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New York Hits Credit Suisse with $135M Fine for Forex Violations

Posted  11/14/17
By the C|C Whistleblower Lawyer Team Credit Suisse AG agreed to pay a $135 million fine to settle charges by the New York State Department of Financial Services (DFS) that the bank violated New York banking law through a variety of illegal activities that disadvantaged customers. Specifically, the government found that from at least 2008 to 2015, Credit Suisse "consistently engaged in unlawful, unsafe and unsound...

Tagged in: Financial Institution Fraud, Foreign Exchange, Market Manipulation and Trading Violations,

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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...

Tagged in: Financial Institution Fraud, International Whistleblowers,

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South Korean Official Convicted for Laundering $1 Million in Bribes

Posted  07/19/17
By the C|C Whistleblower Lawyer Team Heon-Cheol Chi, the former Director of South Korea’s Earthquake Research Center at the Korean Institute of Geosciences and Mineral Resources (KIGAM), was convicted this week for laundering over $1 million in bribes he received from American and British companies.  His conviction followed a four-day jury trial in the U.S. District Court for the Central District of...

Tagged in: International Whistleblowers, Money Laundering,

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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,...

Tagged in: Financial Institution Fraud,

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Five Israeli State Electric Company Executives Sentenced in Siemens Bribery Scandal

Posted  06/15/17
By the C|C Whistleblower Lawyer Team This past May, Siemens paid $43 million to settle bribery allegations involving its business with the Israeli government. Siemens was accused of bribing executives at the Israeli state-owned power company to win contracts to manufacture power turbines. The conduct allegedly went on between 1999 and 2005, during which time Israel purchased more than $650 million worth of gas...

Tagged in: FCPA, Money Laundering,

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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...

Tagged in: Financial Institution Fraud, Money Laundering,

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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...

Tagged in: Financial Institution Fraud, Money Laundering, Tax Fraud,

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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...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud,

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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...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud,

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Wells Fargo Whistleblower Wins $5.4 Million and His Job Back

Posted  04/4/17
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 "abruptly" forced to leave a Los Angeles...

Tagged in: Financial Institution Fraud, Whistleblower Protection Laws,

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