Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Deutsche Bank fined $205 mn in US for forex manipulation
Phys.org, 20 June 2018
US officials fined embattled German banking giant Deutsche Bank $205 million in a settlement to resolve foreign exchange market manipulation violations, New York’s top banking regulator announced Wednesday. Continue reading “Article: Deutsche Bank fined $205 mn in US for forex manipulation”
Goldman Sachs Fined $110 Million to Settle New York FX Probe
Aziz Abdel-Qader, 01 May 2018
Goldman Sachs has been slapped with a $110 million fine by New York regulator and Federal Reserve in an antitrust lawsuit alleging that the bank’s traders routinely manipulated the forex market for their profit.
New York’s Department of Financial Services also ordered the investment bank to put in place a program to ensure that the alleged violation doesn’t happen again. However, Goldman is not required to hire an outside consultant to review its practices, a condition sometimes imposed on banks fined for compliance violations.
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The DFS said Goldman Sachs had insufficient oversight and controls over its FX traders, who allegedly discussed trading positions with competitors, using electronic chatrooms. The traders frequently tried to trade ahead of big foreign-exchange transactions by their clients, a practice known as front-running.
The order released Tuesday detailed multiple instances of improper behavior, which occurred from at least 2008 to 2015.
New York fines Credit Suisse $135 mn over forex manipulation
Agence France-Presse, 14 November 2017
US regulators hit banking giant Credit Suisse with a $135 million fine to resolve allegations its traders manipulated foreign exchange prices, New York officials announced Monday.
The illicit activity began at least as far back as 2008 through as recently as 2015, and included profiting at clients’ expense and improperly sharing client information, the New York State Department of Financial Services said in a statement.The department’s superintendent Maria Vullo said certain bank executives “deliberately fostered a corrupt culture” which permitted repeated violations of the law and of client trust.The action against Credit Suisse is the latest in a series of agreements by major international banks to settle the investigations by US authorities into the alleged manipulation of the foreign exchange market. In late September, the British bank HSBC agreed to pay $175 million to avoid prosecution. Continue reading “Article: New York fines Credit Suisse $135 mn over forex manipulation”
Credit Suisse fined $135m after FX traders ‘manipulated’ market
Hayley McDowell, 17 November 2017
Credit Suisse’s foreign exchange (FX) business has been fined $135 million after regulators found traders manipulated prices, shared customer information and engaged in front running client orders.
The New York State Department of Financial Services (DFS) carried out an investigation and found that from at least 2008 to 2015 the investment bank failed to control its FX trading activities. Traders were found to have used a multi-party chat room with code names to discreetly share confidential information on clients and worked together to manipulate currency prices and benchmarks.
Financial Services Superintendent Maria Vullo explained certain executives within the business had deliberately failed to implement controls in the FX trading business. Furthermore, the investigation found Credit Suisse had an algorithm in place specifically designed to front-run client limit and stop-loss orders. Traders used this information to enter the market, knowing the market might move if the stop-loss or limit order was triggered by the algo. Continue reading “Article: Credit Suisse fined $135m after FX traders ‘manipulated’ market”
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