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British Banking Whistleblowers in the Cross-Hairs

Posted  11/7/17
By the C|C Whistleblower Lawyer Team According to an article in today's New York Times, British banking whistleblowers "are being gagged and risk ending up broke and unemployed" despite whistleblower protections created since the financial crisis. For this reason, there is some movement in England to expand these protections to include an American-styled whistleblower rewards system to address the financial hardships...

Barclays Charged With Fraud

Posted  06/20/17
By the C|C Whistleblower Lawyer Team As reported in the NYTimes, CNN, and other news outlets. Barclays, its former chief executive and three other former senior managers were criminally charged on Tuesday over agreements the bank struck with Qatar as it sought to avoid a government bailout during the 2008 global financial crisis. The executives charged include former CEO John Varley and Roger Jenkins,...

Banamex USA Agrees to Forfeit $97 Million in Connection with Bank Secrecy Act Violations

Posted  05/23/17
By the C|C Whistleblower Lawyer Team As reported in today's New York Times, Los Angeles Times, and other news outlets On Monday, Citigroup agreed to pay $97.4 million in a settlement after a long federal investigation into Banamex USA. In exchange, the Justice Department will not file criminal charges against the bank in connection with inadequate oversight of Banamex USA, which is based in California. Even as...

Spanish Court to Question Former HSBC Executives in Tax Probe Triggered by Whistleblower

Posted  05/5/17
By the C|C Whistleblower Lawyer Team Spain's High Court is to question seven former executives from HSBC's Swiss private bank as part of an investigation into alleged money laundering and tax fraud triggered by tax information leaks from former employee turned whistleblower Herve Falciani. The court said in a ruling that it had decided to widen the investigation to study the flow of funds from HSBC's Swiss...

Wells Fargo to Claw Back $75 Million From Former Executives

Posted  04/10/17
By the C|C Whistleblower Lawyer Team Wells Fargo’s board announced that it would recover an addition $75 million in compensation from former CEO John Stumpf and former head of community banking Carrie Tolstedt. Wells Fargo released a 113 page report in conjunction with the announcement that called the warning signs of the problem involving fake accounts “glaring” and demonstrated a decentralized culture that...

Britain's Lloyds to Compensate Fraud Victims with $125 Million

Posted  04/7/17
By the C|C Whistleblower Lawyer Team Lloyds Banking Group revealed a 100 million pound ($125 million) compensation scheme for victims of a fraud for which six people were jailed this year, as Britain's financial watchdog reopened a probe into the case.  Lloyd’s is Britain's biggest mortgage lender and has been under pressure to compensate the victims at its HBOS business, who say it reacted too slowly to their...

Wells Fargo Whistleblower Wins $5.4 Million and His Job Back

Posted  04/4/17
By the C|C Whistleblower Lawyer Team A federal regulator on Monday ordered Wells Fargo to pay $5.4 million to a former manager who said he was fired in 2010 after reporting to his supervisors and to a bank ethics hotline what he suspected was fraudulent behavior. The bank must also rehire him, the Labor Department’s Occupational Safety and Health Administration said. OSHA concluded that the manager was...

Mining, Oil and Gas Whistleblowers More Essential Than Ever After SEC Rule Repeal

Posted  02/9/17
American companies are no strangers to the extractive industries in Africa. Exxon has operated on the continent for more than 100 years. Exxon is also well acquainted with rumors and scandal regarding corruption in the African oil industry, having been accused of paying bribes to the ruling family of Equatorial Guinea. Now, with the repeal of an SEC disclosure rule, whistleblowers are more necessary than ever to...

Sen. Warren Accuses Dept. of Labor of Taking Down Wells Fargo Complaint Website

Posted  01/30/17
By the C|C Whistleblower Lawyer Team A special website created as a resource for current and former Wells Fargo employees on workplace issues, including whistleblower retaliation complaints, has been removed by the Dept. of Labor, according to Sen. Elizabeth Warren. The website was set up by former Labor Secretary Tom Perez last September after Wells Fargo was ordered to pay $190 million to settle regulators’...

DOJ Catch of The Week -- Deutsche Bank And Credit Suisse

Posted  01/20/17
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" is shared between Deutsche Bank and Credit Suisse.  On Tuesday, the two European-based banking giants agreed to pay more than $12 billion between them to resolve charges they misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) in the years leading...

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