A former State Street Bank & Trust executive vice president has been convicted, by a Boston federal jury, of one count of conspiracy to commit securities fraud and wire fraud, two counts of securities fraud and two counts of wire fraud. The conviction of Ross McLellan, 47, of Hingham, Mass., the former EVP, who served… Read More >>
Justice Department Cracks Down on Premium Point Investments
The U.S. Department of Justice (DoJ) is bearing down on key players at hedge fund Premium Point Investments — now in bankruptcy — arresting them on charges of a scheme of mismarking hundreds of millions of dollars in structured credit products. The DoJ action sets the stage for a possible criminal trial as three of… Read More >>
SEC & Justice Department Bear Down on Centra Tech
In the present financial era value moves around the globe via esoteric financial instruments that may exist only on the Internet. Which means that today a robbery might be entirely virtual. Even though the value stolen is entirely real. That proposition underlies the SEC’s recent complaint against the two co-founders of a so-called “financial services… Read More >>
Barclays Settles Pre-Crash RMBS Case for $2 Billion
The United States Department of Justice (DoJ) reports an agreement with Barclays Capital, Inc. and several of its affiliates, under which Barclays will pay $2 billion, to settle a civil action filed originally in December 2016. Under the terms of the agreement, the DoJ will dismiss the original civil action, which “sought civil penalties for… Read More >>
HSBC Settles FX Investigation with Justice Department
London, U.K.-based HSBC Holdings plc, the venerable parent company of the New York City-based HSBC Group, reports that it has entered into a three-year deferred prosecution agreement with the U.S. Department of Justice, meant to “resolve the DoJ’s investigation into HSBC’s historical foreign exchange sales and trading activities within its Global Markets business.” The agreement… Read More >>
Deutsche Börse Taps UniCredit Bank for Next CEO
New Deutsche Börse CEO to Serve for Three Years The next CEO for the Deutsche Börse will be Theodor Weimer from UniCredit Bank who will serve for three years, starting Jan. 1, 2018, according to the supervisory board of the exchanges and clearing company. The 57-year-old Weimer “will take over from CEO Carsten Kengeter who… Read More >>
JPMorgan Chase Penalized $264M for Bribery-Hiring Scheme
JPMorgan Chase & Co. will pay more than $130 million to settle SEC charges that “it won business from clients and corruptly influenced government officials in the Asia-Pacific region (APAC) by giving jobs and internships to their relatives and friends in violation of the Foreign Corrupt Practices Act (FCPA),” the commission says. In addition, JPMorgan… Read More >>
Deutsche Bank’s Revamp Spurs 1,000 More Layoffs
Deutsche Bank will be cutting “another 1,000 jobs” after reaching an agreement with its group and general works councils “on role reductions in Germany,” and as part of its Strategy 2020, which calls for the elimination of 9,000 people from its work force. News of the additional layoffs has gotten little attention as major media… Read More >>
Morgan Stanley’s RMBS Penalty Payments Hit $5 Billion
Morgan Stanley faces a total tally of $5 billion in penalties as it settles claims with federal and state government authorities over charges that the firm misled investors via its marketing, sale and issuance of residential mortgage-backed securities (RMBS) during the years leading up to the Great Recession. The penalties and related payments stem from… Read More >>
DOJ Slams JPMorgan with Criminal Charges
JPMorgan is acknowledging through a regulatory filing with the SEC that it is preparing to face criminal charges via the U.S. Department of Justice (DOJ) for the bank’s alleged role in a widespread manipulation of foreign exchange (FX) markets that came to light last year. By ratcheting up the charges to the criminal level, the… Read More >>
