture at accounting firm Deloitte Australia, and Nick Stokes, head of financial crime and money laundering reporting officer at Crown Resorts Limited.

Opening questions for Bryant and Cremona will focus on the VCGLR’s monitoring of the operator, its investigation into the arrests of 19 staff members in China in 2016, as well as junket operations. Continue reading “Article: Victorian Royal Commission into Crown Melbourne begins”

Article: Pension Fund Drops Suit Against Tesla Over $1.8B Bond Offer

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Pension Fund Drops Suit Against Tesla Over $1.8B Bond Offer

Rachel Stone, 16 April 2021

A pension fund voluntarily ended its proposed class action against Tesla and its multibillionaire founder, Elon Musk, which claimed the automaker and a group of big banks acting as underwriters misled investors on a $1.8 billion bond offering.

Inter-Local Pension Fund GCC/IBT has bowed out of its securities fraud suit in California federal court following a decision in the Ninth Circuit in March not to rehear a related case, according to a notice filed Thursday. Continue reading “Article: Pension Fund Drops Suit Against Tesla Over $1.8B Bond Offer”

Article: ‘Scheming’ former Portage official gets year of probation; sentenced for felony conflict of interest

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‘Scheming’ former Portage official gets year of probation; sentenced for felony conflict of interest

AMY LAVALLEY, 12 April 2021

Former Portage Clerk-Treasurer Christopher Stidham will have to give up his law license and the chance of future work in the public sector, much less a run for office, after being sentenced Monday on a Level 6 felony count of conflict of interest.

“A white-collar crime is still a crime,” Porter Superior Court Judge Jeffrey Clymer said, later noting Stidham’s “scheming” in the case. Continue reading “Article: ‘Scheming’ former Portage official gets year of probation; sentenced for felony conflict of interest”

Article: People moves: facing the funds fallout music, CS changes chairs, and more

Article - Media, Publications

People moves: facing the funds fallout music, CS changes chairs, and more

Natasha Rega-Jones, 07 April 2021

Credit Suisse faces some tough choices as it absorbs the extraordinary losses inflicted by the Greensill and Archegos fund fiascos and subsequent ratings hit. On April 6, the firm announced an estimated pre-tax loss of approximately Sfr900 million ($963 million) for the first quarter, including a charge of Sfr4.4 billion ($4.7 billion) in respect of Archegos. At the same time, the firm announced that investment bank CEO Brian Chin and chief risk and compliance officer Lara Warner were stepping down from their roles with immediate effect.

Christian Meissner, co-head of wealth management banking advisory and vice-chair of investment banking, will replace Chin in May. Meissner was previously head of global corporate and investment banking at Bank of America Merrill Lynch, and earlier co-CEO for EMEA at Lehman Brothers. Continue reading “Article: People moves: facing the funds fallout music, CS changes chairs, and more”

Journalist: Richard B. Evans

Journalist, People

Richard B. Evans  Associate Professor of Business Administration, Donald McLean Wilkinson Research Chair in Business Administration.

Richard Evans’ research deals broadly with investment decisions, and his current research projects explore fund manager compensation and incentives, exchange-traded funds, corporate political activity and stock performance, short-selling and quantitative vs. fundamental investment strategies. Continue reading “Journalist: Richard B. Evans”

Subject: Stephen F. Lynch

Subject of Interest

Stephen Francis Lynch (D-MA) is a committee member of the 116th Congress U.S. House Committee on Financial Services. He is an American politician who has served as a member of the U.S. House of Representatives from Massachusetts since 2001. He is a Democrat representing Massachusetts’s 8th congressional district, which includes the southern fourth of Boston and many of its southern suburbs. Lynch was previously an ironworker and lawyer, and served in both chambers of the Massachusetts General Court. He received his J.D. from Boston College Law School in 1991. For several years he worked as a lawyer, primarily representing housing project residents and labor unions. Lynch was elected to the Massachusetts House of Representatives, unseating an incumbent Democratic lawmaker, in 1994.

Biography

U.S. House Banking Committee on Financial Services

Subject: Kathleen Lynch

Subject of Interest

Kathleen B. Lynch: Depository Trust & Clearing Corporation (DTCC) member of the board. She has had a distinguished career in the financial services industry spanning more than three decades and including a range of senior executive roles. Most recently, Lynch served as Chief Operating Officer for UBS Americas and Wealth Management Americas (WMA). She was a member of the firm’s Combined U.S. Operations Management Committee and the WMA Executive Committee. She currently serves as a Non-Executive Director on the Board of Directors of UBS Americas Holding LLC.

Continue reading “Subject: Kathleen Lynch”

Article: South Africa should restrict rand access for offending foreign banks

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South Africa should restrict rand access for offending foreign banks

David Whitehouse, 19 December 2019

A call from South Africa’s competition regulator to be given extra-territorial powers to prosecute foreign banks whose actions affect South Africans has drawn short shrift from investors.

After an investigation into alleged collusion by 23 banks, ten of which have no presence in South Africa, to co-ordinate on spot dollar and rand prices, the Competition Commission recommended fines totalling 10% of the banks’ global revenues.

The banks involved, which include JPMorgan Chase, Bank of America Merrill Lynch and Credit Suisse, argue that the case should be dropped. The country’s Competition Tribunal in July ruled that the commission had no jurisdiction to impose the fines. Continue reading “Article: South Africa should restrict rand access for offending foreign banks”

Article: Catch of the Week — Merrill Lynch Commodities Inc.

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Catch of the Week — Merrill Lynch Commodities Inc.

CONSTANTINE CANNON, 28 June 2019

Merrill Lynch Commodities Inc (“Merrill”), a commodity trading subsidiary of Bank of America Corporation, agreed on June 25th to two $25 million settlements with both the Department of Justice (“DOJ”) and the Commodity Futures Trading Commission (“CFTC”) to resolve allegations it conducted deceptive trading practices in United States commodities markets. Continue reading “Article: Catch of the Week — Merrill Lynch Commodities Inc.”

Article: Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims

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Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims

Jaclyn Jaeger, 27 June 2019

Merrill Lynch Commodities, a global commodities trading business, will pay a combined $25 million in criminal fines, restitution, and forfeiture of trading profits to resolve a government investigation into a multi-year scheme to mislead the market for precious metals futures contracts traded on the Commodity Exchange, the Department of Justice announced.

According to MLCI’s admissions, from 2008 through 2014, precious metals traders employed by MLCI schemed to deceive other market participants with materially false and misleading information. They did so by placing fraudulent orders for precious metals futures contracts that, at the time the traders placed the orders, they intended to cancel before execution. Continue reading “Article: Merrill Lynch to pay $25M to settle metals ‘spoofing’ claims”

Article: Merrill Lynch Pays $36.5 Million to Settle Spoofing Charges

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Merrill Lynch Pays $36.5 Million to Settle Spoofing Charges

Aziz Abdel-Qader, 26 June 2019

Merrill Lynch Commodities, Inc. (MLCI) has just settled spoofing charges with the Commodity Futures Trading Commission (CFTC) by agreeing to pay a combined $36.5 million. The CFTC action centered on spoofing activity carried out by Bank of America’s global commodities trading business in a scheme that ran from 2008 through 2014 and involved dozens of fraudulent orders that were canceled before execution.

MLCI precious metals traders are accused of working with other traders to rig the purchase and sale of futures contracts on the Chicago Mercantile Exchange and the Chicago Board of Trade. Continue reading “Article: Merrill Lynch Pays $36.5 Million to Settle Spoofing Charges”

Article: MERRILL LYNCH CAUGHT CRIMINALLY MANIPULATING PRECIOUS METALS MARKET OVER 6 YEARS

Article - Media, Publications

MERRILL LYNCH CAUGHT CRIMINALLY MANIPULATING PRECIOUS METALS MARKET OVER 6 YEARS

GOLDBROKER, 26 June 2019

Remember when it was pure tinfoil-hat conspiracy theory to accuse one or more banks of aggressively, compulsively and systematically manipulating the precious metals – i.e., gold and silver – market? We do, after all we made the claim over and over, while demonstrating clearly just how said manipulation was taking place, often in real time.

Well, it’s always good to be proven correct, even if it is years after the fact. Continue reading “Article: MERRILL LYNCH CAUGHT CRIMINALLY MANIPULATING PRECIOUS METALS MARKET OVER 6 YEARS”