Some big names on Wall Street are eager to step out of the spotlight after enduring years of financial-crisis turbulence and negative attention from politicians and protesters, said Peter Ressler, the chief executive of RMG Search.
611 RESIGNATIONS FROM WORLD BANKS, INVESTMENT HOUSES, MONEY FUNDS
courtesy of American Kabuki
CEO = Chief Executive Officer
CFO = Chief Financial Officer
CIO = Chief Investment Officer also can be Chief Information Officer (head of IT)
COO = Chief Operating Officer
EVP = Executive Vice President
CRO = Chief Risk Officer
INC = Incorporated (can be private held or publically traded shares)
PLC = Public Limited Company (publicly traded shares can be listed or unlisted on stock market)
LTD = Limited Company (privately held)
LLC = American version of LTD, but can have a shareholder/member that is an INC, often hybrids of both
AG = German version of PLC
AB = Swedish version of PLC
SA = Society Anonymous in various latin languages – same as PLC
NV = Dutch version of PLC
BV = Dutch version of LTD
LP = Limited Partners (partnership with limited liability)
REIT = Real Estate Investment Trust
- 9/01/11 (USA NY) Bank of New York Mellon Chief Robert P. Kelly Resigns in a Shake-UP
- 9/06/11 (BELGIUM) Dexia confirmed that its CEO Stefaan Decraene had left the company. Its exposures to sovereign debt in the PIIGS nations are larger than its core Tier 1 capital.
- 9/08/11 (US OR)PremierWest chairman John Anhorn retires
- 9/09/11 (GERMANY) European Central Bank (ECB) governing board member Jürgen Stark, who has resigned
- 9/09/11 (US OR) Chief investment officer for the Oregon State Treasury Ron Schmitz resigns.
- 9/12/11 (HONG KONG) HSBC Group Hang Seng Bank Non-Executive Director Mark McComberesigns
- 9/12/11 (US PA) First Commonwealth Financial Corp, EVP strategic resources Thaddeus J. Clements resigns
- 9/13/11 (US MA) Eastern Bank wealth management head Carol McMullen resigned
- 9/14/11 (USA NJ) Columbia Bank CEO Raymond G. Hallock Announces Retirement
- 9/14/11 (NEW ZELAND) AMP NZ Office Limited (ANZO), Mark Verbiest has resigned as a director. His resignation arises due to his desire to devote the necessary time and energy to his prospective new role as Chairman of Telecom, assuming the Telecom demerger is sanctioned by Telecom shareholders.
- 9/15/11 (USA NY) Morgan Stanley, Chairman John Mack resigns
- 9/16/11 (US FL) Atlantic Coast Bank President and Chief Operating Officer Robert Larison retires
- 9/18/11 (JORDAN) Central Bank governor Faris Sharaf resigns over policy
- 9/19/11 (US MS) COO of Parkway Properties (REIT) William Flatt Resigns
- 9/20/11 (SCOTLAND) SCOTTISH WIDOWS (RETIREMENT INVESTMENT SAVINGS FUND) There could be no Scottish representative on the board of Lloyds Banking Group, owner of Bank of Scotland, in future after it announced the departure of Lord Sandy Leitch, the chairman of Scottish Widows and group deputy chairman.
- 9/20/11 (JAPAN) BLife Investment Corporation (Diawa House Asset Management) DirectorMasaomi Yamadaira resigns
- 9/20/11 (US HI) First Hawaiian Bank’s CEO Don Horner retires
- 9/21/11 (AUSTRALIA & NZ) JP Morgan Australia and New Zealand Worldwide Securities Services CEO Jane Perry resigned
- 9/23/11 (Singapore) Executive board director Rohit Bhagat has tendered his resignation to the board of BlackRock (Singapore) Limited and BlackRock Asset Management North Asia Limited.
- 9/23/11 (UK) UniCredit FX Global Head Nick Crawford Resigns
- 9/25/11 (SWITZERLAND) UBS CEO Oswald Gruebel quits over £1.5bn rogue trader crisis
- 9/25/11 (USA CA) American River Bankshares Douglas E. Tow, Executive Vice President and Chief Credit Officer, will retire from the Company http://goo.gl/24aAU
- 9/28/11 (SWITZERLAND) SNB Bank Council: Fritz Studer resigns as per end-April 2012
- 9/29/11 (UK) Barclays, Head of UK & European Retail Banking Deanna Oppenheimer resigned.
- 9/29/11 (USA NM) New Mexico Pension Fund Director Terry Slattery Resigns
- 9/30/11 (SINGAPORE) AIMS AMP CAP INDUSTRIAL REIT, Ms Tang Buck Kiau resigned.
- 9/30/11 (ICELAND) Alternate board member of Iceland State Financial Investments Thórdís Bjarnadóttir resigns
- 10/01/11 (Iceland)Chairman of Glitnir Bank’s Resolution CommitteeÁrni Tómassonresigns
- 10/01/11 (USA MO) Federal Reserve Bank of Kansas City President Thomas M. Hoenig retired on Oct. 1, 2011
- 10/03/11 (INDIA) The of Euram Bank Asia, president Arun Panchariya, has resigned after being implicated in a stock trading scandal in India.
- 10/03/11 (GHANA) Intercontinental Bank Ghana Limited, Managing Director and CEO Albert Mmegwa resigned.
- 10/03/11 (USA FL) Quantek Opportunity Fund, portfolio manager Javier Guerra. Arbitration awarded $1 million damages to Aris Multi-Strategy Fund. Quantek Asset Management made false statements to Aris.
- 10/05/11 (UK) UBS co-chief François Gouws of global equities had resigned after last month’s revelation of a $2.3 billion loss from unauthorized trading.
- 10/05/11 (UK) UBS co-chief Yassine Bouhara of global equities had resigned after last month’s revelation of a $2.3 billion loss from unauthorized trading.
- 10/06/11 (US OR) CEO of CASCADE BANCORP Patricia Moss retires
- 10/10/11 (BELGIUM) Dexia (Franco-Belgian bank) its chairman Jean-Luc Dehaene will give up his role on the board of Dexia’s Belgian division, which is being sold to the Belgian state as part of a rescue deal, the group said on Monday.
- 10/11/11 (UK) BlackRock, head of sterling portfolios and manager of the Corporate Bond fund,Paul Shuttleworth, has resigned after 11 years at the firm.
- 10/11/11 (UK) Dynamic Funds, portfolio manager David Taylor has resigned.
- 10/11/11 (CHINA) China Construction Bank Non-Executive Direct Sue Yang resigns for personal reasons.
- 10/13/11 (UK) Cogent Partners co-head research department Katita Palamar resigned.
- 10/13/11 (UK) Cogent Partners co-head research department Bill Farrell resigned.
- 10/13/11 (US OR) MBank CEO Rex Brittle resigns
- 10/14/11 (USA TX) Deutsche Bank Investment Advisor Griffin Perry resigns, SEC regulations prevented him from campaigning for his father Rick Perry’s Presidential campaign.
- 10/23/11 (USA) Fairholme Capital Management LLC, Director Charles Fernandez stepped down for personal reasons. Fairholme Fund has lost 26 percent of its net asset value due to bets that have backfired on AIG Inc, Bank of America Corp and Florida-based landowner and developer St Joe Co.
- 10/24/11 (ICELAND) Icelandic State Financial Investments board members of Icelandic State Financial Investments have resigned following “outside interference” with their Sept. 30 decision to hire Pall Magnusson, the former political adviser to the island’s industry minister, as chief executive officer. [names and positions have been requested from the reporter on 3/9/12]
- 10/24/11 (SINGAPORE) Keppel Corporation Limited, Teo Soon Hoe will resign from his role as group finance director Jan 1.
- 10/26/11 (INDIA) Beed District Bank (Coop Bank) CEO B S Deshmukh arrested for embezzling Maharashtra State Electricity Distribution Company Ltd payment deposits.
- 10/26/11 (INDIA) Beed District Bank (Coop Bank) former CEO A N Kulkarni arrested for embezzling Maharashtra State Electricity Distribution Company Ltd payment deposits.
- 10/26/11 (US VA) The Federal Home Loan Mortgage Corporation, CEO Charles E. Haldeman will retire in 2012
- 10/27/11 (USA NY) Keefe, Bruyette & Woods Inc (KBW) CEO John Duffy stepped aside. Duffy has prostate cancer.
- 10/27/11(US WA) Pacific International Bank CEO Woosung “Edward” Park abruptly resigns
- 10/29/11 (CHINA) China Construction Bank Corp Chairman Guo Shuqing resigns
- 10/29/11 (CHINA) Agricultural Bank of China Ltd Chairman Xiang Junbo resigns
- 10/31/11 (EUROPEAN COMMUNITY) European Central Bank President Jean-Claude Trichet, resigns.
- 11/01/11 (INDIA) Beed District Bank (Coop Bank More directors resign [research still being conducted on the names]
- 11/02/11 (UK) Lloyds Banking Group chief executive, António Horta-Osório, is to take leave of absence on health grounds for six to eight weeks, the BBC has reported. (STILL OUT AS OF 2/24/12 – DEFACTO RESIGNATION)
- 11/03/11 (POLAND) Nordea Bank Poland, Wlodzimierz Kicinski resigned from as President of the Management Board of Nordea Bank Poland as of the 10th of November.
- 11/04/11 (USA NY) MF Global, Jon Corzine, stepped down as chairman and CEO, hired criminal attorney to represent him.
- 11/04/11 (SWITZERLAND) Hyposwiss Private Bank Ltd., Director Hans Bodmer resigns from the Board
- 11/05/11 (IRELAND)Bank of Ireland announces board shake-up. Director of the Board Denis Donovan resigns
- 11/05/11 (IRELAND)Bank of Ireland Des Crowley resigns
- 11/05/11 (IRELAND)Bank of Ireland non-executive director Paul Haran resigns
- 11/05/11 (IRELAND)Bank of Ireland non-executive director Heather Ann McSharry resigns
- 11/05/11 (IRELAND)Bank of Ireland non-executive director Dennis Holt resigns
- 11/06/11 (GREECE) Marfin Investment Group. Greek Banking Tycoon Andreas Vgenopoulos surprise resignation from his own firm.
- 11/07/11 (SINGAPORE) Singapore Mercantile Exchange (SMX), CEO Framroze Pochara quits.
- 11/07/11 (US MO) President Maurrice Sandfort retires from Bank of Missouri
- 11/07/11 (US MN) Bremer Bank President/CEO Gary Bigler retires
- 11/08/11 (SINGAPORE) The Singapore Fund, Inc, Austin C. Dowling has resigned as Director of the Fund
- 11/09/11 (USA NY) HSBC Israeli desk, managing director Issac Doueck resigned.
- 11/09/11 (ISRAEL) HSBC Israeli desk, senior representative Simon Hakim resigned.
- 11/09/11 (SWITZERLAND) HSBC Israeli desk, head of Israel Dan Sagi resigned.
- 11/09/11 (USA NY) HSBC Israeli desk, ????? resigned.
- 11/09/11 (USA NY) HSBC Israeli desk, ????? resigned.
- 11/10/11 (EUROPEAN COMMUNITY) European Central Bank Lorenzo Bini Smaghi resigned from the European Central Bank’s Executive Board.
- 11/11/11 (HONG KONG) Goldman Sachs’ Asia Pacific co-head Yusuf Alireza is retiring from the investment bank after 19 years
- 11/10/11 (INDIA) UBS The head of India operations at UBS AG , Manisha Girotra, has resigned
- 11/15/11 (USA NY) Icahn Enterprises LP, senior managing director of health-care investing, Alex Denner, has resigned.
- 11/15/11 (US NJ) GAIN Capital CFO Henry Lyons resigns
- 11/16/11 (EUROPEAN COMMUNITY) International Monetary Fund Europe, director Antonio Borges resigns for personal reasons.
- 11/17/11 (NETHERLANDS) Syntrus Achmea (pensions manager), CIO Marjolein Sol is resigning.
- 11/17/11 (INDIA) Nomura India’s investment banking head Nipun Goel resigns
- 11/17/11 (INDIA) Nomura India’s Capital market division head Indraneil Borkakoty resigns
- 11/17/11 (INDIA) Nomura India’s executive director Shubham Majumder resigns
- 11/18/11 (US WA) President and Chief Executive Officer of the Federal Home Loan Bank of Seattle Steven R. Horton retires
- 11/18/11 (US MD) Legendary mutual fund manager Bill Miller CIO of Legg Mason Capital Management and portfolio manager of LM Value Trust resigns
- 11/18/11 (ICELAND) Horn Invest hf., Director of the Board of Guðrún Ragnarsdóttir resigned
- 11/18/11 (ICELAND) CEO of Landsbankinn Steinthór Pálsson resigned from the Board of Horn Invest hf.
- 11/18/11 (SCOTLAND) Scottish Widows Investment Partnership Limited (SWIP) Private Equity Fund, wish to announce the resignation of John Brett from the Board of Directors of the Company, for business reasons.
- 11/19/11 (HK)CEO of Standard Chartered Bank (Hong Kong)Peter Wongsteps down
- 11/21/11 (JAPAN) UBS’s Japan Investment Banking Chairman Matsui to Resign
- 11/22/11(US TX) SWS Group Executive Vice President Paul D. Vinton retires
- 11/23/11 (GERMANY) CEO of Clearstream Banking AG, Frankfurt Andreas Wolf resigns and leaves the boards of Clearstream International S.A., Luxembourg and Deutsche Börse Group
- 11/23/12 (USA SC & NC) Bank of the Carolinas, CFO Eric Rhodes resigns for personal reasons. Bank of the Carolinas was delisted from the NASDAQ on 3/9/12
- 11/24/12 (IRELAND) AXA Rosenberg Management Ireland Limited, director Simon Vanstoneresigns.
- 11/28/11 (LATVIA) Latvia’s chief banking regulator, Irena Krumane, said she resigned today, a week after the state took over Latvijas Krajbanka AS (LKB1R), the Baltic News Service reported. The bank regulator suspended operations at Krajbanka, a subsidiary of Lithuania’s Bankas Snoras AB, on Nov. 21 and said around 100 million lati ($191.8 million) was missing. The Lithuanian government seized Snoras on Nov. 16 saying assets reported on the lender’s balance sheet were missing.
- 11/29/11 (USA) R. David Land Submits Resignation from the Boards of Directors of Peoples Bancorp. and Seneca National Bank
- 11/29/11 (NORWAY) Carnegie ASA’s co-head of investment banking in Norway, Cato Holmsen, has resigned
- 11/29/11 (FRANCE) AXA Real Estate Investment Managers, Global head of business development, strategy and research for Kiran Patel, has handed in his resignation. Patel was with the firm for 11 years.
- 11/29/11 (US MI)Chairman of Fentura’s State BankForrest Shooksteps down
- 11/30/11 (LITHUANIA) Lithuania Central Bank, Governor Vitas Vasiliauskas fired Kazimieras Ramonas, head of the banking supervision department, after seizing Bankas Snoras AB, the country’s third-biggest deposit bank.
- 11/31/11 (AUSTRALIA) Commonwealth Bank CEO Sir Ralph Norris Australia’s highest-paid banker, quits
- 12/01/11 (SRI LANKA) Sri Lanka’s Securities and Exchange Commission (SEC) head Indrani Sugathadasa resigned.
- 12/02/11 (PAKISTAN) NIB Bank, Singapore forced resignation of CEO Khawaja Iqbal Hassan, for mismanagement
- 12/03/11 (USA SC) South Carolina’s $25 billion pension fund chief investor Robert Bordenresigned. Borden’s resignation comes as the SC Retirement System faces a $13 billion deficit, prompting state lawmakers to call for a massive overhaul of the system.
- 12/05/11 (BERMUDA) HSBC Bermuda Ltd, chairman of the board and director John Campbellresigns
- 12/05/11 (BERMUDA) HSBC Bermuda Ltd, CEO Philip Butterfield retires
- 12/06/11 (US NV ) Western Liberty Bancorp CFO George Rosenbaum has resigned.
- 12/06/11 (US FL) SunTrust Banks Inc.’s Central Florida chairman Ray Sandhagen retires
- 12/07/12 (ITALY) CFO of Greater Rome Bank and CEO of Greater Rome Bancshares E. Grey Winstead III resigns
- 12/08/11 (USA) Fidelity Global Special Situations Fund, manager Jorma Korhonen resigned.
- 12/08/11 (INDIA) Nomura’s co-head of equity-linked solutions Neeraj Hora, resigns
- 12/09/11 (FRANCE) Kléline, Executive board director Abdallah Hitti resigned. Kléline is an electronic banking arm of the Group BNP PARIBAS .
- 12/12/11 (PAPUA NEW GUINEA) Bank South Pacific (BSP) chairman Kostas Constantinou resigned as a director of the Board of Bank of South Pacific Limited and its subsidiaries.
- 12/12/11 (PHILIPPINES) Former Development Bank of the Philippines (DBP) president Rey David has resigned as board director of the Ongpin-led Philippine Bank of Communications (PBCom).
- 12/12/11 (US IN)One of Indiana’s best-known bankers, Alvin “Kit” Stolen, is stepping down as president of Salin Bank.
- 12/13/11 (US TX)Bank of America director D. Paul Jonesretires
- 12/14/11 (MAURITIUS) African Alliance Africa Pioneer Fund I (the “Fund”), Portfolio Manager Paul David Austin Clark resigned
- 12/14/11 (USA NY) Goldman Sachs global head Milton R. Berlinski retiring at the end of the year
- 12/14/11 (IRELAND) AfricanAlliance I’s portfolio manager Paul David Austin Clark resigns
- 12/15/11 (UK) Coutts [private bank] Senior private banker James Fleming resigns
- 12/16/11 (US WI)President of Westbury BankJim Podewilsresigns
- 12/19/11 (CANADA) Holloway Lodging Real Estate Investment Trust (a REIT) CEO Glenn Squires has resigned
- 12/19/11 (JAPAN) Citibank Japan CEO, Darren Buckley, resigns after Citibank was punished by regulators for the third time in seven years.
- 12/19/11 (DENMARK) Danske Bank Peter Straarup, who will retire February 15
- 12/19/11 (DENMARK) Danske Bank Eivind Kolding has resigned as Chairman of the Board of Directors and from the three board committees on which he served, He continues as member of Danske Bank’s Board of Directors until he assumes the position of Chairman of the Executive Board on 15 February 2012. On the same day, at the latest, Eivind Kolding will resign from the A.P. Moller-Maersk Group.
- 12/20/11 (UK) Prudential (UK) Chairman Harvey McGrath has informed the Board of his intention to retire from the Board in 2012 once a successor has been found.
- 12/20/11 (USA MA) Century Bancorp, Inc., Director Roger S. Berkowitz resigned.
- 12/21/11 (USA MN) Voyager Bank, fired CEO trade accusations, New details have emerged in Voyager Bank’s firing of its CEO in a court filing that accuses him of defrauding the bank of $15 million. The former CEO, Timothy Owens, has sued the bank for wrongful termination and accused the bank of defaming him.
- 12/22/11 (Sweden) Nordea Bank’s Björn Savén retires from the Board of Directors
- 12/22/11 (Sweden)Nordea Bank’s Director of the BoardBjörn Savénretire of his own accord
- 12/23/11 (USA VA) Virginia National Bank (VNB) Chairman Mark Giles quits
- 12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Claire Gargalli quits
- 12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Leslie Disharoon quits
- 12/23/11 (USA VA) Virginia National Bank (VNB) Board Member Neal Kassell quits
- 12/23/11 (USA) Third Avenue Value Fund, co-manager Marty Whitman is leaving.
- 12/23/11 (US NV) Chief financial officer of Western Liberty Bancorp George Rosenbaum resigns
- 12/25/11 (Russia)Allianz’s Russian Fund-Management Unit CEOOleg MazurovResigned
- 12/28/11 (US IN) STAR Financial Bank’s Osborne “Oz” Morgan retires as Anderson resional president
- 12/28/11 (US MD) Chairman of First Mariner Bank Ed Hale retires
- 12/30/11 (Australia)Credit Suisse’s Head of Australian EquitiesJonathan GurnseyRetires
- 12/30/11 (SRI LANKA) Sri Lanka Commercial Bank’s director of the Board Mahendra Amarasuriya resigns
- 12/31/11 (US TX) Texas Capital Bank Houston Region chairman Jonathan Clarkson resigns
- 12/31/11 (PUERTO RICO) Popular, Inc. (Banco Popular) Michael Masin retires from the Board of Directors
- 12/31/11 (US CA) Wells Fargo Senior EVP Mark Oman retires
- 12/31/11 (US TX)Executive vice president of SWS Group Paul D. Vinton retires
- 12/31/11 (US OH) SVP of CSB Bancorp, Inc. and President and Chief Executive Officer of The Commercial and Savings Bank of Millersburg, Ohio Rick L. Ginther resigns
- 1/01/12 (US FL) OptimumBank Larry Willis left the board shortly after he was re-elected at the company shareholder meeting.
- 1/01/12 (SINGAPORE) Keppel’s group finance director Teo Soon Hoe resigns
- 1/01/12 (NIGERIA) United Bank for Africa Plc Victor Osadolor resigns
- 1/01/12 (ISRAEL) Israel’s Bank Leumi CEO Galia Maor steps down after 16 years
- 1/03/12 (GREECE) Marfin Popular Bank Public Co Ltd, Mr Eleftherios Hiliadakis has resigned from the Board of Directors.
- 1/03/12 (USA VA) Suffolk Bancorp president and CEO J. Gordon Huszagh steps down
- 1/03/12 (USA WI) Michael Falbo, president and CEO of Southport Bank, has resigned just six months after accepting the position.
- 1/03/12 (UK) Arbuthnot Banking Group: Neil Kirton resigned from the Board
- 1/03/12 (UK) Arbuthnot Banking Group: Atholl Turrell left the Board.
- 1/05/12 (UK) Saunderson House [Private Bank] CEO Nick Fletcher steps down
- 1/05/12 (USA NY) Blackstone/GSO Senior Floating Rate Term Fund and Blackstone/GSO Long-Short Credit Income Fund announced that John R. O’Neill has resigned.
- 1/06/12 (US) CEO of Security Federal Tim Simmons retires
- 1/06/12 (JAMAICA) Founding partner Mark Golding resigns from Proven Investments Ltd.
- 1/06/12 (JAMAICA) Chairman of Proven Wealth and Proven Investment’s management committee Peter Bunting resigns http://goo.gl/uOeY3
- 1/07/12 (UK) Arab Banking Corporation Intl. Bank (ABCIB) Manama, Bahrain: ABCIB announced retirement of
CEO Nofal Barbar from its London office.
- 1/09/12 (SWITZERLAND) SNB Chairman Philipp Hildebrand resigns
- 1/09/12 (USA WASHINGTON DC) Whitehouse former banker and Chief of Staff William M. Daleyresigned
- 1/09/12 (USA NY) Morgan Stanley Chief Legal Officer Frank Barron retires.
- 1/09/12 (SWITZERLAND) Temenos Group AG, provider of core banking software announced the resignation of Mark Austen as a member of the Board of Directors.
- 1/10/12 (LIECHTENSTIEN) LLB CEO and chairman Josef Fehr resigned .
- 1/10/12 (US DC) Fannie Mae (The Federal National Mortgage Association) Chief Executive Michael J. Williams resigns
- 1/10/12 (USA IN) Security Bank of Springfield, president and CEO Steve Cour has announced plans to retire at the end of June.
- 1/09/12 (UK) Northern Rock finance director Ann Godbehere quits a year after the bank is nationalisedis standing down to pursue other interests, it was announced yesterday.
- 1/11/12 (KAZAKHSTAN) BTA Bank, CEO Marat Zairov resigns for health reasons.
- 1/11/12 (SWITZERLAND) La Banque Privée Edmond de Rothschild, CEO Claude Messulamresigns, replaced by Christophe de Backer, Claude Messulam to become a director of the bank holding company.
- 1/11/12 (UK)Most senior foreign exec at Japan’s Nomura Tarun Jotwaniquits
- 1/12/12 (USA) Goldman Sachs, Co-Head Securities Trading Edward K. Eisler retires
- 1/12/12 (USA) Goldman Sachs, Co-Head Securities Trading David B. Heller retires
- 1/13/12 (IRELAND) National Asset Management Agency, head of lending Graham Emmett is resigning
- 1/13/12 (USA DC) World Bank, Vice President for Africa, Oby Ezekwesili will retire from her position at the World Bank in May.
- 1/13/12 (ITALY) Banca Monte dei Paschi di Siena, CEO Antonio Vigniat one of Italy’s biggest and oldest banking groups ousted in top management overhaul
- 1/13/12 (Italy) Banca Monte dei Paschi di Siena, president Giuseppe Mussariat asked to leave
- 1/16/12 (UAE – DUBAI) Ajman Bank CEO Mubashar Khokhar resigns
- 1/17/12 (CANADA) Cumberland Private Wealth Management CIO John Wilson quit to join another money manager.
- 1/17/12 (HONG KONG) Oversea-Chinese Banking Corporation Limited (OCBC Bank) CEO David Conner retires.
- 1/17/12 (UK) Morgan Stanley Intl, chairman Walid Chammah is retiring. An inside source speculated that it could mean that the company had suffered exposure to European sovereign debt woes under Chammah’s purview.
- 1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Ali Yousef Al Awwadhyresigned.
- 1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Miss Anoud Fadhel Al Hathran resigned.
- 1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Tarek Farid Al Othmanresigned.
- 1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Salem Ali Hassan Al Aliresigned.
- 1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Majed Ali Oweid Awadhresigned.
- 1/17/12 (KUWAIT) Commercial Bank of Kuwait S.A.K. Board Member Mr. Badr Suliman Al Ahmedresigned.
- 1/18/12 (USA) Goldman Sachs co-heads of Goldman’s securities business David Heller resigns.
- 1/18/12 (USA) Goldman Sachs co-heads of Goldman’s securities business Edward Eisler resigns.
- 1/18/12 (USA) Goldman Sachs co-head of its investment management division Ed Forst resigns.
- 1/18/12 (US NJ) Lakeland Bancorp and Lakeland Bank, Director of the Board Paul G. Viall, Jr. retires.
- 1/18/12 (SINGAPORE) Standard Chartered Bank’s global head of fixed income, Remy Klammersto resign
- 1/19/12 (UK) Santander, senior director Americas division Francisco Luzón is retiring with a pension pot of about €56m, a package whose generous size is expected to reignite controversy over bankers’ remuneration.
- 1/19/12 (EGYPT) Beltone Financial Holding (BTFH) Alaa’ Sabaa resigned from board of directors.
- 1/19/12 (EGYPT) Beltone Financial Holding (BTFH) Wael EL Mahgary resigned from board of directors.
- 1/19/12 (US OH) President and CEO of the Federal Home Loan Bank of Cincinnati David Hehman retires
- 1/20/12 (JAPAN) Normura’s head of wholesale banking Jasjit Bhattai quits
- 1/20/12 (SOUTH AFRICA) First National Bank’s sharia banking division is in a state of flux after it was hit by a corporate governance scandal in which its chief executive, Ebi Patel, was put on “special leave” for almost a month while an internal probe was conducted. Patel has been reinstated, but is facing disciplinary action. Islamic finance forbids the payment and receipt of interest (riba), and investment in some industries. Sharia law states that interest-bearing transactions result in economic ills such as unemployment and high inflation. Trading in derivatives and speculative investment are also forbidden. Sharia law requires all transactions to be backed by tangible assets.
- 1/20/12 (USA) TIAA-CREF executive vice president and president of Asset Management, Scott C. Evans resigned
- 1/20/12 (SOUTH AFRICA) South African deputy economic development minister Enoch Godongwana quit his post this week in the face of growing outrage in government circles about his involvement in a company that allegedly defrauded clothing factory workers of R100-million of their pension fund money.
- 1/20/12 (US GA) Chairman of the Board Morris Downing retires from Colony Bankcorp, Inc.
- 1/21/12 (UK) Butterfield Private Bank head Danny Dixon Steps Down
- 1/21/12 (SINGAPORE) ANZ Asia’s private banking head Nina Aguas resigns as managing director of Asia-Pacific private banking.
- 1/21/12 (USA CA) Nara Bancorp (Now called BBCN) President and CEO Min Kim Resigns
- 1/21/12 (US TX) City of Weslaco finance director Bret Mann; resigns
- 1/22/12 (KENYA) National Bank of Kenya’s (NBK) managing director, Mr Reuben Marambii, will resign before year end.
- 1/23/12 (SOUTH AFRICA) The South Africa Private Equity and Venture Capital Association (SAVCA) CEO JP Fourie resigned
- 1/23/12 (US OH) Ohio Legacy Corp. director of the Board Michael S. Steiner resigns
- 1/23/12 (US OH) Ohio Legacy Corp. director of the Board Heather Davis resigns
- 1/24/12 (IRELAND) Deutsche International Corporate Services Limited fund, Paul Shevlinresigned as a director
- 1/24/12 (US KS) Capitol Federal Financial, Inc., Director of the Board B. B. Andersen retires
- 1/24/12 (AUstralia) National Australia Bank currency strategist John Kyriakopoulos Resigns
- 1/24/12 (SWITZERLAND) Global Fund to Fight AIDS, Tuberculosis and Malaria, Dr. Michel Kazatchkine, a French clinical immunologist and head of the $22.6 billion fund has abruptly resigned, since revelations about corruption and misspending severely rattled some of its biggest donors. The resignation came on the eve of the World Economic Forum meeting in Davos, which played a role in its creation a decade ago. A dinner for the public-private fund is planned Thursday with U.N. Secretary-General Ban Ki-moon and major backers Bill Gates and the Bill & Melinda Gates Foundation. The shakeup resulted from an internal review to address problems highlighted in Associated Press stories last year about the loss of tens of millions of dollars in grant money because of mismanagement and alleged fraud. Its biggest private donor is the Bill & Melinda Gates Foundation, which has pledged $1.15 billion and provided it with $650 million so far.
- 1/25/12 (Papua New Guinea) Bank South Pacific (BSP) chairman Kostas Constantinou resigned as a director of the Board of Bank of South Pacific Limited and its subsidiaries.
- 1/25/12 (UK) SOFIA PROPERTY FUND LIMITED, Gerry Williams has resigned as a Director, following his resignation from Ardel Holdings Limited (“Ardel”) where he was CEO. Ardel is the holding company of Ardel Fund Services Limited which provides administration services in Guernsey to the Company.
- 1/25/12 (Kazakhstan) Independent Director of Kazakhstan’s BTA Bank Konstantin Korishchenko resigns
- 1/25/12 (USA NY) Fortress Private Equity, CEO Daniel Madrid (aka Daniel Mudd) has resigned. Madrid was forced to leave in order to deal with SEC allegations. Prior to joining Fortress, Madrid served as Fannie Mae CEO and was forced to resign. SEC sued Madrid and former Freddie Mac CEORichard West Long (aka Richard Syron) for hiding hundreds of billions of dollars in subprime loans. Madrid denied the SEC allegations saying the US govt. and investors were informed of Fannie Mae’s loan data.
http://goo.gl/u9IdB and http://goo.gl/v94ik and http://goo.gl/tXQwP
- 1/26/12 (US NJ)PHH Corp.’s director of the Board James Brinkley retires
- 1/27/12 (SINGAPORE) AIMS AMP CAP INDUSTRIAL REIT, Mr Graham Sugden resigned.
- 1/27/12 (SOUTH AFRICA) ABSA Group COO Alfie Naidoo would be leaving to pursue personal interests
- 1/27/12 (SOUTH AFRICA) ABSA Group chief marketing and communication officer Happy Ntshingila, will be taking up an “exciting position” outside banking
- 1/27/12 (SOUTH AFRICA) ABSA Group CEO Daphne Motsepe retires at the end of April after a 10-year career at the bank.
- 1/28/12 (US PA)S&T Bank’sBob Routresigns as Chief Financial Officer
- 1/29/12 (PORTUGAL) Banco Santander Totta SA executive chairman Nuno Manuel da Silva Amado has resigned
- 1/29/12 (NEW ZEALAND) New Zealand Reserve Bank Gov Alan Bollard to Step Down
- 1/29/12 (UAE) NBD, Emirates ‘s investment banking division CEO Suresh Kumar is leaving the bank
- 1/30/12 (UK) British Private Equity and Venture Capital Association (BVCA) COO Andrew Grahamsteps down
- 1/30/12 (Malaysia) Dr Choong Tuck Yew has retired as director and chairman of OSK Investment Bank Bhd
- 1/31/12 (SCOTLAND) Royal Bank of Scotland former CEO Fred Goodwin Stripped of Knighthood
- 1/31/12 (Italy) Director and member of the Remuneration Committee Carlo Pesenti resigns from Unicredit
- 1/31/12 (IRELAND) The Director of Corporate Enforcement Paul Appleby has announced his retirement at the end of next month. Mr. Appleby has held the position for the past 10 years since the office was first established in 2001. He has led the ODCE investigation into Anglo Irish Bank which is almost complete.
The Director of Corporate Enforcement “pulls a stroke”. The Head of the Garda Investigation team looking into ‘events’ in Irish banking quits and accepts a job with a bank.
- 2/01/12 (US CT) President and CEO of the First National Bank of Suffield George W. Hermann resigns
- 2/01/12 (SYRIA) Arab Bank Syria Board member Basma Talal Zein resigns.
- 2/01/12 (SOUTH AFRICA) ABSA [Barclay’s Bank] deputy CEO Louis von Zeuner resigns
- 2/01/12 (UK) Lloyds Bankging Group head of wholesale Truett Tate quits
- 2/01/12 (UK) Llyods Banking Group Tim Tookey leaving end of February
- 2/01/12 (Japan)Credit Suisse’s Paul Kuosteps Down as Japan CEO http://goo.gl/1F2Xm
- 2/02/12 (VENEZUELA) Banking Crisis Arne Chacon arrested for Banking Corruption
- 2/02/12 (USA) American Perspective Bank, President and CEO Thomas J. Beene resigned.
- 2/02/12 (USA) NIR Group hedge funds, Corey Ribotsky was forced out of NIR by Pricewaterhouse-Coopers, the court-appointed liquidator, following allegations of fraud by the Securities and Exchange Commission. In September, the SEC sued Ribotsky and NIR for taking more than $1 million of investors’ money to buy cars and watches.
- 2/02/12 (IRELAND) AXA Rosenberg Management Ireland Limited, director Nathalie Saveyresigned.
- 2/02/12 (Canada) VP of account management and sales in State Street’s securities finance team in Canada Warren Maynard resigns
- 2/03/12 (UK) VinaCapital Vietnam Opportunity Fund Ltd, Non-Executive Director Horst Geickehas resigned.
- 2/03/12 (UK) UBS London trader, Kweku M. Adoboli, was arrested and charged with fraud and false accounting, forcing UBS to announce a $2.3 billion trading loss.
- 2/05/12 (USA – NY) Morgan’s investment banking chairman Joseph Perella quit
- 2/05/12 (USA – NY) Morgan Stanley investment banking Tarek Abdel-Meguid quit
- 2/06/12 (INDIA) Dhanlaxmi Bank CEO Amitabh Chaturvedi quits:
- 2/06/12 (USA NY) TD Ameritrade, head of retail distribution John Bunch resigns. Bunch is leaving to take the top job at a small investment advisory firmin Kansas City.
- 2/06/12 (CANADA) Director of Sprott Inc. Mark McCain resigns
- 2/07/12 (USA) Bank Of America’s Mortgage Business Chief Barbara Desoer Retires
- 2/07/12 (INDIA) Kotak Mahindra Bank Falguni Nayar quits
- 2/07/12 (IRAN) Iran denies central bank resignation rumor (don’t believe until its denied?)
- 2/07/12 (UK) Agneash Soft Commodities PLC, an investment company in mineral, announced resignation of its Chief Investment Officer Tom Winnifrith .
- 2/07/12 (US NY) BlackRock, General counsel Robert P. Connolly leaves
- 2/08/12 (SOUTH AFRICA) Standard Bank Group Ltd – Resignation of Group Secretary Loren Wulfsohn
- 2/08/12 (USA OH) Cleveland International Fund (CIF) private equity fund, A. Eddy Zai launched and led the Cleveland International Fund, an investment outfit that pairs wealthy foreign investors hoping for U.S. residency with job-creating projects. Zai resigned from his job this week, before being indicted in a bank-fraud scheme that, according to investigators, contributed to the collapse of a credit union in Eastlake.
- 2/08/12 (UAE) Emirates NBD makes top-level changes Bank’s deputy chief executive officerAbdul Wahed Al Fahim has resigned.
- 2/09/12 (VATICAN) Institute for Religious Works (IOR aka “Vatican Bank”), 62 year oldMonsignor Emilio Messina, the Archdiocese of Camerino-San Severino Marche investigated on money laundering by Italian officials.
- 2/09/12 (VATICAN) Institute for Religious Works (IOR aka “Vatican Bank”), 49 year old Father Don Salvatore Palumbo of the socially popular parish of San Gaetano
- 2/09/12 (VATICAN) Institute for Religious Works (IOR aka “Vatican Bank”), 37 year old Father Horace Bonaccorsi of Catania, already tried and acquitted in Sicily for money laundering offenses recycling money through accounts at IOR
- 2/09/12 (VATICAN) Institute for Religious Works (IOR aka “Vatican Bank”), 85 year old Father Don Evaldo Biasini of Rome. Father Don Evaldo Biasini is known as the “Don of Cash”.
- 2/09/12 (IRELAND) SPL Investment Funds’s director John Davey discharged
- 2/09/12 (UKRAINE) National Bank of Ukraine deputy governor Volodymyr Krotiuk quits
- 2/09/12 (UK) JP Morgan Chinese Investment Trust PLC, non-executive Director Madam Yujiang Zhao resigned
- 2/09/12 (UK) Alliance Trust Savings (ATS), Robert Burgess is stepping down as CEO.
- 2/10/12 (NIGERIA) Peace Capital Market Limited Managing Director Sabinus Iroanya Chukwu resigns
- 2/10/12 (KOREA) Korea Exchange Bank chief Larry Klane steps down
- 2/10/12 (INDIA) Tamilnad Mercantile Bank CEO A K Jagannathan resigns
- 2/13/12 (KUWAIT) Kuwait Central Bank CEO Sheikh Salem Abdulaziz Al Sabbah resigns
- 2/13/12 (UK) Goldman Sachs confirmed on Monday that George N. Mattson, one of the firm’s top deal makers in the industrial sector, will retire. He was a senior relationship banker with a client list that included General Motors, General Electric and Caterpillar.
- 2/13/12 (HONDURAS) Honduras finance minister William Chong Wong, resigned on Monday after the International Monetary Fund (IMF) said the country did not reach its deficit and monetary targets for 2011.
- 2/13/12 (US PA) AmerisourceBergen CFO Michael DiCandilo Abruptly Leaves.
- 2/13/12 (US NH) New Hampshire Thrift CEO Stephen Ensign retires
- 2/13/12 (US NC)SVP and regional executive for Bank of North CarolinaWilliam H. ‘Bill’ McMurray IIIretires
- 2/14/12 (NICARAQUA) Nicaraqua Central Bank President Antenor Rosales resigns
- 2/14/12 (UK) Social finance pioneer Malcolm Hayday quits Charity Bank
- 2/14/12 (PAKISTAN) National Bank of Pakistan (NBP) chairman Syed Ali Raza resigned
- 2/14/12 (USA NY) Goldman Sachs Jeffrey Moslow resigns, an investment banker to companies such as Tyco International Ltd, Nstar, the Boston-based utility, and defense contractor Dyncorp International Inc.
- 2/14/12 (US MI) Fentura Financial Inc.’s Douglas Kelley resigns as CFO
- 2/14/12 (US NC) North Carolina Bank Commissioner Joseph A. Smith, Jr.Resigns
- 2/15/12 (SOUTH AFRICA) HPA – Hospitality Property Fund Limited, chairman Frank Berkeleyresigned.
- 2/15/12 (USA) Boston Properties (REIT), Executive VP and COO E. Mitchell Norvilleto resigned
- 2/15/12 (WORLD) World Bank CEO Zoellick resigns
Did the White House tell the World Bank president that he’s out?
- 2/15/12 (CHINA) Morgan non-executive chairman Stanley Stephen Roach will be retiring.
- 2/15/12 (SLOVENIA) Nova Kreditna Banka Maribor CEO Andrej Plos resigns
- 2/15/12 (SLOVENIA) Nova Ljubljanska Banka d.d. CEO Bozo Jasovic resigns
- 2/16/12(CHINA) Goldman Sachs Vice Chairman in Asia Pacific excluding Japan Mark Machin steps down
- 2/16/12 (USA IL) Deerfield Capital Management LLC, CEO Daniel Hattori and CEO of CIFC Corp resigned.
- 2/16/12 (USA IL) Deerfield Capital Management LLC, COO Luke Knecht and CEO of CIFC Corp, resigned both positions.
- 2/16/12 (UK) The Financial Services Authority Margaret Cole is to step down
- 2/16/12 (GHANA) Databank Group Executive Chair Ken Ofori-Atta steps down
- 2/16/12 (SAUDI ARABIA) Saudi Hollandi Banks Managing Director Geoffrey Calvert Quits
- 2/16/12 (AUSTRALIA) ANZ Bank Australia CFO Peter Marriott resigns
- 2/16/12 (UK) Royal Bank of Scotland Sr Equities Trader Jason Edinburgh Arrested
- 2/16/12 (UK) Royal Bank of Scotland director equities bus. Vincent Walsh director Arrested
- 2/16/12 (UK) Marex Spectron senior trader Michael Elsom Arrested
- 2/16/12 (AUSTRALIA) Royal Bank of Scotland Austraila CEO Stephen Williams resigns
- 2/16/12 (Bermuda) Global Specialised Opportunities 1 Limited Fund’s Oliver Betz-Fletcher resigns from the Board of Directors
- 2/17/12 (SOUTH AFRICA) Coronation Fund Managers CEO Hugo Nelson is stepping down at age of 40.
- 2/17/12 (PAKISTAN) PICIC Asset Management Company Limited CFO Ahmed Raza resigns
- 2/17/12 (USA NY) Goldman Sachs CEO Lloyd Blankfein out as by summer
- 2/17/12 (SWITZERLAND) SNB Council President Hansueli Raggenbass resigns
- 2/17/12 (UK) Insight Investment, asset manager Mike Pinggera has resigned..
- 2/17/12 (USA NY) Harbinger Group Inc. CFO Francis T. McCarron has advised the Company of his resignation effective April 30
- 2/17/12 (BULGARIA) Bulgaria National Health Insurance Fund (NHIF), The managing director Neli Nesheva, resigned after a two-day row about end-of-year bonuses paid by NHIF to its employees.
- 2/17/12 (US OH) Chairman and CEO Doyle Lee of First Financial Bank retires
- 2/18/12 (PAKISTAN) The Bank of Azad Jammu and Kashmir executive Zulfiqar Abbasi resigns
- 2/18/12 (Norway) Terra to Close Equity Trading Desk’s CEO Stein Ole Larsen resigns After FSA Report
- 2/19/12 (MALTA) Bank of Valletta, director of the Multi-Manager Fund John C. Ripard, has resigned being reprimanded by the MFSA for disposing of his holdings in the Fund whilst in possession of sensitive information which was not available to the public.
- 2/20/12 (IRELAND) SPL Investment Funds’s director Mike Kirby resigns
- 2/20/12 (RUSSIA) Head of Russian Bank Regulator Gennady Melikyan Steps Down
- 2/20/12 (SWITZERLAND) Credit Suisse Chief Joseph Tan resigns
- 2/20/12 (ISRAEL) Bank Leumi le-Israel Ltd: Zvi Itskovitch resigns
- 2/20/12 (USA WA) First Financial Northwest Director Spencer Schneider Quits
- 2/21/12 (ARGENTINA) Central Bank of Argentina (BCRA) Gen Mgr Benigno Velez, resigns
- 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Matlub resigns
conflict of interest with director seat on unknown bank
- 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Selima Ahmad resigns
conflict of interest with director seat on unknown bank
- 2/21/12 (BANGLADESH) Nitol Insurance Co. Ltd director Abdul Musabbir Ahmad resigns
conflict of interest with director seat on unknown bank
- 2/21/12 (BANGLADESH) City General Insurance Co. Ltd director Geasuddin Ahmad resigns
conflict of interest with director seat on unknown bank
- 2/21/12 (BANGLADESH) Social Islami Bank Limited director Taslima Akter resigns
conflict of interest with director seat on Eastland Insurance Company Limited
- 2/21/12 (JAPAN) CITIBANK JAPAN: Bakhshi is taking over duties from Brian Mccappin, who the bank said in December would resign after the unit was banned for two weeks from trading tied to the London and Tokyo interbank offered rates.
- 2/21/12 (Bangladesh) Social Islami Bank Limited’s Taslima Akter resigned from the board in compliance with the Insurance Act 2010.
- 2/22/12 (US CA) PIMCO, Chairman of the board Vernon Wright resigned from the world’s biggest bond fund.
- 2/22/12 (US CA) PIMCO board member Gregg Silver resigned from the world’s biggest bond fund.
- 2/22/12 (HONG KONG) DZ BANK project finance head Tim Meaney quits
- 2/22/12 (SINGAPORE) Macquarie International Infrastructure Fund’s CEO John Stuart to resign
- 2/22/12 (USA NY) Goldman Sachs Hedge Fund Group Chief Howard Wietschner to Retire
- 2/22/12 (UK) UBS AG’s (UBSN) Doug McCutcheon, head of Healthcare Banking in Europe, Middle East, Africa and Asia-Pacific region, has left Switzerland’s biggest bank after 25 years at the firm.
- 2/23/12 (UK) Goldman Sachs Nordic M&A banker Luca Ferrari has decided to retire from the firm, clients included the largest telecommunications operator in Spain the Spanish telecommunications.
- 2/23/12 (SOUTH AFRICA) Richard Gush resigns from Standard Bank
- 2/23/12 (SCOTLAND) Royal Bank of Scotland Group director John McFarlane resigns.
- 2/23/12 (Canada) Bank of Montreal investment banking head Bill Butt to retire
- 2/24/12 (GUERNSEY) Spearpoint Limited (SPL) Investment Funds, director Mike Kirby resigns for business reasons.
- 2/24/12 (INDIA) Breaking: ICICI Bank GC Pramod Rao resigns
- 2/24/12 (HONG KONG) Citigroup Pvt Bank Global Real Estate Kwang Meng Quek Resigns
- 2/24/12 (NEW ZEALAND) FSF Executive Director Kirk Hope resigns
- 2/24/12 (USA NY) Evercore Partners Head Eduardo Mestre steps down
- 2/25/12 (AUSTRALIA AND NZ) Goldman Sachs Chairman Stephen Fitzgerald quits
- 2/25/12 (DENMARK) European Investment Bank (EIB), Mr Sigmund Lubanski, of the Kingdom of Denmark tendered his resignation.
- 2/25/2012 (LUXEMBOURG) European Investment Bank, director of the Board Sigmund Lubanski resigns
- 2/27/12 (GERMANY) Deutsche Bank Americas chief Seth Waugh steps down
- 2/27/12 (BAHRAIN) Khaleeji Commercial Bank CEO Ebrahim Ebrahim quits
- 2/27/12 (BAHRAIN) – Mumtalakat Holding [Sovereign Wealth Fund] CEO Al Zain resigns
- 2/27/12 (FRANCE) Societe Generale’s Investment Banking Chief Michel Péretié Steps Down
- 2/27/12 (MALAYSIA) Elaf Bank CEO Dr El Jaroudi resigns
- 2/27/12 (GERMANY) Equiduct chairman Artur Fischer steps down
- 2/27/12 (IRAN) Bank Melli CEO Mahmoud Reza Khaavari Resigns – Flees to Canada!
- 2/27/12 (IRAN) Bank Saderat CEO Mohammad Jahromi resigns
- 2/27/12 (UK) Lloyds Banking Group Glen Moreno steps down
- 2/27/12 (SINGAPORE) Standard Chartered Bank, global head of repo and collateralised financingTanweer Khan resigned.
- 2/28/12 (HONG KONG) Hang Seng Bank CEO Margaret Leung Ko May-yee quits
- 2/28/12 (CHINA) Bank of China International ECM global head Marshall Nicholson quits
- 2/28/12 (SINGAPORE) DBS security head Jim Pasqurell quits, cites health reasons
- 2/28/12 (HONG KONG) Bank of America’s Asia-Pac. mrkts Brian Canniffe quits
- 2/28/12 (BELGIUM) KBC’s CEO Jan Vanhevel is to retire after a career spanning 41 years.
- 2/28/12 (CANADA) Ontario Securities Commission chairwoman Peggy-Anne Brown quits
- 2/28/12 (AUSTRALIA) Bank manager Colin John Carleton jailed nine years for $3m theft
- 2/28/12 (SRI LANKA) Sri Lanka Com Bank CEO Amitha Gooneratne retires
- 2/28/12 (SOUTH AFRICA) REDEFINE INCOME FUND director Gerald Leissner resigns
- 2/28/12 (ITALY) UNICREDIT: Chairman Dieter Rampl not available for a new mandate
- 2/28/12 (UK) Bank of England Sir David Lees re-appointed Chair of Bank of England and gives notice of resignation at end of 2013
- 2/28/12 (IRELAND) State Street Global Advisors Cash Funds plc Director Keith Walsh resigns
- 2/28/12 (US IN) Regional chairman of PNC bank in Indy to retire Steve Stitle
- 2/29/12 (US KY)PNC Bank regional presidentHarry Richart IIIretires
- 2/29/12 (AUSTRALIA) Perpetual portfolio manager Matt Williams steps down
- 2/29/12 (UK) Honister Capital CEO Richard Pearson steps down
- 2/29/12 (GUYANA) National Investment and Commercial Investments Ltd. (NICIL), Executive Director Winston Brassington resigns, “We feel that (Winston) Brassington knows everything…A to Z about all the transactions,” said Chairman of the Alliance for Change (AFC), Khemraj Ramjattan, as he sounded a warning that controversial figure could be subpoenaed to appear before the Parliamentary Economic Sector Committee.
- 2/29/12 (US AR) Human resources and operations manage Wanda Tormey to retire from Decatur State Bank
- 2/29/12 (London) Bank of Tokyo’s EMEA Loan Syndicate Head Francesco Carobbi Said to Quit
- 3/01/12 (MALAYSIA) RHB Bank Bhd deputy managing director Renzo Viegas quits
- 3/01/12 (ITALY) Italian Banking Association Chairman Giuseppe Mussari talks to reporters in Rome after he and seven other executives offered to resign in protest over new banking-fee rules included in the government’s legislation on boosting competition.
- 3/01/12 (USA FL) Florida Venture Forum [Venture Capital] Exec Dir Robin Lester quits
- 3/01/12 (USA NY) PineBridge Investments said Win Neuger has resigned as chief executive. Neuger helped build AIG’s third party asset management business, PineBridge still manages AIG assets
- 3/01/12 (SINGAPORE) UBS Singapore – James Tulley is leaving Switzerland’s largest bank, it is not clear where he is going.
- 3/01/12 (USA NH) Piscataqua Savings Bank CEO Jay Gibson retires
- 3/01/12 (ICELAND) Iceland’s Financial Supervisory Authority (FSA) fired its director Gunnar Andersen
- 3/01/12 (USA OR) Oregon Public Employees Retirement Fund (OPERF) senior RE officer Brad Childwill retire
- 3/02/12 (USA NC) North Carolina Retirement Systems, Chief investment officer Shawn Wischmeier resigned.
- 3/02/12 (CHINA) China Construction Bank Corp, assistant general manager and head of corporate banking Mickey Mehta quits
- 3/02/12 (USA NY) Deutsche Bank Student Loan CEOJohn Hupalo quits to start student loan counseling firm.
- 3/02/12 (UK) Bank of England Sir Mervin King resigns in June, Lord Sassoon tipped as replacement.
- 3/02/12 (BOTSWANA) Barclays Bank Botswana managing director Wilfred Mpai forced to resign
- 3/02/12 (HONG KONG) New Century Group Hong Kong Ltd [investment house and leisure group]Wilson Ng resigns
- 3/02/12 (USA NY) Citigroup Richard Parsons to step down as chairman
- 3/02/12 (Canada) National Bank Announces the Retirement of Rejean Levesque
- 3/03/12 (AUSTRIA) Volksbank AG (VBAG) The contract of CEO Gerald Wenzel will not be extended
- 3/03/12 (ETHIOPIA) Dashen Bank’s board dismisses president Leulseged Teferi
- 3/03/12 (RUSSIA) Enza Capital KK, Wealthy British banker Philip Townsend (Baron Townsend of Rathmore) and his wife killed at Estonia holiday home ⑆44541444⑈
http://goo.gl/GSOUN and http://goo.gl/x94ID and http://goo.gl/gGgLP
- 3/04/12 (KOREA) Hana Financial Group Inc, prominent figure in the history of South Korean finance Kim Seung-yu , resigns
- 3/04/12 (USA NY) JP Morgan prop trading chief Mike Stewart quits
- 3/05/12 (SAUDI ARABIA) Al Rajhi Bank CEO Abdullah bin Sulaiman Al Rajhi has resigned
- 3/5/12 (UK) Jupiter fund co-manager Tony Nutt steps down
- 3/05/12 (UK) Jupiter fund co-manager John Hamilton steps down
- 3/05/12 (NEW ZEALAND) Insured Group Bill Jeffries has resigned as chairman and director
- 3/05/12 (USA) Reliance Bancshares chairman Patrick Gideon resigned
- 3/05/12 (UK) Charterhouse partner Gordon Bonnyman is stepping down.
- 3/05/12 (UK) HgCapital, partner Lindsay Dibden is leaving after 20 years.
- 3/06/12 (FRANCE) Blackstone Group’s Paris office leader Jean-Michel Steg will step down
- 3/06/12 (JAMAICA) Jamaica Money Market Brokers Limited, Patricia Sutherland has resigned as Executive Director
- 3/06/12 (JAMAICA) Jamaica’s Financial Services Commission (FSC), Executive director Rohan Barnett, has resigned the position, the Ministry of Finance, Planning and the Public Service announced this afternoon.
- 3/06/12 USA CT) Wells Fargo & Co. said that Mackey McDonald, one of the last remaining directors from Wachovia is retiring.
- 3/06/12 (USA PA) USA Technologies Inc Bradley M. Tirpak, a nominee of Shareholder Advocates for Value Enhancement,has resigned from its board subsequent to a settlement agreement with the investing group, according to an SEC filing. Provides a network of wireless non-cash transactions, associated financial/network services and energy management. It provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries.
- 3/06/12 (UK) Sterling Green Group has announced that Philip Kanas, a non-executive director, has decided to resign
Sterling Green Group PLC became a cash shell following the disposal of their subsidiaries Taxdebts Ltd, Sterling Green (Mortgages) Ltd and the back books of the clients of Sterling Green Ltd. during December 2011.
- 3/06/12 (UK) Aberdeen Asset Management, non-executive director Gerhard Fusenig has resigned from the board.
- 3/07/12 (GERMANY) Deutsche Bank AG’s (DB) Chief Risk Officer Hugo Baenzigeri to resign
- 3/07/12 (GERMANY) Deutsche Bank AG’s (DB) Chief Operating Officer Hermann-Josef Lambertito resign
- 3/07/12 (UNITED ARAB EMIRATES) Dubai Mercantile Exchange announced Thomas Leaver will step down as CEO
- 3/07/12 (SCOTLAND) Macfarlane Group Chairman Archie Hunter to step down after 8 years of service
- 3/07/12 (USA) BlackRock Emerging Markets Fund co-head Daniel Tubbs, has left the group to pursue other opportunities.
- 3/07/12 (UK) Goldman Sachs (GSI) Christopher French resigns from board
- 3/07/12 (UK) Goldman Sachs (GSI) David Wildermuth resigns from board
- 3/07/12 (UK) Goldman Sachs (GSI) Matthew Westerman resigns from board
- 3/07/12 (UK) Goldman Sachs (GSI) co-head of global mergers and acquisitions Yoel Zaoui resigns
- 3/07/12 (UK) Goldman Sachs (GSI) Phil Beatty resigned as head of European power and natural-gas trading
- 3/07/12 (SINGAPORE) Nikko Asset Management Timothy McCarthy is retiring as chairman and CEO at the end of the month
- 3/07/12 (HONG KONG) UBS Senior Asia Economist Jonathan Anderson Departs
- 3/07/12 (HAITI) FORMER DIRECTOR HAITI CENTRAL BANK SLAIN! ⑆44541444⑈
- 3/07/12 (FRANCE) Société Générale Private Banking, Daniel Truchi is to step down as head of Société Générale Private Banking
- 3/07/12 (AUSTRALIA) Customers Ltd, Tim Wildash has cashed himself out as chief executive of Australia’s largest ATM operator
- 3/07/12 (USA CA) CALSTRS, Pascal Villiger, senior private equity portfolio manager at the $145 billion California State Teachers’ Retirement System resigns
- 3/07/12 (USA) Astaire quits Bank of America Merrill to dance to Barclays Capital’s tune
- 3/07/12 (US NH) Susan Goodwin to Retire from Meredith Village Savings Bank
- 3/07/12 (US TN) Dwight Grizzell Mountain National president and CEO, retires
- 3/08/12 (UK) Schroders, Chairman Michael Miles depart as fees, inflows drop. UK’s biggest fund management firm.
- 3/08/12 (USA NY) Schroders, CIO Alan Brown is steps down
- 3/08/12 (USA IL) CBOE Executive Patrick Fay Put on Leave Amid SEC Probe
- 3/08/12 (USA NH & RI) Bristol County Savings Bank president E. Dennis Kelly retires after 35 years
- 3/08/12 (GERMANY) Clearstream Banking AG – Katja Rosenkranz To Leave Deutsche Börse Group [stockmarket]
- 3/08/12 (UK) B&CE CEO Brian Griffiths is to retire later this year
- 3/08/12 (UK) Invesco Trimark Ltd, portfolio manager Dana Love has resigned.
- 3/08/12 (ISRAEL) Bank of Israel Governor Stanley Fischer will hand in his shock resignation in the coming days and take up a new position as head of the Bank of Zambia. Finance Minister Yuval Steinitz is believed to be furious with Fischer’s decision. Treasury officials said he even canceled his participation in the office’s annual Purim party in order to convince Fischer to reverse his decision.
- 3/08/12 (SOUTH AFRICA) Standard Bank Group Limited (SBK), board member Sir Paul Judgeretires.
- 3/08/12 (SOUTH AFRICA) Standard Bank Groupl Limited (SBK), board member Sir Sam Jonahretires.
- 3/08/12 (Germany) Managing director and European head of securities lending at Deutsche Bank Ben Sofoluwe has left the company
- 3/09/12 (MONGOLIA) Mongol Bank President Alag Batsukh submitted his resignation letter to Speaker of Parliament D. Demberel at the end of last month. He described his reason for resigning as a lack of support by Parliament.
- 3/09/12 (MONGOLIA) Asia Pacific Securities, General Manager Narantuguldur Saijrakh recently resigned, to focus on his role as Director of Khan Investment Management, investment advisor to the Khan Mongolia Equity Fund – the first open-ended investment vehicle with monthly dealing that invests in Mongolia related equities listed both domestically and internationally.
- 3/09/12 (Côte d’Ivoire) Banque Central des Etats d’Afrique de l’Ouest (BCEAO) The Ivorian governor of the multi-billion dollar West Africa Francophone bank, Philippe-Henry Dacoury-Tabley, resigned his post.
- 3/09/12 (UK) Lazard , co-head of investment banking Alexis de Rosnay quits. De Rosnay specialises in the healthcare sector, he has advised Teva Pharmaceutical and Novartis.
- 3/09/12 (UK) Deutsche Bank PWM, UK head of portfolio management Martyn Surguy resigned.
- 3/09/12 (UK) Deutsche Bank PWM, head of discretionary management, Kypros Charalambous, having also stepped down.
- 3/09/12 (HONG KONG) Bank of America Merrill Lynch, K.J. Kim, responsible for Southeast Asia, resigned
- 3/09/12 (HONG KONG) Bank of America Merrill Lynch, Jimmy Choi, who was in charge of high-yield debt, resigned.
- 3/09/12 (HONG KONG) Bank of America Merrill Lynch, Leonard Ng, a vice-president in Hong Kong resigned.
- 3/09/12 (AUSTRALIA) Bank of Queensland CFO Ram Kangatharan plans to leave the bank.
- 3/09/12 (USA) Cerberus Capital Management LP, CEO Robert Nardelli resigns.
- 3/09/12 (US OH) MORPC leader Chester Jourdan resigns
- 3/09/12 (US OH) Park National Corp.’s chief financial officer John Kozak retires
- 3/10/12 (AUSTRALIA) WESTPAC, Rob Chapman opted to quit running its regional subsidiary St George Bank.
- 3/10/12 (TURKEY) Garanti Bank, The deputy CEO of Turkish lender Tolga Egemen, has decided to quit.
- 3/10/12 (CHINA) Korea Development Bank, Shanghai unit senior manager Stella Wen resigned.
- 3/10/12 (HONG KONG) Deutsche Bank, Johan Sudiman resigns as director.
- 3/12/12 (USA) John Lewis Partnership Pension Trust, head of investments Andrew Chapman, resigns
- 3/12/12 (USA CA) California’s Department of Financial Institutions, commissioner William Harafresigned. The DFI did not say why he is leaving.
- 3/12/12 (KUWAIT) Gulf Bank, Chairman Ali Rashaid Al Bader quits
- 3/12/12 (UK and IRELAND) Allfunds Bank, head of UK and Ireland Alan Gadd is stepping down from his role at the end of April.
- 3/12/12 (USA) ICAP, CEO of the electronic broking business David Rutter step down following a restructuring of the business.
- 3/12/12 (UK) SVG Capital, chairman Nicholas Ferguson resigns. His departure left him well placed to succeed James Murdoch as chairman of BSkyB should the latter bow to investor pressure and step down. Other investors in the satellite broadcaster suggested Ferguson might be seen as too close to Murdoch to win the support of institutional shareholders.
- 3/12/12 (UK) Park Hill Group – Blackstone Group’s fundraising advisory arm, Managing Partner of private equity and hedge fund distribution Chris Leach resigns
- 3/12/12 (UK) Park Hill Group – Blackstone Group’s fundraising advisory arm, Managing PartnerJustin Bower resigns
- 3/12/12 (UK) The chief executive David Rutter of the electronic broking business at interdealer broker Icap stepping down.
- 3/12/12 (SOUTH AFRICA) The Development Bank of Southern Africa (DBSA), CEO Paul Baloyiresigns.
- 3/12/12 (USA) Lehman Brothers Holdings Inc, CEO Bryan Marsal Resigns Title, Remains on as Adviser
- 3/12/12 (USA IL) CME Group Inc, CEO Craig Donohues will step down at year end.
- 3/13/12 (USA) Eaton Vance Corp, Treasurer and CFO Robert J. Whelan has stepped down.
- 3/12/12 (USA IL) CBOE Holdings Inc. (CBOE), senior compliance executive Patrick Fay has resigned. The options exchange being investigated by the Securities and Exchange Commission, Fay had been placed on leave after the SEC began investigating the options-market operator’s oversight of traders.
- 3/13/12 (USA) Mithras Investment Trust, chairman Mike Wooderson will step down
- 3/13/12 (USA) PHH Mortgage, President Luke Hayden resigned from to pursue what the company calls “other interests.” http://goo.gl/iaqQf
- 3/13/12 (USA) PHH Mortgage, Treasurer Mark Johnson.resigned
- 3/13/12 (AUSTRALIA) WESTPAC, head of corporate affairs after David Bell decided to step down from the role. Bell is the latest top executive to leave the bank.
- 3/13/12 (UK) Capula’s Systemic Trading Head Qiang Dai to Leave Fund
- 3/13/12 (UAE) National Bank of Abu Dhabi, CEO Michael Tomalin, will retire from the post in a few months.
- 3/13/12 (ISRAEL) Osem Investments Ltd, CEO Gazi Kaplan has tendered his resignation, effective April 2, citing heath reasons. Nestlé SA owns 58.8% of Osem.
- 3/13/12 (USA) Paulson & Co.’s, partner and head of the global bank team Robert Lacoursierehas quit to form his own hedge fund
- 3/13/12 (AUSTRALIA) ASX Ltd, Chairman David Gonski will step down from his role at Australia’s main stock market operator after being appointed to oversee almost A$90 billion ($95 billion) in the nation’s sovereign-wealth funds.
- 3/13/12 (UK) JP Morgan, Asset Management European chief Jamie Broderick is to step down more than 20 years at the firm.
- 3/13/12 (UK) SVG Chairman Nicholas Ferguson retires.
- 3/13/12 (UK) SVG Director Edgar Koning retires.
- 3/13/12 (UK) SVG Director Denis Raeburn retires.
- 3/13/12 (UK) SVG Director Francis Finlay retires.
- 3/13/12 (UK) Nomura’s Kieran Higgins co-head of fixed income for Europe, the Middle East and Africa sacked
- 3/13/12 (UK) Nomura Holdings Inc. (8604), Japan’s biggest securities firm, will cut about 30 managers in its fixed income unit based in London, Peter Hornick head of fixed income sales for the Americas sacked
- 3/14/12 (UK) Global head of financial institutions strategic financing and solutions at Royal Bank of Scotland Antonion Polverino leaves
- 3/14/12 (UK) Goldmand Sachs, executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa, Greg Smith, is resigning today.
- 3/14/12 (SOUTH AFRICA) ABSA chairman Garth Griffin to retire
- 3/14/12 (UK) WorldSpreads, CEO Conor Foley resigns
- 3/15/12 (US WA) HomeStreet Bank, EVP and CFO David Hooston resigns
- 3/15/12 (DENMARK) Sparekassen Faaborg board member Steen Grønved Nielsen resigns
- 3/15/12 (UK) RBC Capital Markets head of SSA syndicate desk Noel Williams resigns
- 3/15/12 (UK) Novia London sales manager Dave Chassell quits
- 3/15/12 (US CA) Prosper Finance (online venture captial services) CEO Chris Larsen steps down
- 3/15/12 (UK) The Royal British Legion’s (fund) director of corp. communications Stuart Gendall resigns
- 3/15/12 (IRELAND) President of Sinn Fein USA (fund) Larry Downes steps down
- 3/16/12 (AUSTRALIA) Investorfirst CFO and company secretary Ariel Sivikofsky resigns
- 3/16/12 (MALAYSIA) Amanah Raya Bhd (trust) managing director Datuk Ahmad Rodzi Pawanteh steps down
- 3/16/12 (UK) Towry (investment & fin. advice) Non-exec chairman Glyn Jones steps down
- 3/16/12 (GERMANY) Deutsche Bank Chief risk officer (CRO)of Hugo Bänziger steps down
- 3/16/12 (US IL) Henderson Global Investors Inc. head of the International Opportunities Fund Iain Clark steps down
- 3/16/12 (US CA) Executive VP and Chief Compliance Officer of Heritage Bank of Commerce Margaret Incandela resigns
- 3/16/12 (US VA) Genworth Financial board member J. Robert Kerrey resigns to campaign for senate seat
- 3/16/12 (UK) CEO of the FSA (Financial Services Authority) Hector Sants to leave
- 3/19/12 (US IA) ISU Foundation (fund), President and CEO of the Dan Saftig to step down
- 3/19/12 (BRAZIL) HSBC Brazil CEO Conrado Engel steps down
- 3/19/12 (UAE) Finance head at SNR Denton Islamic Sheikh Muddassir Siddiqui resignsto pursue advisory role
- 3/19/12 (SWITZERLAND) Julius Baer bank’s chairman Raymond Baer steps down in a“surprise departure”
- 3/19/12 (GERMANY) Deutsche Bank, asset management chief Kevin Parker to leave executive committee
- 3/19/12 (GERMANY) Deutsche Bank, head of private wealth management Pierre de Weck resigns from executive committee
- 3/19/12 (HONG KONG) China Development Bank HK branch CEO Di Weiping retires
- 3/19/12 (US ID) SunTrust Bank president and CEO Thomas Rueger to retire
- 3/19/12 (SWEDEN) AP6 (private equity) CEO Marianne Dicander Alexandersson steps down
- 3/19/12 (SWITZERLAND) FINMA (Swiss Financial Market Supervisory Authority) Vice-chairMonica Mächler to step down
- 3/19/2012 (US DE) David Folkwein, interim president and chief executive officer of Delaware County Bank, is leaving the position effective June 22
- 3/19/12 (Greece) Greek finance minister Venizelos resigns to head Socialist party
- 3/19/12 (BRAZIL) HSBC Brazil Chief Executive Conrado Engel Steps Down
- 3/16/12 (Cyprus) Cyprus Finance Minister Kikis Orcel resigns in spite of president’s plea to stay
- 3/20/12 (KUWAIT) National Investments Co. chairman Yousef Al Majid resigns
- 3/20/12 (UK) Bank of America, Co-head of distressed debt at Michael Guy resigns
- 3/20/12 (US PA) Penseco Financial Services Corp, Former state senator Robert J. Mellowresigns from board
- 3/20/12 (US TX) Acquisition chief Dan Magder quits Lone Star Investments
- 3/20/12 (NIGERIA) Chairman of House Committee on Capital Markets Hon. Herman Hembe resigns due to allegations of bribery
- 3/20/12 (Hong Kong) Head of Deutsche Bank Asia-Pac Loh Boon Chye quits
- 3/20/12 (US NY) Deutsche Bank, head of asset management Kevin Parker steps down from executive committee
- 3/20/12 (GERMANY) Deutsche Bank, Chairman and CEO Josef Ackermann exits with pension of €18.7 million
- 3/20/12 (UK) Coller Capital, CEO Charles Hippsley has left to help lead a Christian organisation in London.
- 3/21/12 (GERMANY) Deutsche Bank AG, Co-head Wolfgang Hammes leaves
- 3/21/12 (UK) Aviva Investor’s European equity head John Botham exits
- 3/21/12 (CANADA) National Bank’s Ontaria, Atlantic region manager Mike Miller leaves
- 3/21/12 (UK) Royal Bank of Scotland Group’s global head of equity prime services Gregory Wagner resigns
- 3/21/12 (US DC) Liquidity Services Inc, Chief information officer Eric Dean resigns
- 3/21/12 (US NC) Bank of America Corp.’s salesman Michael Miller resigns
- 3/21/12 (US NC) Bank of America Corp.’s salesman John Livingstone resigns
- 3/21/12 (US NC) Bank of America Corp.’s Michael Case, a director of commercial mortgage security banking, resigns
- 3/21/12 (US NC) Bank of America Corp.’s John Eck, a managing director of asset-based trading, resigns
- 3/21/12 (US NC) Bank of America Corp.’s Seth Jacker, a managing director of mortgage sales, resigns
- 3/21/12 (US NC) Bank of America Corp.’s John McNiff, a managing director who served as co-head of trading in commercial mortgage securities, resigns
- 3/21/12 (US NY) JP Morgan’s adjustable-rate mortgages trader Roy Kim resigns
- 3/21/12 (US NY) JP Morgan’s securitized-products salesman John Angelica resigns
- 3/21/12 (US NY) JP Morgan’s co-head of trading in subprime mortgages Raphael Gonzalez resigns
- 3/21/12 (US TN) Chief financial officer for First Security Group, parent of FSGBank, William L. “Chip” Lusk Jr. Leaves. http://goo.gl/fNEg2
- 3/22/12 (UK) Global equity head Neil Rogan resigns from Henderson Global Investors
- 3/22/12 (NETHERLANDS) CIO at Nedlloyd Pension Fund Bert Tibben step down
- 3/22/12 (UK) Bank of America Corp, chairman of global banking and markets, Andrea Orcel steps down, goes to UBS
- 3/22/12 (UK) Bank of America Corp, Jonathan Moulds steps down, helped build the bank’s over-the-counter derivatives trading business and held positions including global head of rate derivatives trading, head of global derivatives and head of global rates and commodities.
- 3/22/12 (CHINA) China Construction Bank, Zhang Enzhao resigns in the wake of bribery and corruption accusations Bank.
- 3/22/12 (SWITZERLAND) Lombard Odier Investment Managers, Chief Investment officer for equities Aziz Nahas of , the asset management arm of the Swiss private bank resigns.
- 3/23/12 (SWITZERLAND) Credit Suisse, Peter Weibel will be resigning from the Board of Directors of both Credit Suisse Group AG and Credit Suisse AG as of the next Annual General Meeting on April 27, 2012.
- 3/23/12 (JAPAN) The head of Asia-Pacific at UBS Global Asset Management Christof Kutscher steps down
- 3/25/12 (EGYPT) National Bank of Egypt, CEO Tarek Amer said that he will step down from his position at the end of 2012.
- 3/26/12 (HONG KONG) JP Morgan’s most senior banker in Asia-Pacific, Gaby Abdelnour, will quit this summer to pursue personal interests
- 3/27/12 (ITALY) UniCredit SpA, Dieter Rampl to resign as chairman of the Italian bank, saying he would step down on April 19. Rampl will represent the bank on the board of Mediobanca (MB.MI), a smaller Italian bank in which UniCredit has a stake.
- 3/28/12 (RUSSIA) Bank of America sales director, George Kogan, who worked in Moscow leaves firm.
- 3/28/12 (RUSSIA) Bank of America, Dir. of equity sales trading, Ekaterina Myasina who worked in Moscow leaves firm.
- 3/28/12 (RUSSIA) Bank of America Sales Traders Alexander Orekhov who worked in Moscow left the firm.
- 3/28/12 (ZIMBABWE) CBZ Holdings, CEO Nyasha Makuvise has stepped down after serving for 16 years.
- 3/29/12 (SRI LANKA) Seylan Bank, Eastman Narangoda steps down.
- 3/29/12 (USA CT) Union Savings Bank CEO Jay C. Lent abruptly resigned Thursday, saying his “his heart is no longer into managing the Danbury lender”. Lent, who took a three month leave of absence in October, cited personal reasons for his departure after spending 11 years at the bank.
- 3/30/12 (INDIA) IDBI Bank has announced that Mr Rakesh Singh, a director, has resigned from the bank’s board. This follows his appointment as Chief Secretary of Punjab. Mr Singh, who was additional Secretary in the Department of Financial Services, was a Government nominee in IDBI Bank’s board. He took charge as Chief Secretary of Punjab on March 26.
- 3/30/12 (UK) Bank of America Merrill Lynch, President of European business, Jonathan Moulds, is set to step down to pursue philanthropic activities, after almost two decades at the bank.
- 3/31/12 (HONG KONG) Credit Suisse Hong Kong Private Bank Location Head, James Hong, Steps Down
- 4/02/12 (UK) Royal Bank of Scotland, Simon Taylor, head of equities sales trading at Royal Bank of Scotland, has left the to rejoin JP Morgan after four years.
- 4/02/12 (AUSTRIA) RZB, CEO Christian Konrad resigned two years before the expiration of his term in office.
- 4/02/12 (UK) British Bankers’ Association (BBA), CEO Angela Knight, to step down as CEO in the summer. The BBA is a century-old lobby group that oversees the London interbank offered rate (LIBOR).
- 4/02/12 (UK) J.P. Morgan Cazenove, One of London’s most prominent bankers was fined 450,000 pounds for passing on inside information in a case that will embarrass his employer J.P. Morgan Cazenove and which marks a push by regulators to target high-profile figures. Top “rainmaker” Ian Hannam resigned on Tuesday, to fight the fine imposed by the Financial Services Authority (FSA) in relation to 2008 emails that contained information about one of his clients, Heritage Oil. The gruff former special forces soldier, who rose from humble beginnings, is the fifth person to be fined in relation to improper disclosure this year by the regulator, which has previously been accused of being ineffectual in its fight against financial crime. Of the five, Hannam is the most prominent.
- 4/02/12 (NETHERLANDS) Rabobank Group Kees Beuving will step down as Chairman of the current Board of Management of Friesland Bank. He is making way for new members of the Board of Management.
- 4/02/12 (NETHERLANDS) Rabobank Group Anne Vlaskamp has stated that, after 37 years of service at the bank, he sees this as a natural moment to step down and to give the new Board of Management the space to guide the integration.
- 4/02/12 (JAPAN) UBS AG, chief equity strategist Shoji Hirakawa has left the firm
- 4/02/12 (JAPAN) UBS AG, Fumihide Goto, an analyst covering makers of electronic parts has left the firm
- 4/02/12 (JAPAN) UBS AG, Shinsuke Iwasa, who covered media stocks has left the firm.
- 4/02/12 (JAPAN) UBS AG, Aya Fujiki, an insurance company analyst, has also left the company
- 4/03/12 (CHILE AND PERU) Deutsche Bank, Chairman for Chile and Peru, José Miguel Alcalde, has resigned after almost twelve years at the institution by his desire to spend more time with his family.
- 4/03/12 (INDIA) Avigo Capital Partners buyout specialist Girija Tripathy Quits, To Start Own Fund
- 4/03/12 (INDIA) BSE Ltd, Madhu Kannan quits to join Tata Sons. Kannan was instrumental in launching currency derivatives, SME Exchange and derivatives of four global indices trading on the exchange platform.
- 4/03/12 (CYPRUS) Bank of Cyprus PLC, Christakis Christofides has resigned as a director effectove March 31, 2012.
- 4/04/12 (USA NY) Shearman & Sterling senior partner Rohan Weerasinghe has left the US firm to take up a new role at Citi.
Weerasinghe will take up his new position as general counsel and company secretary at the Wall Street investment bank.
- 4/05/12 (USA NY) Brian Sack to Resign from New York Federal Reserve Bank
http://goo.gl/E8RCo see also http://americankabuki.blogspot.com/2012/04/ny-federal-reserve-markets-group-chief.html
- 4/05/12 (UK) HSBC Holdings Plc (HSBA), Europe’s largest bank, said commercial banking chiefSandy Flockhart will step down after 37 years at the company.
- 4/05/12 (EGYPT) Credit Agricole Egypt bank, Mohamed Lotfy Mansour resigned from his post as the CEO of the bank. Family members of two Mubarak-era ministers have left their posts on the board of Credit Agricole Egypt bank, state-run news agency MENA reported Tuesday. The Maghrabi and Mansour families together own 17 percent of the Cairo bank’s total capital of LE1.14 billion. Last year, an Egyptian court sentenced Maghrabi to five years in prison on charges of profiteering and abusing public funds.
- 4/05/12 (EGYPT) Credit Agricole Egypt bank, Yaseen Mansour resigned as a board member. For details see Mohamed Lotf Mansour above.
- 4/05/12 (EGYPT) Credit Agricole Egypt bank, Youssef Mansour resigned as a board member. For details see Mohamed Lotf Mansour above.
- 4/06/12 (UAE – DUBAI) Deutsche Bank: MENA, Henry Azzam, the chairman of its Middle East and North Africa operations and one of the region’s most senior bankers, has stepped down.
- 4/06/12 (UAE – DUBAI) Shuaa Capital CEO Michael Philipp has stepped down
- 4/07/12 (MALTA) Fimbank director directors Gérard Lohier resigns
- 4/07/12 (MALTA) Fimbank director directors Pierre-Olivier Fragnière resigns
- 4/09/12 (USA FL) Florida Bank Chief credit officer Thomas Croom resigned as EVP and chief credit officer of Florida Bank. Croom resigned to pursue other employment opportunities.
- 4/09/12 (USA NY) Pioneer Bank CEO Eileen Bagnoli to retire after 40 years.
- 4/09/12 (UK) HSBC Holdings plc, Sandy Flockhart is retiring as an executive director
- 4/10/12 (USA PA) The Federal Reserve ordered Louis A. DeNaples to step down from his position as chairman of the board of First National Community Bancorp of Dunmore, Pa., following a settlement he reached with prosecutors following perjury charges. DeNaples must also submit a plan for selling his controlling stakes in First National and another bank.
- 4/10/12 (POLAND) Bank Millennium SA, CEO Boguslaw Kott, will leave the bank’s top job by June 2013 after heading the lender since 1989, Millennium said Tuesday. Millennium’s troubled owner, Banco Comercial Portugues S/A (BCP.LB), had put its Polish unit up for sale last year because of a heavy debt load, but dropped the plan after restructuring its balance sheet.
- 4/10/12 (USA NY) Goldman Sachs, co-head of global M&A Yoel Zaoui is stepping down. Zaoui has been with G.S., for 25 years.
- 4/13/12 (GERMANY) Deutsche Bank economist Thomas Mayer to step down.
- 4/13/12 (USA) Bank of America chief information officer Marc Gordon has quit and embarking on a “personal change in direction” says a statement given to Reuters.
- 4/13/12 (USA) Barclays Bank, US wealth unit COO Ian Lowitt to depart
- 4/15/12 (JAPAN) Japan Bank for International Cooperation, Hiroshi Okuda, governor of the Japan Bank for International Cooperation, has stepped down as an adviser to Toyota Motor Corp after becoming the bank’s head as of April 1. Okuda no longer holds a position at the major automaker after the government-owned bank said it was undesirable for Okuda to keep titles at a private company while serving as the bank’s head.
- 4/16/12 (UK) Jefferies, Star UK media rainmaker Jonnie Goodwin, who has advised on 100 transactions in the sector worth an aggregate $15bn in the past decade, has quit Jefferies to launch an “independent merchant bank” called Lepe Partners. Goodwin, who joined the US investment bank after selling his investment banking boutique Longacre Partners to the latter five years ago, said that the new start-up will target media and internet transactions, and has raised an “annual pledge fund” worth almost £25m from erstwhile clients and the investment offices of wealthy families.
- 4/16/12 (US CA) Federal Reserve Bank of San Francisco, Economic Advisory Council member, Kim Roberts Hedgpeth, resigned from has decided to step down as SAG-AFTRA (actors union) Co-National Executive Director on April 30. Hedgpeth also served as a Trustee of the AFTRA Health & Retirement Funds, a member of the boards of the AFM-AFTRA Intellectual Property Rights Distribution Fund, Alliance of Artists and Recording Companies and SoundExchange, a VP of the AFL-CIO’s Department for Professional Employees and a VP of the Associated Actors and Artistes of America.
- 4/17/12 (USA NY) UBS AG, The head of investment banking for the Americas at UBS AG, Aryeh Bourkoff, has resigned “to pursue other opportunities”
- 4/18/12 (AUSTRALIA) Heritage Bank, Brian Carter, head of Australia’s largest building society, is retiring as chairman of Heritage Bank after 30 years of service.
- 4/18/12 (USA NY) UBS AG, Ehren Stenzler, the co- head of U.S. mergers and acquisitions, is leaving the bank
- 4/18/12 (European Union) Luxembourg prime minister Jean-Claude Juncker, reaffirms plan to resign as head of euro zone finance ministers in midyear.
- 4/18/12 (UK) Serious Fraud Office, The Serious Fraud Office has seen the sudden departure of its CEO Phillippa Williamson only days before its director of operations is also due to leave. In an unexpected move, she left the agency this week, and a spokesman said she may not necessarily be replaced.
- 4/19/12 (UK) Royal Bank of Scotland, Ian Alderton, chief information officer at the corporate division of Royal Bank of Scotland (RBS), has left the bank this month, Computer Weekly has learned.
- 4/19/12 (UK) DJ Rothschild, The chief executive for Rothschild’s Middle East business, Herve Sawko, has stepped down and has been replaced with the bank’s previous head of M&A in the region, people familiar with the situation told Dow Jones Newswires Thursday. Sawko, a French national, took up the post in Dubai at the end of 2009 following three years at the bank’s New York office working on cross-border transactions. He is returning to Paris where he has spent most of his career with Rothschild.
- 4/19/12 (UK) Instinet Europe CEO Richard Balarkas, an early pioneer of electronic trading, has decided to step down after four years at the helm of the Nomura (NMR) owned agency brokerage.
- 4/19/12 (UK) Aviva Plc, Igal Mayer, CEO of Europe steps down.
- 4/19/12 (UK) Aviva Plc, Richard Hoskins, CEO of North America steps down.
- 4/19/12 (UK) Aviva Plc, Alain Dromer, CEO of Aviva Investors steps down.
- 4/20/12 (UK) Financial Services Authority, Hector Sants, one of Britain’s top financial regulators during the banking crisis of the past five years, has decided to step down as chief executive of the Financial Services Authority, in a move that deals a blow to current arrangements to overhaul the country’s system of financial regulation.
- 4/20/12 (ISRAEL) Morgan Stanley, The head of investment banking for Israel, Central and Eastern Europe and Africa at Morgan Stanley, Ronnie Golan, who prior to joining the bank was an F15 fighter jet pilot in the Israeli air force, is to leave the bank ahead of an expected move to a rival.
- 4/21/12 (ROMANIA) ING, deputy chief executive Albert Roggemans, said he was leaving for personal reasons
- 4/22/12 (INDIA) Dhanlaxmi Bank Senor VP & Head of Marketing, Sheran Mehra steps down, taking a position as Head-Marketing, Mahindra Holidays.
█▓▒░ End of list as of 4/22/12 ░▒▓█
It is not known under what circumstances these individuals have left their positions, I make no judgement on that. I find the timing of so many resignations extremely curious and a temporal marker in history of high significance. No one should assume I make any judgement about the character of these people. I frankly don’t know their reputations except for a few rather famous ones.
This list includes Banks, Investment Houses, Sovereign Wealth Funds, Equity Funds, Savings Retirement Funds and other shadow banking organizations. The line is very blurry between these entities, some are owned by banks some are banks, some invest in banks as well as owning entire industries (common in Hong Kong and Japan).
Bankers and Brokers and Inside Traders Arrested, Oh My!
courtesy of Consciously Connecting
- 6/23/12: Social welfare ‘scam’: Two bank officials arrested Muzaffarnagar, India Jul 23 (PTI) Two officials of a public sector bank were arrested for their alleged involvement in a multi-crore Rupee scam in the Uttar Pradesh social welfare department, police said today. The bank’s branch manager Pramod Sharma and cashier Rajender Sharma were arrested yesterday in this connection, SP (City) Raj Kamal Yadav said. He also said that a hunt was on to nab Anil Verma, the main accused in the scam that took place during 2008-09. A former district welfare officer, Rinku Singh Rahi, had alleged a multi-crore scam in the social welfare department by staging a dharna in Lucknow seeking reply to an RTI query in connection with the “scam”. The Samajwadi Party government had ordered a probe into Rahi’s charges after coming to power in March this year.
- 6/25/12: Ex-SMBC Banker Arrested Amid Insider Trading Probe – Tokyo, A former SMBC Nikko Securities Inc. executive was arrested yesterday, becoming the first banker from a major Japanese brokerage to be detained for suspected insider trading since 2008. The Securities and Exchange Surveillance Commission and Yokohama city prosecutors are investigating former SMBC Nikko executive Hiroyoshi Yoshioka, 50, and three other people, the financial watchdog said in a statement.
- 6/25/12: Indonesia: Sumatran city of Medan ‘turning into terror financing centre’ – Jakarta, 25 June (AKI/Jakarta Post) – Indonesian officials said Medan, in North Sumatra, is turning into a centre for terrorism financing, following the arrest of five suspects with assets worth nearly Rp 8 billion (US$848,000), allegedly used to fund paramilitary training and terrorism operations. A suspect led police and armed anti-terrorism personnel to seize four houses, one shop, three cars and seven motorcycles in three locations that were purchased using funds the arrested suspects got from hacking a multi-level marketing website.The members bought the account numbers of bank clients in and outside the country. Some terrorist suspects posed as multi-level marketing members and sought more customers. “The hackers transferred the credit points to their accounts, and then sold them to brokers, who transferred the money equivalent to their bank accounts.”
- 6/26/12: The Shmuckler Group Owner Sentenced to 90 Months for Mortgage Rescue Fraud Scheme – (Source: FBI) – ALEXANDRIA, VA—Howard R. Shmuckler, 68, of Virginia Beach, Virginia, was sentenced today to 90 months in prison, followed by three years of supervised release, for running a fraudulent mortgage rescue business that received substantial fees but actually modified clients’ mortgages in only a few cases. “Mr. Shmuckler is a cunning criminal who took advantage of distressed homeowners in desperate need of help,” said U.S. Attorney MacBride.
- 6/26/12: MD Man Indicted in Over $9M Investment Scheme – (Source: FBI) – BALTIMORE—A federal grand jury returned an indictment today charging Larry Michael Parrish, age 48, of Walkersville, Maryland, with offenses arising from an investment scheme. According to the 25-count indictment, Parrish was the president of IV Capital Ltd., which he represented to be an investment and trading company. Parrish devised a scheme to obtain approximately $9.2 million from nearly 70 individuals who agreed to invest in IV Capital.
- 6/26/12: Research firm executive arrested on insider trading charges: FBI New York, (Reuters) – Law enforcement authorities said on Tuesday they arrested and charged an executive at an investment research firm as part of the government’s wide-ranging probe of insider trading at the now-defunct Galleon Group hedge fund. Tai Nguyen of research firm Insight Research LLC surrendered to the FBI Tuesday morning, an FBI spokesman said, and was expected to appear in federal court in Manhattan later in the day. Nguyen was facing charges related to insider trading, the FBI said, but the exact charges have not yet been made public. The FBI and federal prosecutors in Manhattan have mounted a campaign to root out insider trading on Wall Street, focusing in part on employees at so-called expert network firms who they say helped funnel corporate secrets from consultants at companies to hedge funds.
- 6/27/12: Former Loan Officer Clayton Coe From Failed FirstCity Bank Admits Guilty to Bank Fraud Scheme– WASHINGTON, DC – The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Clayton A. Coe, 45, of McDonough, Georgia, the former Senior Commercial Loan Officer for FirstCity Bank of Stockbridge, Georgia, which failed and was seized by the FDIC, pleaded guilty yesterday to bank fraud. The plea is in connection with an $800,000 loan that Coe tricked FirstCity Bank’s Board of Directors into approving and from which he personally profited. He also pleaded guilty to filing a false federal income tax return with the IRS that omitted nearly a half million dollars of income from his job at the bank. ”Coe’s greed helped drive FirstCity Bank into the ground. He defrauded the bank to fund his ultimate payday and placed his interest in ill-gotten personal gain ahead of the interests of the bank, its customers, its investors, and the community the bank served. It’s precisely that sort of behavior that has robbed the public of its confidence in the banking industry and its institutions, and for his fraud, Coe will be banned for life from ever again practicing banking.”
- 6/27/12: Ponzi Schemer Scott Rothstein Knew Fraud Was Collapsing – (Source: Sun Sentinel, Fort Lauderdale, Fla — The letter sent Scott Rothstein into a panic, he feared his colossal crimes were about to be exposed. It was February 2009, eight months before his $1.4 billion Ponzi scheme collapsed. A family of investors had sent him the letter demanding their $4.25 million back immediately, and Rothstein was certain they had uncovered his secret. “Holy s***, this is going to explode,” Rothstein recalled thinking. “They figured out the Ponzi scheme. They know there’s no money in the accounts. We are all going to jail.”
- 6/27/12: Lenny Dykstra Agrees to Plea Deal in Bankruptcy Fraud Case – (Source: Los Angeles Times) – LOS ANGELES — Former baseball star and self-styled financial guru Lenny Dykstra, already sentenced to three years in a California state prison for a car scam, has agreed to a plea deal on federal bankruptcy fraud charges after looting his mansion of valuables as he struggled to battle numerous creditors. Dykstra, who helped the New York Mets win the 1986 World Series and later became a celebrity stock picker before his finances dissolved in chaos in 2009, has racked up a score of charges in recent years. His fall from grace during the last two years has resulted in conviction for a car finance scam and a separate charge of lewd conduct with a deadly weapon. Federal prosecutors entered under seal a plea agreement with Dykstra in connection with his embezzlement from the bankruptcy estate case.
- 6/27/12: A Stockbroker’s Undisclosed Arrest Sets Off A Regulatory Cavalcade Of Disaster – For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority (“FINRA”), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Bruce Parish Hutson submitted a Letter of Acceptance, Waiver and Consent (“AWC”), which FINRA accepted. The AWC alleges that on April 21, 2009, Hutson was arrested for retail theft based on allegations that he stole merchandise from a retail store in Wisconsin. Contrary to Firm policy, Hutson did not advise his member firm of the arrest.
- 6/27/12: Barclays to Pay More Than $450 Million in Interest-Rate Settlement – (Source:Los Angeles Times) – NEW YORK — Barclays Bank PLC has agreed to pay more than $450 million to settle charges it attempted to manipulate keyinterest rates. The London-based investment bank announced settlements with the U.S. Department of Justice, the U.S. Commodities Futures Trading Commission and the BritishFinancial Services Authority. Investigators found the bank manipulated the London InterBank Offered Rate, or LIBOR, and the Euro Interbank Offered Rate, or EURIBOR, benchmark interest rates used in the world’s financial markets.
- 6/28/12: Mortgage Scheme Nets Crofton Man a Prison Sentence – (Source: By Jamie Smith Hopkins, The Baltimore Sun – A Crofton man was sentenced Wednesday to more than four years in prison for redirecting about $5 million in mortgage payoffs on 17 Maryland properties to himself and a co-defendant, according to federal prosecutors. Todd R. Bettin, 42, was assistant manager of At Home Mortgage when he conspired with the owner of a Gambrills settlement company to illegally benefit from money intended to pay off clients’ mortgages.
- 6/27/12: Bidzina Ivanishvili’s banks and company arrested – Georgia, Tbilisi, National Bureau of Georgia continues performing the proceedings of the “Georgia Dream” coalition leader, Bidzina Ivanishvili. As told Trend in Bureau, gathering information was carried out on the property registered on billionaire. Executive Bureau requested the national Bank of Georgia, the identity of a beneficial owner of the banks “Kartu” and “Progress bank” and found that the owner of 100% stake in the bank “Kartu” is a “Kartu group”, and 21.7% shares of “Progress bank” – the owner of the beneficiary. Information provided by the National Bank of Georgia, found that, in accordance with the law on commercial banks face when buying a share of the bank is obliged to put in the prescribed manner notify the National Bank. In case of non compliance with this rule, the transaction for the sale of shares is not valid. Because the National Bank of Georgia was not represented by a declaration in order to change ownership of the beneficiary bank “Kartu”, the owner of 100% stake in the bank “Kartu” is still Bidzina Ivanishvili.
- 6/29/12: Karkala: Bank Manager Arrested for Fraud – Karkala, Jun 29: Suresh KP (29) who was working as a manager in Bhuvanendra branch of Syndicate bank was arrested on charges of misappropriating funds on Wednesday June 27 and was sent to Hiriyadka Jail. It is learnt that he opened fake accounts in fictitious names and created fake loans on them. He used to withdraw money from ATMs, committing a fraud of Rs 13.84 lac.
- 6/29/12: FBI says arrests Bernard Madoff’s brother – NEW YORK, June 29 (Reuters) – The FBI said on Friday it had arrested Peter Madoff, the younger brother of swindler Bernard Madoff, who is serving a 150-year prison sentence for his multibillion dollar Ponzi scheme. The arrest of Peter Madoff was expected as he is due in federal court in Manhattan later Friday to plead guilty to charges related to his brother’s decades-long fraud. Federal prosecutors on Wednesday revealed in a letter that Peter Madoff had been criminally charged with participating in his brother’s fraud. He is the first Madoff family member to be arrested and charged.
- 7/2/12: Catonsville RE Appraiser Pleads Guilty for Trying to Obtain $4.3M in Fraudulent Mortgage Loans – (Source: FBI) – BALTIMORE—Real estate appraiser David C. Christian, age 62, of Catonsville, Maryland pleaded guilty today to conspiracy to commit wire fraud. According to his guilty plea, Christian appraised a number of properties on behalf of purchasers who were seeking financing through a mortgage brokerage company. At the request of a co-conspirator who controlled the mortgage brokerage company, Christian prepared at least 17 fraudulent appraisals for $4,306,950 in loans originated at the mortgage company. Christian falsified the appraisals by using fake photos and descriptions of the properties, misrepresenting the condition of the properties, and used inappropriate comparable properties. The total loss for the 17 loans amounted to $2,661,366.
- 7/2/12: Four Defendants Indicted in Alleged $9.1M Mortgage Fraud Scheme – (Source: FBI) – CHICAGO—Four defendants, including a licensed realtor and two licensed loan originators, were indicted for allegedly participating in a scheme to fraudulently obtain at least 42 residential mortgage loans totaling approximately $9.1 million from various lenders, federal law enforcement officials announced today. The indictment alleges that the mortgages were obtained to finance the purchase of properties throughout Chicago by buyers who were fraudulently qualified for loans while the defendants allegedly profited. The lenders and their successors incurred losses totaling approximately $4.7 million because the mortgages were not fully recovered through subsequent sales or foreclosures. All four defendants were charged with various counts of bank fraud, mail fraud, and wire fraud in a five-count indictment that was returned by a federal grand jury last Thursday. The indictment also seeks forfeiture of at least $4.7 million.
- 7/2/12: Gary Foster: Former VP of Citigroup Sentenced to 97 Month in Prison for Embezzlement – (Source: FBI) — Gary Foster, a former vice president in Citigroup, Inc.’s treasury finance department, was sentenced to 97 months’ imprisonment today on a conviction for bank fraud arising from his embezzlement of more than $22 million from Citigroup. Foster embezzled by first transferring money to Citigroup’s cash account and then wiring it to his personal bank account at another bank. Foster used the money to buy real estate and luxury automobiles, including a Ferrari and a Maserati. In total, the value of the seized and restrained property is estimated to be approximately $14 million.
- 7/2/12: FTC Wins Multi Million Dollar Case Against Foreclosure Assistance Scam That Gave False Promises – (Source: FTC) — The Federal Trade Commission won a $2.6 million federal court judgment against three defendants behind a scheme that charged consumers large upfront fees and failed to deliver the mortgage modifications they promised. The FTC alleged that the defendants behind Crowder Law Group promised relief from burdensome mortgages by falsely claiming they could modify consumers’ mortgages and substantially reduce their monthly payments; exaggerating the role an attorney would play in obtaining a loan modification; and pretending to be affiliated with a government agency.
- 7/3/12: Mortgage Broker Gets Probation – (Source: The Pueblo Chieftain, Colo. – A Pueblo mortgage broker convicted in May of bilking at least $160,000 from a friend, was sentenced Monday to five years probation and may serve a 90-day jail term pending an appeal. Anthony Paglione, 61, was convicted for misappropriating money from Vincent Gagliano through a complicated series of loan swaps between two Pueblo homes. Paglione said the financial collapse the country has seen is one reason for what has happened.
- 7/4/12: Bank official threatens client, held – KOLKATA: A senior official of a private bank was has been arrested for allegedly sending threat mails to a city businessman. Sunil Bansali was rounded by police from Park Street on Monday night, police rounded from Park Street rounded up the bank official. Later, Bansali was produced in court and later released on bail. Sahni alleged that Bansali had demanded cut money to process the loan application, but Sahni turned him down. This made Bansali furious. He reportedly started harassing Sahni for money and later threatened to cancel the application.
- 7/5/12: U.S. Group: Lebanese Banks Laundering Money – (Source: The Daily Star, Beirut, Lebanon) — An anti-Iranian U.S. activist group is piling pressure on U.S. and European banks to dump their holding of Lebanese sovereign debt, describing Lebanon’s banking sector as a front for Iranian money laundering in cooperation with Hezbollah. “As a result of the actions and omissions of BDL [Lebanon’s Central Bank] and the LBS [Lebanese banking system], Lebanon has become a sovereign money laundering jurisdiction that receives massive inflows of illicit deposits … from Hezbollah’s terror and criminal activities, and the illicit symbiotic relationships among Iran, Syria and Hezbollah,” said a press release issued Tuesday by the New York-based group United against Nuclear Iran. UANI argued that despite Lebanon’s “great risk of sovereign default” due to its high debt to GDP ratio, Lebanese sovereign bonds showed “irrational strength” that corresponds with increased pressure against Iran. UANI is also pushing to bar Lebanese financial institutions from participating in the U.S. financial system, urging the U.S. Treasury to designate Lebanon’s financial system as a “money laundering concern” under a statute of the Patriot Act.
- 7/5/12: Boxford Man Pleads Guilty to $6.9M Fraud Scheme – (Source: FBI) – ALEXANDRIA, VA—James W. Massaro, 70, of Boxford, Massachusetts, pled guilty today to engaging in a fraudulent foreign investment scheme that defrauded at least 20 victims of more than $6.9 million. Massaro pled guilty to one count of conspiracy to commit wire fraud. He faces a maximum penalty of 20 years in prison when he is sentenced on September 21, 2012.
- 7/5/12: Threat To Broker’s Client Assets Ends – The winding-up of a former Bahamian broker/dealer whose principal pled guilty in the US to money laundering is close to completion, its liquidator saying the Attorney-General’s withdrawal of a Forfeiture Order registration had eliminated a potential threat to client assets.
- 7/6/12: Prosecutors seek arrest warrant for Lee’s brother, ruling party lawmaker over bank scandal SEOUL, July 6 (Yonhap) — Prosecutors on Friday sought court warrants to arrest President Lee Myung-bak’s elder brother and a ruling party lawmaker for further questioning about their alleged involvement in a bank bribery scandal. Lee Sang-deuk, a 77-year-old former lawmaker of the ruling Saenuri Party, and Chung Doo-un, a legislator from the same party, were specifically charged with violating the law on political funds and peddling influence in exchange for accepting huge amounts of money from operators of two troubled savings banks. Prosecutors have found the chairmen of the banks extensively lobbied politicians and officials to avoid regulatory punishment. Despite these efforts, the two banks — Solomon Savings Bank and Mirae Savings Bank — had their businesses suspended earlier this year for lack of capital. The chairmen were later indicted on charges of extending illegal bank lending and conducting management irregularities.
- 7/6/2012: Ex-Bankas Snoras Owners Arrested Again in U.K. Over Fraud Claims – Bankas Snoras AB’s former owners were arrested again in London today on expanded claims they siphoned at least 1.7 billion litas ($609.5 million) from the failed Lithuanian lender to finance luxurious lifestyles. Russian banker Vladimir Antonov and his business partner Raimondas Baranauskas, who were detained in November and are fighting extradition to Lithuania, were arrested a second time after authorities probing the bank’s collapse in the Baltic country issued another European arrest warrant containing new allegations, John Hardy, a lawyer for the prosecution, said at a scheduled hearing today in London’s Westminster Magistrates Court.
- 7/6/12: Financial Adviser to be Tried Over the Theft of $2.2 Million – (Source: By The Honolulu Star-Advertiser (MCT) – A financial adviser accused of stealing $2.2 million from 22 active and retired city employees is scheduled to go on trial in state court next month for securities fraud and money laundering. Bruce M. Harada, 53, pleaded not guilty to the charges June 28. He remains in custody, unable to post $250,000 bail. He was an independent financial adviser for ING North America Corp., managing the deferred compensation accounts of active and retired city employees. Harada convinced at least 22 people to withdraw money from their deferred compensation accounts to reinvest in a mutual fund he said was authorized by ING. Instead Harada put it in his personal account and spent it for his own use, Van Marter said.
- 7/6/12: Fenton Man Pleads Guilty in $100-Million Mortgage Scheme – (Source: Detroit Free Press – A Fenton man pleaded guilty Thursday to running a massive mortgage fraud scheme that cost lenders more than $100 million in losses — some of which was used to buy cars, boats, trips and a helicopter for several con artists who were in on the scam, according to authorities. The U.S. Attorney’s Office said the ringleader, Ronnie E. Duke, 45, ran a nearly four-year scheme with eight others that involved more than 500 fraudulent mortgage loans, more than 100 straw buyers and roughly 180 residential properties in metro Detroit. The properties were used as, or falsely portrayed as, collateral for the loans, most of which went into default and foreclosure, authorities said.
- 7/6/12: FBI: Enumclaw finance adviser stole $2M, faked suicide – An Enumclaw financial planning adviser who allegedly left a fake suicide note in his car parked on Deception Pass has been arrested and charged with stealing at least $2 million from his clients, including one client whose death he also allegedly faked to collect the man’s life insurance. Aaron Travis Beaird, who worked as a financial planning adviser in Enumclaw, has been charged with wire fraud. The Federal Bureau of Investigation arrested him July 2 at SeaTac airport when he returned to Washington state from an undisclosed location.
- 7/7/12: Bank of India official arrested for bribery – Mumbai, July 7 — A senior official of the state-run Bank of India was nabbed red-handed while accepting a bribe of Rs.100,000, the Central Bureau of Investigation said here Saturday. Senior Manager Ganesh C. Das of the bank’s Mumbai main branch was trapped by CBI sleuths from the CST Station Friday evening taking the bribe from a financial consultant.
- 7/7/12: Judge: Bank fraud defendant to pay $712K – A federal judge has ordered a former Topeka bank vice president to pay more than $700,000 in restitution to the bank. Jennifer Hughes-Boyles, 40, of Topeka, Kansas pleaded guilty to bank fraud, a felony.
- 7/9/12: Enterprise Credit Union Employee in Dickinson County Pleads Guilty to Embezzling $85,000 – (Source: FBI) – TOPEKA, KS—A former employee of a credit union in Dickinson County has pleaded guilty to embezzling $85,000. Deborah A. Bomia, 46, Enterprise, Kansas, pleaded guilty to one count of embezzlement. In her plea, she admitted the crime occurred from April 30, 2005 to August 8, 2011, while she worked for Enterprise Credit Union in Enterprise, Kansas.
- 7/9/12: Johnson City Man Sentenced for Ponzi Investment Scheme That Lasted 15 Years – (Source: FBI) – Thomas E. Kelly, 64, of Johnson City, New York, was sentenced today in United States District Court to a term of imprisonment of four years and three months in connection with his previously entered plea of guilty to the felony crime of mail fraud. In addition, a term of five years’ supervised release, which will follow completion of Kelly’s prison sentence. Kelly was employed as a financial consultant by a number of banks located in the Binghamton, New York area. In his position as financial consultant, Kelly recommended that clients sell off legitimate securities investments in order to invest in a fictitious entity Kelly called Seneca Group. Kelly promised investors with Seneca Group a stable, secure investment. Instead, Kelly used money invested with Seneca Group to, make risky investments in the stock market and pay some of Kelly’s personal expenses. The amount of loss to investors as a result of Kelly’s scheme was almost one million dollars.
- 7/10/12: Dozens arrested in loan fraud scheme with victims in U.S, Canada – (Reuters) – Dozens of people were charged in what federal authorities on Tuesday called a highly sophisticated loan fraud scheme that robbed $2.7 million from at least 2,000 victims with poor credit histories in Canada and the United States. Would-be borrowers were lured to websites of 67 fictitious businesses with names similar to well-known lenders such as “Countrywide Funding,” which sounds similar to the legitimate Countrywide Financial Corp., and “Admiral Financial Services,” which mirrors Admiral Financial Corp., authorities said. They were approved for loans in exchange for security deposits ranging from a few hundred dollars to several thousand dollars – to be sent in advance of the flow of borrowed cash that never arrived.
- 7/10/12: Arlington Development Company Convicted in Mortgage Fraud Case – (Source: Dianna Hunt Fort Worth Star-Telegram, Texas (MCT) — An Arlington development company was convicted Monday and paid $50,000 in fines for participating in a complex $13 million mortgage fraud that operated throughout North Texas. In a rare criminal case against a corporation, Sierra Developers pleaded no contest to helping generate nearly $600,000 in fraudulent loans for the sale of two homes worth far less in Mansfield’s Twin Creeks subdivision in 2004.
- 7/11/12: Orange County Man Sentenced for Tax Evasion in Mortgage Fraud Conspiracy – (Source: FBI) – RIVERSIDE, CA—Today, Gregory Flores, former manager at All Fund Mortgage in Anaheim Hills, was sentenced to 144 months’ imprisonment and three years of supervised release. U.S. District Judge J. Virginia Phillips also ordered Gregory Flores to pay over $1 million in restitution to homeowner victims and over $98,000 in restitution to the IRS for his role in a mortgage fraud conspiracy and for evading taxes.
- 7/12/12: DOJ: Former Bank of the Commonwealth Executives Arrested for Alleged Fraud – Former executives and favored borrowers at the failed Bank of the Commonweath have been arrested and charged with masking nonperforming assets for their own benefit, in a scheme that contributed to the Virginia bank’s 2011 collapse, the Justice Department said.
- 7/12/12: Former bank manager pleads guilty to embezzlement – NEW ORLEANS (AP) – U.S. Attorney Jim Letten says a former manager of a Whitney Bank branch in Metairie has admitted stealing more than $56,000 from the bank. He says 50-year-old Karen Sork pleaded guilty Wednesday to bank theft, and could get up to 10 years in prison and $250,000 in fines, and restitution. Court documents say she was a banking officer and manager at the branch from December 2008 to August 2009, and sometimes acted as a teller. It says that when she did, she would regularly take cash from her “cash drawer,” put it into her personal accounts, and fill in a false amount of money on the balance sheet at the end of her shift.
- 7/13/12: Peregrine CEO arrested on fraud charges – WASHINGTON (MarketWatch) — Russell Wasendorf, the head of failed futures broker Peregrine Financial Group Inc., was arrested on Friday and charged with making false statements to the Commodity Futures Trading Commission. Wasendorf’s arrest comes after the CFTC filed a lawsuit against Iowa-based investment firm he oversaw, commonly known as PFGBest, alleging that the firm committed fraud by misappropriating roughly $215 million in customer funds. PFGBest filed for bankruptcy this week. The criminal complaint cites a seeming confession left by Wasendorf, who attempted to commit suicide on Monday. “I have committed fraud,” he said in a note referred to in the complaint. “Through a scheme of using false bank statements I have been able to embezzle millions of dollars from customer accounts” at the company. He added the scheme has been going on for nearly 20 years.
- 7/13/12: Former Hypo Bank Boss Arrested – Celje, 13 July (STA) – Božidar Špan, the former CEO of Austrian-owned Hypo Alpa Adria Bank, was detained Friday morning. Unofficial information indicates police are investigating the bank’s dealings with bankrupt builder Vegrad.
- 7/16/12: Nigeria: NCC Arrests Bank Manager Over Unregistered Internet Band – Akure — A manager with a first generation bank in Akure, Ondo State was, arrested by the National Communication Commission, NCC, over the use of unauthorised internet facility.The action of NCC officials resulted in long queue on the bank premises and at the ATM machines. The internet link being used by the bank was not licensed for it.”If the bank wants to use the link, it should approach NCC for licence instead of tapping into it without clearance from the Federal Government.”
- 7/16/12: Bank worker, customers arraigned for N10m fraud– A senior official of Diamond Bank Plc, Oludare Kazeem, and two customers of the bank have been arraigned before a Yaba Magistrate Court in Lagos for allegedly defrauding the bank of N10million. Kazeem was said to have aided Abike Awosika, 60, and Ademola James, 55, to steal the money from the bank. They were said to have committed the fraud when Kazeem assisted James and Awosika in procuring forged statement of accounts from Access and Skye banks with which the customers withdrew N4.5million and N3.5million from the Oregun branch.
- 7/16/12: Devon man arrested in alleged investment scam – RADNOR, Pennsylvania — A $150,000 investment into a business venture ended with a $198,000 loss for a Radnor couple and felony charges against their investment broker. Richard D. Jameison Jr., 42, is free on bail, charged with three felony counts of writing bad checks and one count of deceptive business practices, also a felony.
- 7/17/12: Bank teller charged over $250k fraud– A Sydney bank teller will face court next month charged with siphoning $250,000 from clients’ accounts. Police arrested the 39-year-old after investigations into an alleged fraud. Between October 2010 and January this year the woman, who worked for an inner-city bank, transferred the money into her own account. She has been charged with seven counts of dishonestly obtaining financial advantage by deception.
- 7/17/12: Two North County SD Loan Officers Admit Participating in Mortgage Fraud Scheme – (Source: FBI) – United States Attorney Laura E. Duffy announced that Simon Saeid Koli entered a guilty plea in federal court in San Diego today to count one of an indictment charging him and co-defendant Kian Ashkanizadeh with conspiracy to commit mail fraud, wire fraud, and money laundering in connection with a mortgage fraud scheme. Both defendants, who worked at a mortgage company called Southern California Finance, admitted that they recruited family members and friends to supply their names and signatures on mortgage loan applications. The defendants they then fabricated the job titles, income, and assets of the purported buyers, so they could qualify for approximately $1 million in mortgage funding on each of the properties. They diverted $200,000 in sham “consulting fees” and another $45,000 in fraudulent “construction fees” from each of the four transactions. The defendants took for themselves most of this extra $980,000 that they diverted from the escrow proceedings.
- 7/18/12: Former Star Bank Manager in Bertha Sentenced for Stealing $80K from Bank – (Source: FBI) – MINNEAPOLIS—Earlier today in federal court in St. Paul, the former vice president and branch manager of the Star Bank in Bertha, Minnesota, was sentenced for stealing $80,000 from the bank. United States District Court Judge Donovan W. Frank sentenced Kenneth Marlyn Ashbaugh, age 68, of Bertha, to five years of probation, along with 30 days in a county jail, six months of home confinement, and 500 hours of community service on one count of bank theft. In addition, Ashbaugh was ordered to pay more than $102,000 in restitution. Ashbaugh was charged on January 27, 2012, and pleaded guilty on March 5, 2012.
- 7/18/12: Man Behind Ponzi Scheme Gets 5 Years – ALBANY (Source: Times Union, Albany, N.Y. (MCT) — He took her money, her home and her credit. Now Arthur Strasnick is going to federal prison for five years — and his victim is dealing with the indefinite fallout from a financial “atrocity.” That’s what the woman told a federal judge Tuesday before Strasnick was sentenced for a nearly $2 million Ponzi scheme and mortgage scam. The 52-year-old victim said it left her in a financial nightmare and on the brink of suicide.
- 7/18/12: Bakersfield Family Indicted in Alleged Mortgage Fraud Scheme – (Source: The Bakersfield Californian (MCT) – The U.S. Department of Justice Tuesday unsealed a 26-count indictment against a Bakersfield family and their associates, accusing them of causing $5 million in lender losses in a years-long mortgage fraud scheme.Returned by a federal grand jury on Thursday, the 23-page indictment names Jara Brothers Investments Inc., or JBI, also known as Jara Brothers Development; and Pershing Partners, LLC, both property development companies.
- 7/18/12: LaRoque Indicted on Eight Counts of Theft, Unlawful Transactions Regarding Loan Business – (Source: The Free Press, Kinston, N.C. (MCT) – A federal grand jury has issued an eight-count indictment against Rep. Stephen LaRoque, R-Lenoir, for theft and misuse of funds from his small-business lending organizations. The office of Thomas G. Walker, U.S. Attorney for the Eastern District of North Carolina, issued a 72-page indictment Tuesday detailing the 15-year history of the East Carolina Development Company Inc. LaRoque founded the ECDC in 1997 to loan federal funds to people in Eastern North Carolina who want to start a business but have been turned down by private lenders.
- 7/18/12: Former Chief Financial Officer of Bixby Energy Systems Inc. Sentenced for Securities Fraud and Tax Evasion – (Source: FBI) – MINNEAPOLIS—Earlier today in federal court in St. Paul, the former acting chief financial officer for Bixby Energy Systems Inc. was sentenced for lying to investors to get them to commit large sums of money to the business and for failing to file federal tax returns and reporting his income for three years, which resulted in a tax loss for the Internal Revenue Service of $825,866.United States District Court Judge Susan Richard Nelson sentenced Dennis Luverne Desender, age 65, to 97 months on one count of securities fraud and one count of tax evasion. On September 14, 2011, Desender was charged and pleaded guilty to securities fraud. On February 23, 2011, he was charged and pleaded guilty to tax evasion.
- 7/18/12: Ex-UBS France Employee Charged in Tax Inquiry After Raids – A judge leading a tax-fraud investigation concerning UBS AG’s French unit has charged a second person with aiding in illicit marketing and money laundering. UBS avoided prosecution in the U.S. in 2009 by paying $780 million, admitting it helped thousands of Americans evade taxes and turning over the names of 250 American clients to authorities. UBS later revealed another 4,450 accounts held by clients in the country.
- 7/18/12: Exclusive: U.S. Insider Trading Investigation Winding Down – Edward Brogan was Japan’s highest-profile hedge fund manager until he suddenly dropped out of view this month.Dubbed the “King of Tokyo” by traders, the 53-year-old American seemed to have it all: wealth, professional acclaim and status as a patron of contemporary art.In his best year, Brogan had managed over one billion dollars in his flagship Whitney Japan Fund, although much of that has been withdrawn.
- 7/19/12: Stockbroker arrested as a serial window smasher – How do relieve stress if you are a broker with a top flight firm? Michael Steven Poret, 58, a broker at UBS Financial Services in Los Angeles, had an interesting method. He was arrested recently by the LAPD and accused of vandalizing “numerous businesses along Ventura Boulevard and several private homes in Beverly Hills,” according to the LATimes. ”A witness account and private surveillance footage have depicted the vandal as a graying man in white gloves firing marbles at plate glass windows with a slingshot from the driver’s seat of his car, then driving away in no apparent hurry. Authorities believe that Poret could be connected to more than 20 vandalism incidents in Beverly Hills and more than 50 in Encino, as well as several other vandalism reports authorities have received in Van Nuys and Topanga Canyon. The vandal appears to target businesses indiscriminately, hitting coffee shops, an autism treatment center and a salon.”
- 7/19/12: European report rips into Vatican bank for lack of oversight, transparency – A European report on Wednesday identified serious failings in the Vatican’s scandal-plagued bank, sharply criticizing its management and giving the Holy See a negative rating in almost half the most important transparency-related criteria. The Vatican said it saw the 241-page report as a constructive starting point that would allow it to improve its financial controls rather than as a conclusion. The report, by Moneyval, a department of the Council of Europe, was particularly pointed in its criticism of the management of the Vatican bank, officially known as the Institute for Works of Religion (IOR), and “strongly recommended” it be “independently supervised by a prudential supervisor in the near future.”
- 7/19/12: Hyderabad: Police arrest owner of investment company – Hyderabad, July 19 (PTI) City police today arrested V Ramesh, Managing Director of City Facility Management Services, for allegedly duping hundreds of investors by promising high returns and collecting deposits of Rs 43 crore. Investors approached the police after Ramesh became untraceable and office of the company was locked. Police have received complaints from about 1,800 investors so far. According to police, Ramesh had paid his investors around Rs 33 crore towards returns. The rest, he allegedly misappropriated. Some of the money was used for stock market trading. Personnel from Central Zone of Special Task Force arrested him and seized a four-wheeler, a laptop and a cash of Rs 40 lakh. Probe revealed that Ramesh, a commerce drop-out, had earlier been arrested in Kavali and Tirupathi in cases of theft and cheating some time ago. There was also a dowry harassment case pending against him, lodged by his wife.
- 7/19/12: Eleven Charged, Arrests Made In $15 Million Mortgage Fraud Scheme – CAMDEN, N.J. – Eleven individuals from five states are charged in New Jersey for their alleged roles in a $15 million mortgage fraud scam that used phony documents and “straw buyers” to make illegal profits on overbuilt condos, including a defendant who attempted to murder a witness to the scheme, New Jersey U.S. Attorney Paul J. Fishman announced.
- 7/20/12: Fulton County investment adviser arrested on securities fraud charges – WARFORDSBURG, Pennsylvania – Three years after the SEC first brought a civil suit against a Fulton County investment adviser, Robert G. Bard, has been arrested on securities fraud charges.Bard was indicted by the federal grand jury in Harrisburg, on Wednesday, in a 21-count Indictment charging one count of securities fraud, 14 counts of wire fraud, three counts of mail fraud, one count of bank fraud, one count of investment adviser fraud, and one count of making false statements to the FBI. Bard faces up to 20 years’ imprisonment on the securities fraud charge, up to 20 years’ imprisonment on the wire and mail fraud charges, up to 30 years’ imprisonment on the bank fraud charge, and up to five years’ imprisonment on the investment adviser fraud and false statements charge, as well as substantial fines and penalties if convicted.
- 7/20/12: Malaysia’s Securities Commission Spokeswoman: Sime Darby Director Arrested for Alleged Insider Trading – A director of Malaysian conglomerate Sime Darby Bhd. (4197.KU) has been arrested for alleged insider trading, a spokeswoman at the country’s Securities Commission said Friday.
- 7/20/12: Kumar Gets Probation for His Galleon Trial Cooperation – Crime doesn’t pay, but the lesson from insider-trader Anil Kumar’s case is that it pays to cooperate if you get caught. Kumar, 53, the former McKinsey & Co. partner, was facing 25 years in prison after pleading guilty to participating in an insider-trading scheme with Galleon Group LLC co-founder Raj Rajaratnam. Instead, he received a term of two years’ probation. U.S. Circuit Judge Denny Chin in Manhattan yesterday said he wouldn’t send Kumar to prison, and cited what prosecutors called Kumar’s “essential” and “extraordinary” cooperation as the first and key witness in the biggest insider-trading cases in U.S. history.
- 7/20/12: SJ Bank Manager, Husband Bilk Victim of $1.1 M– A JP Morgan Chase bank manager and her husband were convicted Thursday of scamming a 97-year-old man out of $1.1 million in life savings, according to the Santa Clara County District Attorney. Prosecutors said that bank manager Christina Bray, 30, befriended the elderly banking client and pretended to manage his financial affairs. Instead, prosecutors said, Bray and her husband, Jimmy Bray, 39, of San Jose, spent the victim’s money on luxury cars and liposuction. The couple pleaded guilty to several counts of felony elder theft.
- 7/20/12: UCO Bank manager, assistant held for fraud– NAGPUR: Kanhan police on Saturday arrested manager of UCO Bank, Gondegaon branch, for allegedly defrauding the bank of Rs1.52 crores. The assistant manager of the bank too has been arrested. The police are now looking for a private agent in the case. The manager, Anand Padikar (49) was produced before the court along with assistant manager Shrikant Joshi by the police on Saturday.
- 7/23/12: Suspect in underground bank network arrested – Shanghai police broke up an illegal banking network recently that involved 2 billion yuan ($314 million). The main suspect, identified only as Ge, 41, is accused of illegally making 2 million yuan in two years before he was detained. The underground banking network had more than 20 accounts in Shanghai and Zhejiang, Jiangsu and Guangdong provinces, according to investigators. In 2010, he is alleged to have developed an illegal foreign exchange network, China National Radio reported.
- 7/23/12: Former East Berlin Woman Gets Almost 20 Years for Fraud – (Source: Greg Gross The York Dispatch, Pa. (MCT) — A former East Berlin real-estate agent who defrauded mortgage lenders of more than $6.2million by filing false loan applications, then pocketed about $2.3 million of that money, was sentenced to nearly 20 years in prison. Joanne M. Seeley, 42, now of South Carolina, was sentenced Friday to 238 months in prison following a two-day sentencing hearing. Seeley was convicted in November of four counts each of wire fraud and money laundering.
- 7/23/12: Irish banker McAteer arrested by Anglo probe fraud squad officers – Willie McAteer is set to become the first banker prosecuted over the collapse of the toxic Anglo Irish Bank in 2008-2009. McAteer, an executive in the former rogue lender, is due in court in Ireland on fraud charges. Anglo’s former finance director was arrested this morning by fraud squad officers investigating financial irregularities at the bust bank.
- 7/23/12: Former Financial Services Executive Indicted for Participation in a Conspiracy and Scheme to Defraud Involving Investment Contracts – (Source: FBI) – WASHINGTON—A former financial services executive was indicted yesterday for his participation in a far-reaching conspiracy and scheme to defraud related to bidding for contracts for the investment of municipal bond proceeds and other municipal finance contracts, the Department of Justice announced. The indictment charges Phillip D. Murphy, a former executive for a financial institution, with participating in a wire fraud scheme and separate fraud conspiracies from as early as 1998 until 2006.
- 7/24/12: Anglo Irish Bank’s ex-CEO arrested for fraud – DUBLIN – Fraud detectives arrested the former chief executive of Anglo Irish Bank and charged him Tuesday over a conspiracy to hide colossal losses at the bank that brought the nation to the brink of bankruptcy. Forensic accountants found that Anglo provided secret loans to 16 insiders on condition they used the €1.1 billion ($1.35 billion) to buy Anglo stock.
- 7/24/12: Former HSBC Employee Falciani Arrested In Spain, Mediapart Says – Herve Falciani, a former software technician at HSBC Holdings Plc’s Swiss private bank who gave client data to a French prosecutor, was arrested in Spain, Mediapart reported in a summary of an article on its website, without saying where it got the information. Switzerland accuses Falciani of stealing data and breaching banking secrecy, according to the report.
- 7/24/12: Arrest of traders for rates manipulation imminent – US PROSECUTORS and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal. Federal prosecutors in Washington, DC, have recently contacted lawyers representing some of the suspects to notify them that criminal charges and arrests could be imminent, said two of those sources, who asked not to be identified because the investigation is ongoing.
- 7/24/12: Six Guilty in U.K. Insider-Trading Ring at Banks’ Printers – Spain and Italy reinstated a short- sale ban on stocks as bank shares plunged to record lows, bond yields rose and the euro traded below its lifetime average against the dollar on concern the debt crisis is growing. Spain’s CNMV market regulator banned the creation of negative bets on equities through shares, derivatives and over- the-counter instruments for three months. Italy’s Consob prohibited the practice on 29 banking and insurance stocks for one week, citing “grave tensions” in financial markets.
- 7/24/12 : Ex-Carlyle Consultant Seeks Probation For Insider Trading – Former A.T. Kearney Inc. partner Sherif Mityas asked to be sentenced to only probation for trading on information he learned as a consultant to the Carlyle Group (CG) about the private equity firm’s 2010 purchase of vitamin maker NBTY Inc. Mityas, who pleaded guilty in March to one count of securities fraud, filed a memorandum inBrooklyn, New York, federal court requesting that a judge impose a three-year term of probation. Federal guidelines point to a sentence of 10 to 16 months in prison, the filing said.
- 7/24/12: Local Securities Trader Indicted on Six Year/$2.5M Investment Fraud Scheme– (Source: FBI) – ST. LOUIS, MO—Grahame E. Rhodes was indicted involving an investment fraud scheme of approximately $2.5 million beginning in 1995 through 2011. According to the indictment, Rhodes was a self-employed futures securities trader who solicited clients/investors— mainly family members, neighbors, and friends—by promising them high rates of returns on their investments. The indictment alleges that despite his promises, his investments were minimal and earned little or no return of income. He returned some money to investors representing it to be profits, but it was actually money from new investors. Rhodes allegedly told them he had invested their money when he had not, and delayed requests for withdrawal of their money by creating false excuses to justify the delay. The indictment states that on many occasions he converted the money for his own personal use.
- 7/24/12: Former NY Employee of a Financial Institution Pleads Guilty for Role in Fraud Conspiracy – (Source: FBI) – WASHINGTON—A former financial institution employee pleaded guilty today for his participation in a conspiracy related to municipal bonds, the Department of Justice announced. According to the plea proceeding Alexander Wright, engaged in a fraud conspiracy in the municipal finance industry. The New York-based financial institution that employed Wright as a vice president of the municipal derivatives marketing group was a provider of investment agreements as well as other municipal finance contracts to public entities.
- 7/24/12: Ashburn Realtor Sentenced to 7 Years for $7M Mortgage Fraud Scheme– (Source: FBI) – ALEXANDRIA, VA—Nadin Samnang, 29, of Ashburn, Virginia, was sentenced today to 84 months in prison, followed by three years of supervised release, for orchestrating a mortgage fraud scheme that involved more than 25 homes in northern Virginia and over $7 million in losses to lenders. He was also ordered to pay restitution to the victim lenders and to forfeit to the United States nearly $1 million in proceeds of his unlawful conduct.
- 7/25/12: Former McGinn, Smith, & Co. Inc. CFO Pleads Guilty – (Source: FBI) – ALBANY, NY—The former chief financial officer for McGinn, Smith, & Co. Inc., Brian Shea, 53, of Niskayuna, New York, pled guilty today before United States District Court Judge David N. Hurd to one count of corruptly interfering with the administration of the internal revenue laws. Shea faces up to three years in prison and a $250,000 fine.
- 7/25/12: POLICE: Ex-Bank Manager Charged With Exploitation, Forgery in St. Charles– After a six-month-long investigation, a 56-year-old St. Charles woman was charged with financial exploitation of the elderly, forgery and felony theft, police said. Police arrested Lynn A. Pranga, St. Charles, after an investigation revealed the former branch manager of an MB Financial Bank violated a customer’s account by making unauthorized withdrawals of an account between 2009 and 2011. The investigation began Jan. 11 after an elderly MB Financial Bank customer reported to bank officials that his five-year certificate of deposit had been changed to a one-year CD and was worth far less than when it started out. Officials from the bank told the customer that records showed several withdrawals had been made from the account. He denied having made any withdrawals.
- 7/15/12: Mexico fines HSBC $28 million in money laundering investigation – MEXICO CITY — Mexican regulators have levied a $28 million fine against the Mexico subsidiary of London-based HSBC bank for failing to prevent money laundering through accounts at the bank.Mexico’s National Securities and Banking Commission said Wednesday that HSBC has paid the fines, equivalent to 379 million pesos, or about half of the subsidiary’s 2011 annual profits. The commission, and a report by a U.S. senate investigative committee, found the bank failed to control suspicious flows of billions of dollars through its accounts and didn’t respond promptly after being warned about a huge swell in dollar cash transactions at the bank.
- 7/25/12: 20 People Charged in Puerto Rico for Loan Application Fraud – (Source: FBI) – SAN JUAN—A grand jury returned a 45-count indictment charging 20 individuals with making false statements in loan applications, aggravated identity theft, and money laundering. According to the indictment, defendants Carlos D. Cuevas-Díaz, Miguel Ángel Echegaray-González, and Lee A. Arcia-Centeno conspired and agreed with each other, and with diverse other persons known and unknown to the grand jury, to knowingly make false statements or cause false statements to be made to mortgage lending institutions Equity Mortgage, Latin American, and Express Solution for the purpose of influencing the Federal Housing Administration (FHA) to insure the mortgage loans.
- 7/25/12: Throop Man Sent to Jail for Conducting Unlicensed Mortgage Business, Theft– (Source: The Times-Tribune, Scranton, Pa. – In the eyes of the clients he provided mortgages to over several months in 2009, Timothy Tanana was a helpful professional. But in the eyes of Lackawanna County Judge Vito P. Geroulo on Tuesday, the 43-year-old Throop man was simply a “con man.” When it came time for Mr. Tanana to speak for himself before receiving a sentence of 11 to 23½ months in Lackawanna County Prison for theft and conducting unlicensed mortgage business, he dwelled on his mounting bills and gambling addiction. Judge Geroulo, however, pointed out that Mr. Tanana appeared to be trying to “smooth” him just as he had the 17 clients he persuaded to pay a total of $53,137.58 to him in fees – while he was already making a $160,000 salary.
- 7/25/12: More Than 1,000 Bilked in Mortgage Modification Scam – (Source: The Press-Enterprise, Riverside, Calif. (MCT) — The operators of a boiler-room telemarketing company, US Homeowners Assistance, were ordered Tuesday, July 24, to pay more than $4 million in penalties for false mortgage modification loan promises made to more than 1,000 customers.
- 7/26/12: FL Title Agency Owner Sentenced for Mortgage Fraud Scheme – (Source: FBI)– JACKSONVILLE, FL—U.S. Attorney Robert E. O’Neill announces that U.S. District Judge Henry Lee Adams, Jr. today sentenced Cynthia Darlene Strickland (46, Jacksonville) to 18 months in federal prison for bank fraud related to a mortgage fraud scheme. As part of the sentence, the court ordered Strickland to pay restitution to victims in the amount of $531,356. The court also entered a judgment against Strickland for $178,625, which was the amount of money she received as a result of the scheme. Strickland pled guilty.
- 7/25/12: Capital One To Pay Millions After Being Charged With Improper Military Foreclosures – WASHINGTON — Capital One has agreed to pay $12 million to resolve allegations the bank violated special consumer protections in federal law for members of the military, the Justice Department announced. The government says Capital One wrongfully foreclosed on some homes and improperly repossessed some cars. In addition, the government says the bank obtained wrongful court judgments against some service members and improperly denied interest rate relief on some credit card and car loans. In a settlement under the Servicemembers Civil Relief Act, Capital One will pay $7 million in damages, including at least $125,000 to each service member whose home was unlawfully foreclosed upon and at least $10,000 to each service member whose vehicle was unlawfully repossessed. Capital One will provide a $5 million fund to compensate service members denied appropriate benefits on credit card accounts, auto and consumer loans.
- 7/26/12: 7 Defendants Indicted in Alleged $8.5M Mortgage Fraud Scheme Involving Multiple Lenders– (Source: FBI) – CHICAGO—Seven defendants, including two real estate investors and three licensed loan originators, were indicted today for allegedly participating in a scheme to fraudulently obtain more than 20 residential mortgage loans totaling approximately $8.5 million from various lenders. The indictment alleges that the mortgages were obtained to finance the purchase of properties by buyers who were fraudulently qualified for loans while the defendants allegedly profited. As a result, various lenders and their successors incurred losses because the mortgages were not fully recovered through subsequent sale or foreclosure. All seven defendants were charged with one or more counts of mail fraud and/or wire fraud in a 12-count indictment that was returned by a federal grand jury. The indictment also seeks forfeiture of at least $8.5 million.
- 7/26/12: Former Anglo Irish banking chiefs arrested – More high-ranking bankers, including Massachusetts-based former Anglo Irish Bank CEO David Drumm, could be included in later prosecutions in an investigation which started in February 2009.
- 7/27/2012: Michael Marin, Ex-Wall Street Trader, Took Cyanide After Guilty Arson Verdict – PHOENIX — A former Wall Street trader who collapsed in court after being found guilty of arson and later died committed suicide by taking cyanide, according to an autopsy released Friday. The Maricopa County medical examiner’s office toxicology tests showed Michael Marin, 53, had the poison in his system. The report also noted an apparent suicide note emailed by Martin shortly before his death and cyanide found in his car afterward. After he was found guilty of arson in June, Marin put his head in his hands and appeared to put something in his mouth. He then drank from a sports bottle.
- 7/27/12: Citibank’s Indonesian Scandal Deepens As Convicted Debt Collectors Go Missing – Irzen Octa, an Indonesian businessman, died in a Citibank office under mysterious circumstances last March, while debt collectors were questioning him about money he owed on a Citibank credit card. Now, two of the three collectors convicted in Octa’s death are reportedly on the run from the law. Arif Lukman and Henry Waslinton, who were each sentenced to five years in prison last month for their role in the March 2011 interrogation, have failed to answer a court summons for detention, according to theJakarta Globe. On Wednesday, both men were declared fugitives. Octa, who owed Citibank more than $11,000 at the time of his death, met with third-party collectors on March 28, 2011, in an attempt to negotiate a settlement. He was found dead in the Citibank office that afternoon. Post-mortem reports from various doctors have given his cause of death as asphyxiation, brain hemorrhage and “blunt violence,” according to The Washington. In the past, Citi customers in India have alleged that debt collectors working on behalf of the bank threatened to kill them or remove their organs if they did not pay. A Citi spokeswoman told reporters that these were “isolated cases.”
- 7/27/12: CBI arrests banker for Rs 50K bribe– India, PATNA: A CBI team on Thursday caught Samastipur-based Kshetriya Gramin Bank branch manager Shiv Kumar red-handed when he was entering the bank after accepting a bribe of Rs 50,000 from a complainant, Laxmi Sah, a resident of Samastipur.CBI SP B K Singh said a loan of Rs 4.30 lakh under the Pradhan Mantri Rojgar Yojana was sanctioned to Sah for setting up an oil mill. But the branch manager was demanding Rs 70,000 for withdrawal of the loan amount. Sah lodged a complaint with the CBI on July 23, he said.Singh said a CBI team verified the allegation and laid a trap on Thursday. The complainant reached the bank and the branch manager gave him Rs 1 lakh and came out of the bank with him. Kumar gave the complainant an envelope and asked him to put Rs 70,000 into it.
- 7/27/12:TD bank denies wrongdoing after court convicts U.S. fraudster in $7B Ponzi scheme– Robert Allen Stanford was the stereotype of a Texas tycoon, oozing the extravagance billions of dollars buys: a fleet of private jets, yachts and helicopters; mansions, castles and a private island; mixing with celebrities and world despots; being knighted and hosting a world sports tournament where he put up the US$20-million purse. At the height of his outsized life, however, his banking empire collapsed and, last month, a U.S. court exposed his US$7-billion fraud, sentencing the 63-year-old to 110 years in prison. Now, attention is turning to the role a respected Canadian bank may have played in allowing Stanford to strip 21,000 investors of their savings.
- 7/27/12: Virginia Mortgage Broker Pleads Guilty in $700,000 Fraud Scheme – (Source: FBI) – WASHINGTON—Donald M. Ramsey, 45, a mortgage broker from Alexandria, Virginia, pled guilty today to a charge of conspiracy to commit bank and mail fraud for his part in a scheme that cost lenders more than $700,000.
- 7/27/2012: Bankrupt Sean Quinn: I’m scared to go to prison but I won’t back out of it– BANKRUPT businessman Sean Quinn has said he is afraid to go to prison but he won’t back out of it. Last week, a High Court judge jailed the son and nephew of the disgraced businessman for three months after finding failures to adequately comply with court orders aimed at reversing measures stripping multi-million assets from the Quinn family’s international property group. Sean Quinn Junior is currently serving a three month sentence. Peter Darragh Quinn failed to turn up in court and a warrant has been issued for his arrest.
- 7/27/12: Barclays Execs Under Another Investigation AND BANK SET ASIDE HUNDREDS OF MILLIONS FOR MISSELLING DERIVATIVES – (NEWSER) – Barclays raised a whole bunch of eyebrows when it released its earnings today—and in the process revealed, among other things, that current and former senior executives were under an investigation totally unrelated to the Libor. UK regulators are looking into whether the bank sufficiently disclosed details of the $11.45 billion cash injection it got from Middle Eastern investors during the 2008 financial crisis, the Wall Street Journal reports. If that weren’t enough, the company also revealed that it had set aside $705 million to cover misspelling of derivatives to small businesses, and that it was facing a number of lawsuits over the Libor scandal. On the call, departing Chairman Marcus Agius apologized yet again for that mess, and said he was working to find his own replacement, along with one to fill the hole left by former CEO Robert Diamond. “It is tempting to find a quick solution,” he said. “It is important that the right selection is made.”
- 7/27/12: Foreclosure Prevention Business Owner Pleads Guilty in Major Mortgage Fraud Scheme – (Source: FBI) – WASHINGTON—Carline M. Charles, 41, who operated a business that supposedly would rescue distressed homeowners from foreclosure, pled guilty today to conspiracy to commit bank fraud for her role in a mortgage fraud scheme that cost lenders at least $1 million, announced U.S. Attorney Ronald C. Machen, Jr. and James W. McJunkin, Assistant Director in Charge of the FBI’s Washington Field Office.
- 7/27/12: CO Man Pleads Guilty to Scheming Investors Out of $7M for Personal Use– (Source: FBI) – MINNEAPOLIS—Earlier today in federal court, a 37-year-old Colorado man pleaded guilty to scheming investors out of $7 million. Evan Matthew Flaxman, of Silverthorne, Colorado, pleaded guilty to one count of mail fraud in connection to the scheme. Flaxman, who was charged on June 14, 2012, entered his plea before United States District Court Judge Patrick J. Schiltz.
- 7/27/12: Former Hedge Fund Manager Receives Over 6 Years in Prison for Being in Charge of Ponzi Scheme – (Source: FBI) – A hedge fund manager was sentenced today in Brooklyn federal court to serve 78 months in prison for running a Ponzi scheme. Ward Onsa, 60, of Naples, Florida, the manager of New Century Hedge Fund Partners LP, was sentenced by U.S. District Judge Dora L. Irizarry. Onsa pleaded guilty in December 2011 to operating the scheme, which resulted in losses to investors of over $3 million dollars. The court also ordered restitution to be paid to the defendant’s victims.
- 7/27/12: Man From Ohio Charged with Investor Fraud– (Source: FBI) — A resident of East Liverpool, Ohio, has been indicted by a federal grand jury in Pittsburgh on charges of wire fraud, United States Attorney David J. Hickton announced today. The defendant defrauded three investors by representing that he was a successful currency trader and obtaining $78,000 from them for this purpose and thereafter retaining and spending more than $49,000 for his own purposes, while earning no profits for investors and incurring more than $28,000 in currency trading loses. The law provides for a maximum total sentence at each count of 20 years in prison, a fine of $250,000, or both.
- 7/27/12: – SEC, FINRA Enforcement Roundup: $268M Insider Trading Scheme Busted – Charges of insider trading in a secondary stock offering, accounting violations, insider trading around an acquisition and efforts by a phony company president to push a fake penny-stock investment were among enforcement actions taken by the SEC, while FINRA censured and fined a firm for a registered representative’s unsuitable and excessive trading in client accounts.
- 7/27/12: Comsys CEO pal charged with insider trading – CHICAGO (MarketWatch) -The Securities and Exchange Commission said Wednesday that it has charged a friend of a CEO of a Houston-based employment services firm with insider trading for using confidential information he learned “while they were spending time together.” Accused is Ladislav “Larry” Schvacho, who the SEC charges illegally made $511,000 by using the information to trade around the 2010 acquisition of Comsys IT Partners Inc. by Manpower Inc. (US:MAN) They claim that he gleaned nonpublic information while Comsys CEO [Larry Enterline] “called other Comsys executives to discuss the acquisition and through confidential, merger-related documents to which Schvacho had access.” He then compiled a portfolio of 72,000 shares of Comsys in the weeks before the acquisition, the SEC said, using all available cash in his brokerage accounts to buy it. Schvacho then sold half of his Comsys shares as soon as the deal announcement was made.
- 7/27/12: Ipswich: Santander worker avoids jail over thefts from customer accounts – A BANK worker with a gambling addiction who embezzled more than £12,000 from customers’ accounts has walked free from court after a judge gave him a suspended prison sentence. Sentencing Matthew Farr, 23, who gambled £85,000 away in a 15-month period leading up to his arrest, Judge Rupert Overbury said he had “exploited” his position with Santander bank to systematically steal money from customers’ accounts. “The harm caused by what you have done has not only caused financial loss but also an incalculable erosion of public confidence in the banking system which is particularly serious in these current economic times,” said the judge.
- 7/27/12: Kosovan central bank launches sting operation on unlicensed financial institutions – The Central Bank of the Republic of Kosovo (CBK) today (July 27) carried out surprise visits to two locations on suspicion of the conduct of unlicensed financial activity. The operation was approved by the executive board of the central bank shortly before the investigations were launched.
- 7/27/12: Traders’ assets frozen in CNOOC-Nexen deal – A federal court on Friday froze the assets of traders accused of trading on inside information ahead of a controversial bid by China’s state-run CNOOC for Canadian oil company Nexen Inc., U.S. securities regulators said. The Securities and Exchange Commission sought the action and said certain traders used accounts in Singapore and Hong Kong to reap more than $13 million in illegal profits by buying up Nexen shares ahead of the deal.
- 7/28/12: Two PNB staffers held for accepting Rs 1.8 crore in bribe – Mumbai, Jul 28 (PTI) Two employees of a nationalised bank were arrested by CBI for allegedly accepting a bribe of Rs 1.8 crore in lieu of official favour, the agency officials said today. Manibhushan, senior manager in the Regional Stationary Department Centre of the Punjab National Bank and asset recovery agent Mendiratta were apprehended from here yesterday while accepting the bribe of Rs 1.8 crore from a complainant.
- 7/28/12: UK – Six Sentenced for Insider Trading – UBS and JPMorgan print rooms. One of six individuals sentenced on Friday to a total of 16 years in prison for taking part in an insider trading ring has said the JP Morgan Cazenove print room manager allegedly at the heart of the conspiracy avoided prosecutors by fleeing to Northern Cyprus. Ersin Mustafa, a contractor for Xerox running the secure print room in JP Morgan, was accused of playing a pivotal role in sourcing confidential documents from the bank and from UBS where his brother Ali Mustafa worked – his role also involving the confidential printing of market-sensitive documents, many of them linked to corporate takeover plans.
- 7/28/12: CT woman sentenced to 8 years for fraud – HARTFORD, Conn. (AP) – A federal judge has sentenced a Washington Depot woman to eight years prison in a fraud case that cheated mostly elderly investors out of $1.9 million. The judge called 55-year-old Robin Brass a “clever and effective con artist” as he delivered the sentence Friday in U.S. District Court in Hartford. Several victims who spoke at the hearing said Brass was a one-time friend who betrayed their trust, stole their life savings and, in some cases, left them dependent on food stamps.
- 7/28/12: Barclays needs a total management overhaul – In the past four weeks the bank has been laid low by scandal after scandal. The £290m fine for attempting to rig Libor was followed by what can only be described as the exposure of a diabolical relationship with the bank’s regulator, the Financial Services Authority, whose top executive lashed out against the bank’s “culture of gaming” in testimony before MPs. Then on Friday it got even worse: a £450m bill to pick up the cost of mis-selling interest rate swaps to small businesses, and the extraordinary revelation that its finance director Chris Lucas was being investigated in relation to the rescue fundraising the bank conducted during the 2008 crisis.
- 7/28/12: Whitman Trial To Turn On Whether He Knew Of Illicit Tips – Whitman Capital LLC founder Doug Whitman is going on trial for using illicit tips from technology company insiders including one who was a neighbor, a woman at the center of the biggest stock-tipping probe in U.S. history. Roomy Khan, a former Intel Corp. (INTC) executive, is scheduled to be one of the government’s key witnesses at Whitman’s trial that starts July 30 in federal court in Manhattan. Khan twice pleaded guilty to passing inside information to Galleon Group LLC fund manager Raj Rajaratnam – once in 2001 and again in 2009.
- 7/28/12: Zambia: Two Nabbed for Money Laundering – A BANKER and a business executive in Chipata have been arrested for alleged theft and money laundering involving more than K300 million. Mike Kabwe, 29, a banker residing at 1806 Chipata Motel and Petros Banda, 39, of farm number 120 Kapara also of Chipata have been arrested and jointly charged with theft and money laundering. In the second offence, Kabwe is separately charged for theft by servant and fraudulent false accounting.
- 7/29/12: German accused of pyramid scheme fraud arrested in Las Vegas – (Reuters) – A German man accused of using an Internet pyramid scheme to bilk investors of over $100 million dollars and then going on the run for five years has been arrested in Las Vegas. Ulrich Felix Anton Engler, 51, was arrested on Wednesday for violating U.S. immigration law. Engler is wanted by German authorities on multiple criminal charges after allegedly defrauding several thousand German, Swiss and Austrian investors. If convicted, he faces up to 20 years in prison. Engler is accused of using a Florida-based marketing company to promote another company which falsely claimed it traded in stocks and other securities to lure investors who lost access to their money once it was transferred to the United States.Last year, authorities began to re-examine his case and determined he was running a similar scheme in Nevada under a new name.
- 7/29/12: Fake bank operator nabbed in Kano – The police in Kano have arrested one Taofee Adekunle for allegedly operating an illegal Finance House, popularly known as “Wonder Bank”. The state Commissioner of Police, Mr Ibrahim Idris disclosed this while briefing newsmen in Kano on Saturday. The commissioner said the suspect, who had a network of marketers spread all over Kano metropolis, collected a total sum of N5.5 million from 328 victims with the promise to give them credit facility.‘’The method adopted by the fraudster is to ask his victim to pay 20 per cent of the credit facility before he disburses the loan. After collecting the percentage, the transaction stops as he will not disburse the loan as promised.’’
- 7/29/12: Ex treasury chief Kutengule speaks out on fertiliser deal – Former Secretary to Treasury, Dr Milton Kutengule, has reacted to a leaked report by Anti Corruption Bureau (ACB) which implicated him in a 2005 fertiliser subsidy deal the bureau claims wasted $6.9 million (about K2 billion at present exchange rates). Kutengule left the ministry of finance in 2008 in connection with a mysterious K20 million Credit Scheme Account he is alleged to have opened at a commercial bank for which he was the sole signatory to all transactions that followed.
- 7/29/12: Former Real Estate Developer Pleads Guilty to $16 Million Golf Course Investment Fraud Scheme – SAN JOSE, California – A former real estate developer from Carmel, California, pleaded guilty on Thursday to wire fraud and money laundering arising out of his golf course investment fraud scheme in which he defrauded more than 50 victims. Thomas Joseph O’Meara, III, 65, formerly a Carmel resident now living in Palm Desert, California, admitted in his plea agreement that he carried out an investment fraud scheme. O’Meara recruited individuals to invest more than $16 million.
- 7/29/12: Criminals abuse New Zealand’s liberal company laws – WELLINGTON, New Zealand – When American Jeffery Lowrance this month pleaded guilty in federal court to wire fraud and money laundering after running a $25 million Ponzi scheme, he was just the latest in a long list of criminals to take advantage of liberal company laws in New Zealand. Like other criminals before him, he found that for about $130 and a small amount of online paperwork, he could set up a shell company in New Zealand without stepping foot in the country or having any financial presence. He registered First Capital Savings & Loan to an Auckland address but ran his scheme from Panama.
- 7/30/12: Iran sentences 4 to death in $2.6B fraud case – TEHRAN, Iran — An Iranian court has sentenced four people to death and given two more life sentences on charges linked to a $2.6 billion bank fraud described as the biggest financial scam in the country’s history, an official said Monday. The trial, which began in February, involved some of the country’s largest financial institutions and raised uncomfortable questions about corruption at senior levels in Iran’s tightly controlled economy.
- 7/30/12: Ex-UBS Executives Go To Trial In Bond Bid-Rigging Case – Peter Ghavami, former co-head of UBS AG (UBSN)’s municipal-derivatives group, and two former co-workers were accused by prosecutors of lying and stealing from U.S. cities and towns by conspiring to rig bids for investing proceeds of municipal bond sales. Ghavami and his former colleagues, Gary Heinz and Michael Welty, went on trial today in federal court, charged in a six- count indictment with “long-running conspiracies and schemes to defraud” municipal-bond issuers and U.S. tax authorities by fixing the prices on the investing agreements. Banks have already paid more than $700 million to settle U.S. claims.
- 7/30/12: Suspect arrested for involvement in JD500,000 bank fraud – AMMAN — Criminal Investigation Department (CID) personnel on Sunday arrested a man suspected of involvement in a JD500,000 bank fraud and the case was referred to court.According to the Public Security Department (PSD), the manager of the bank’s Shmeisani branch discovered suspicious transfers of large amounts of money while auditing the accounts of several clients.The suspect confessed to carrying out the scam with the help of two others.
- 7/30/12: Warning: Dominican Mortgage Assistance Scam Halted by FTC – (Source FTC) – At the request of the Federal Trade Commission, a U.S. district court has halted a nationwide scam operating from the Dominican Republic – but pretending to be in Chicago – that allegedly peddled fake mortgage assistance relief to financially distressed Spanish-speaking homeowners in the United States. The defendants promised to dramatically lower homeowners’ monthly mortgage payments in exchange for a hefty upfront fee, and collected more than $2 million in fees during the last three years, but failed to provide homeowners with the promised services, according to the FTC complaint.
- 7/30/12: Defendant in Insider Case: I Was Just Doing My Job – One man’s insider trader is another man’s corporate crusader. Or at least that is what lawyers for Doug Whitman plan to argue before a federal jury. Mr. Whitman, a former hedge-fund manager, doesn’t deny that he probed public companies for nonpublic information. But his criminal-defense team plans to argue that its client was doing exactly what he was supposed to do when he persuaded employees of public companies to give him information that those companies’ top brass didn’t want getting out.
- 7/30/12: – CIMA investigates HSBC Mexico SA and reviews regs – The Cayman Islands Monetary Authority said it is investigating whether the Cayman Islands branch of HSBC Mexico SA breached any local laws or regulations. The Subcommittee of Investigations of the US Senate released a report earlier this month accusing HSBC of major anti money laundering and compliance weaknesses, which allowed organised crime to launder criminal proceeds. The Subcommittee specifically pointed to a large number of high risk transactions with insufficient anti-money laundering controls involving US dollar accounts held by Mexican residents at HSBC Mexico SA, a class B banking licence holder in the Cayman Islands. The Senate investigation concluded HSBC’s Mexican subsidiary, which operated the accounts in Cayman, did have in many cases incomplete or missing customer records for the Cayman accounts, leaving the accounts open for misuse by organised crime.
- 7/31/12: UBS Execs Allegedly Deceived U.S. Cities, Steered Contracts To Friends– NEW YORK, July 30 (Reuters) – Three former UBS executives helped deceive U.S. cities and towns by operating a scheme to rig bids to invest municipal bond proceeds, a federal prosecutor said on Monday at the start of the bankers’ criminal trial in New York. Peter Ghavami, Gary Heinz and Michael Welty were charged in 2010 by the U.S. Department of Justice as part of its broad investigation of the $3.7 trillion U.S. municipal bond market. The probe has focused on rooting out schemes to fix prices and rig bids on bond transactions, and has ensnared some of the world’s largest banks. The three men “steered financial contracts to their friends in exchange for kickbacks and other favors,” Justice Department prosecutor Kalina Tulley told the jury in her opening statement in U.S. District Court in Manhattan.
- 7/31/12: Barclays at centre of new police probe after its Italian HQ is raided as rate-rigging scandal spreads to Europe– Barclays Bank was at the centre of fresh police investigation today after documents and emails were seized from the offices of its Italian headquarters. The raids were ordered by prosecutors and took place just before the start of the business day as stunned employees arrived for work to find officers stationed outside the main entrance. Officials said the raid was part of a probe into the possible manipulation of Euribor, the euro-priced counterpart of scandal-hit Libor interbank lending rates. According to sources close to the investigation, records of emails and other documents detailing exchanges of information between Barclays in Milan and London were being looked at.
- 7/31/12: Zynga CEO Mark Pincus, Other Execs Accused Of Insider Trading– Zynga is best known as the maker of FarmVille, Words With Friends and a host of other online games. And if the allegations in a new lawsuit prove true, the company’s top brass certainly are playing by their own set of rules. On Monday, the law firm Newman Ferrara filed a class action suit against Zynga, claiming that the company’s executives acted on insider knowledge when, in April, they collectively sold off more than $500 million worth of company shares.
- 7/31/12: Foreclosure Prevention Company Owner Pleads Guilty in Major Mortgage Fraud Scheme – (Source: FBI) – WASHINGTON—Carline M. Charles, 41, who operated a business that supposedly would rescue distressed homeowners from foreclosure, pled guilty today to conspiracy to commit bank fraud for her role in a mortgage fraud scheme that cost lenders at least $1 million, announced U.S. Attorney Ronald C. Machen, Jr. and James W. McJunkin, Assistant Director in Charge of the FBI’s Washington Field Office.
- 7/31/12: Chicago Man Arrested for Alleged Scheme to Defraud Investors Out of More Than $2M – (Source: FBI) – SAN FRANCISCO—Today federal authorities arrested Michael Steven Banuelos after a federal grand jury in San Francisco indicted him for wire fraud and money laundering resulting from his operation of an alleged investment scheme through which he defrauded investors out of more than $2 million, United States Attorney Melinda Haag announced.
- 7/31/12: Washington Depot Woman Sentenced for $2 Million Investor Fraud Scheme – (Source: FBI) – David B. Fein, United States Attorney for the District of Connecticut, announced that Robin Bruhjell Brass, 55, of Washington Depot, was sentenced today by United States District Judge Robert N. Chatigny in Hartford to 96 months of imprisonment (an upward departure over the advisory Sentencing Guidelines range), followed by three years of supervised release, for operating a long-running Ponzi scheme that defrauded investors of approximately $2 million.
- 7/31/12: Fund Manager Forks Over $1M To End SEC Insider Trading Suit – Law360, New York (July 30, 2012, 4:42 PM ET) — A New York investment manager and two of his hedge funds agreed to pay $1.1 million to settle allegations that they made illegal insider trades based on nonpublic information about Chinese reverse merger company China Yingxia International Inc., the U.S. Securities and Exchange Commission announced Monday. Investor and former New York Daily News columnist Peter Siris, along with his funds Guerrilla Capital Management LLC and Hua Mei 21st Century LLC, agreed to pay the $1.1 million in disgorgements, interest and penalties to settle a suit formally.
- 7/31/12: Insider trading charge for Comsys CEO friend over Manpower acquisition – A friend of the chief executive of IT recruiter Comsys IT Partner has been charged by US regulator the Securities and Exchange Commission (SEC) having allegedly made around $511k (£326k) of illicit provides when Comsys was acquired by Manpower.The SEC has announced Ladislav ‘Larry’ Schvacho as the alleged illegal trader, who purchased around 72,000 shares of Comsys in the weeks before a public announcement of Manpower’s acquisition on 2 February 2010.
- 7/31/12: Hong Kong Firm Accused of Insider Trading in U.S. – HONG KONG—The Chinese tycoon behind a company that was implicated in an insider-trading investigation in the U.S. is one of China’s richest entrepreneurs, having first built his wealth in construction materials and real estate during the 1990s housing boom. But the fortunes of Zhang Zhirong, 43 years old and ranked 22nd on Forbes’s China wealth list last year, have fallen sharply since 2011 as the shares of the two Hong Kong-listed companies he controls plummeted amid oversupply in the world’s bulk-shipping market and a downturn in the Chinese property market. According to Forbes, Mr. Zhang’s fortune fell by around 50% to about $2.6 billion in March from a year earlier.
- 7/31/12: Insider-Trading Trial Kicks Off for Fund Manager – Prosecutors told jurors Tuesday that a Northern California hedge-fund manager improperly sought out inside information about Google Inc. and other technology firms in hopes of gaining an “edge” over other investors, but his defense lawyer said he had legitimate reasons for doing so. The criminal trial of Doug Whitman, of Whitman Capital in Menlo Park, Calif., kicked off in Manhattan federal court on Tuesday, the latest case in a broad government crackdown on insider trading in corporate America. He has pleaded not guilty to conspiracy and securities-fraud charges. Prosecutors have alleged that Mr. Whitman made almost $1 million over an 18-month period based on confidential information.
- 7/31/12: Convicted Insider Trader Matthew Kluger “Shocked” To Find Out He Couldn’t Trust The Guys With Whom He Was Committing Federal Crimes – Remember Matthew Kluger? To recap, he’s the mergers and acquisitions lawyer who spent two decades feeding inside information to convicted insider trader Garrett Bauer, that he picked up from partners at the six different law firms he worked at over the years. The operation, which included Kenneth Robinson, an old friend of Kluger who acted as the tips mule between MK and GB, went very smoothly for a very long time (17 years), and would have continued going smoothly had Robinson stuck with the plan instead of deciding to start making the same trades as Bauer, raising suspicion with SEC, which was watching the men and used “relationship analysis” to determine they were “part of the same trading scheme and had a common source: Kluger.”
- 7/31/12: Whitman Capital Founder Traded On Inside Tips, U.S. Says – Whitman Capital LLC founder Doug Whitman made almost $1 million for his hedge fund by trading on tips from criminal associates about Google Inc. (GOOG), Polycom Inc. (PLCM) and Marvell Technology Group Ltd. (MRVL), a prosecutor told jurors. “The defendant and his partners in crime decided the rules of stock trading did not apply,” Assistant U.S. Attorney Christopher LaVigne said today in his opening statement in the insider-trading trial in Manhattan federal court. LaVigne told jurors they will hear testimony from three of Whitman’s sources of illicit information, all of whom have pleaded guilty and are cooperating with the government.
- 7/31/12: 6 Asians guilty of insider trading in major UK scam – LONDON: Six British Asians have been convicted of offences relating to insider dealing ring that made a profit of over 730 million pounds between 2006 and 2008 after a four-and-a-half month trial at the Southwark Crown Court, the Financial Services Authority (FSA) said today. The six are Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, and Truptesh Patel. The six, who were arrested 2008, are due to be sentenced on Friday. One of the accused, Mitesh Shah, was acquitted of insider trading.
- 7/31/12: Lebanese Bank Case Tests U.S. Privacy Law – A judge’s looming decision in a case that has snarled a fugitive Lebanese woman and eight financial firms could challenge how bank-privacy laws are interpreted in the U.S. Judge Ellen M. Coin of New York State Supreme Court in Manhattan is weighing whether to force banks such as Banco Santander SA, Credit Suisse Group AG, HSBC Holdings PLC and UBS AG to turn over information about private accounts tied to the woman, Rana Koleilat. Ms. Koleilat, a former secretary at Lebanon’s Al-Madina Bank who later became one of its top advisers, fled the country in 2005 following her conviction.
- 7/31/12: Prosecutor: Florida cooperator linked to notorious hedge fund boss to testify at NY trial – NEW YORK — A Florida woman with long ties to a one-time billionaire hedge fund founder jailed on insider trading charges will testify at the New York trial of a San Francisco hedge fund operator.Prosecutor Christopher LaVigne told a jury in an opening statement Tuesday that Roomy Khan will testify at the trial of Doug Whitman. Whitman is accused of taking tips from Khan and others to make nearly $1 million illegally since 2007. His attorney told jurors that Whitman did not buy or sell any stock based on insider information.
- 7/31/12: Ex-UBS clients get year in prison in offshore tax dodge case – Two former clients of UBS AG were sentenced on Monday to a year and a day in prison, matching what records show as the longest prison term ordered so far in a sprawling investigation of offshore tax avoidance involving the Swiss banking giant. Sean and Nadia Roberts of Tehachapi, California, were also ordered to pay $3.2 million in restitution and fines, the U.S. Justice Department said. He is 77 years old and she is 64. The couple pleaded guilty in 2011 to filing a false income tax return. From 2004 to 2008, they failed to report interest income from millions held in offshore accounts, falsely deducted bank transfers and under-reported income, prosecutors said. One other former UBS client, Richard Werdiger, has received a prison term that long, according to an Internal Revenue Service-maintained list of UBS cases. Other clients have received a combination of probation, home confinement and fines.
- 8/1/12: Former Bank Officer Faces Prison, Millions in Restitution for Embezzlement – (Source: Tulsa World, Okla.) – A former bank officer has been sentenced to four years and nine months in prison and ordered to pay millions of dollars in restitution after pleading guilty in what a federal prosecutor called “the largest internal bank theft” in the history of the Tulsa-based Northern District of Oklahoma. Janice Mora Adams, a former senior vice president for private banking and internal control officer of Peoples Bank, stated in court documents that she initiated fraudulent loans and accounts as part of a scheme in which she embezzled funds from May 2004 until February 2010.
- 8/1/12: The 3 musketeers of Destiny Group – While the Anti Corruption Commission has already pressed two separated cases against Destiny Group mastermind Mohammad Rafiqul Amin and his gang, the top ranking musketeers of Destiny Group, who became billionaires from being mere paupers, are at the focal point of the cheated investors as well as various intelligence agencies in Bangladesh. It may be mentioned here that, ACC lodged the two separate cases against Mohammad Rafiqul Ami and Lt. Gen [Retired] Harunur Rashid along with 10 others of the fraudulent Multi Level Marketing [MLM] company. They are Destiny 2000 Chairman Mohammad Hossain, its nine directors Gofranul Huq, Sayed-ur Rahman, Mejbah Uddin Swapan, Syed Sazzad Hossain, Irfan Ahmed Sunny, Farah Diba [wife of Mohammad Rafiqul Amin], Jamsed Ara Chowdhury, Sheikh Tayebur Rahman and Nepal Chandra Biswas.
- 8/1/12: Malaysian opposition figure arrested for breaching bank law – A senior Malaysian opposition politician, who made a series of revelations on alleged government wrongdoing, was arrested on Wednesday for disclosing bank details related to a high-profile corruption case involving the family of a former minister. The charges against Rafizi Ramli, head of strategy for the opposition Pakatan Rakyat party, adds to a tense political atmosphere ahead of elections that must be held by early next year and which are expected to be closely fought. He pleaded not guilty to charges under the Banking and Financial Services Act in the Shah Alam sessions court. He faces the possibility of a three-year jail term which may scupper his chances of standing for parliament.
- 8/1/12: FINRA expels Biremis Corp from securities industry – Biremis Corp, a brokerage that handled U.S. trading for a now-defunct day trading company accused of abuses, has been expelled from the U.S. securities industry along with its chief executive officer,Wall Street’s self-regulator said on Tuesday.Biremis and Chief Executive Officer Peter Beck did not have an adequate supervision program in place for detecting and preventing certain manipulative trading activities between 2007 and 2010, according to a settlement with the Financial Industry Regulatory Authority announced on Tuesday. Biremis, a broker-dealer, was known as known as Swift Trade Securities USA Inc until 2004. Among the problems was a lack of procedures to detect and prevent “layering,” a scheme that involves placing sham orders intended to influence market prices and then canceling those orders. In addition, the company did not have an adequate anti-money laundering program, even though its only business was to execute transactions for day traders worldwide.
- 8/1/12: Former UBS bankers cheated cities by rigging bond bids: U.S. – Three former UBS executives helped deceive U.S. cities and towns by operating a scheme to rig bids to invest municipal bond proceeds, a federal prosecutor said on Monday at the start of the bankers’ criminal trial in New York. Peter Ghavami, Gary Heinz and Michael Welty were charged in 2010 by the U.S. Department of Justice as part of its broad investigation of the $3.7 trillion U.S. municipal bond market. The probe has focused on rooting out schemes to fix prices and rig bids on bond transactions, and has ensnared some of the world’s largest banks. The three men “steered financial contracts to their friends in exchange for kickbacks and other favors,”.
- 8/1/12: Goldman to pay $26.6 mln in mortgage debt class-action – Goldman Sachs Group Inc has agreed to pay $26.6 million to settle a lawsuit by investors who claimed they were misled into buying securities backed by risky loans from the now-defunct subprime mortgage lender New century Financial Corp. Investors led by the Public Employees’ Retirement System of Mississippi claimed that Goldman’s boilerplate disclosures for the $698 million GSAMP Trust 2006-S2 were false and misleading by failing to reveal how New Century had ignored its own underwriting standards and used inflated appraisals. They also faulted Goldman’s due diligence for failing to find the problems when it bought New Century loans and packaged them into securities for the 2006 offering. New Century went bankrupt the following year.
- 8/1/12: MF Global corporate trustee sees return of all customer funds – Customers of the failed futures brokerage MF Global got mixed signals on Wednesday about their chances of recovering all of a $1.6 billion shortfall after two trustees involved in the firm’s liquidation offered different outlooks about their chances of success. In prepared testimony before the Senate Agriculture Committee, former FBI Director Louis Freeh — who is responsible for winding down MF Global’s parent company — told lawmakers he is quite confidence that “all of the customers of MF Global Inc eventually will be made whole.” But James Giddens, the trustee for the broker-dealer unit tasked with recovering customers’ missing funds, offered a less rosy picture, saying legal obstacles to recovering the money still remain. “We very much would like to pay every customer 100 percent, however, it will be a time consuming, difficult uphill battle,” Giddens told the Senate panel.
- 8/1/12: Siris, Guerrilla Capital Settle SEC Suit Over China Firm – Fund manager Peter Siris and his Guerrilla Capital Management agreed to pay more than $1.1 million to settle allegations by the U.S. Securities and Exchange Commission of “wide-ranging misconduct” in connection with a Chinese reverse-merger firm. The SEC today announced the settlement with Siris, a former writer for the New York Daily News and author of “Guerrilla Investing: Winning Strategies for Beating the Wall Street Professionals.” The agency also settled with Guerrilla Capital and a related firm, Hua Mei 21st Century LLC.
- 8/1/12: Lebanese Bank Case Tests U.S. Privacy Law – A judge’s looming decision in a case that has snarled a fugitive Lebanese woman and eight financial firms could challenge how bank-privacy laws are interpreted in the U.S. Judge Ellen M. Coin of New York State Supreme Court in Manhattan is weighing whether to force banks such as Banco Santander SA, Credit Suisse Group AG, HSBC HoldingsPLC and UBS AG UBSN.VX to turn over information about private accounts tied to the woman, Rana Koleilat, a former secretary at Lebanon’s Al-Madina Bank who later became one of its top advisers, fled the country in 2005 following her conviction by a Lebanese court of a massive fraud that led to the bank’s collapse in 2003. The New York civil suit, filed earlier this year by Al-Madina’s founder and majority owner, Adnan Abu Ayyash, seeks the recovery of more than $3 billion allegedly stolen by Ms. Koleilat, according to court filings.
- 8/1/12: Morgan Stanley Allegedly Participated In Insider Trading In Greek Bank Merger – ATHENS, Greece (AP) — Greek court officials say a prosecutor has brought misdemeanor charges against Morgan Stanley for alleged insider trading in connection with a planned local bank merger. The charges made public Wednesday concern a failed takeover bid for Alpha Bank by National Bank of Greece in early 2011. Morgan Stanley acted as an adviser for NBG in its bid. Court officials said the prosecution followed an investigation into reports that Morgan Stanley bought shares in Alpha during a period from before the merger talks were made public until shortly after they collapsed. The officials said Alpha’s shares gained 33 percent at the time. The charges, if proven, carry a maximum 5-year prison sentence. They did not name specific Morgan Stanley officials, whom a further investigation will seek to identify.
- 8/1/12: Last of 12 Mortgage-Fraud Defendants Agrees to Plea Deal – (Source: The Columbus Dispatch, Ohio — The last of a dozen defendants admitted his involvement today in a central Ohio mortgage-fraud scheme. Kevin E. Murphy, 51, of Estate View Drive South near Gahanna, faces up to eight years in prison after pleading guilty to one count of theft. He remains free on bond and is to be sentenced on Sept. 27 by Franklin County Common Pleas Judge Pat Sheeran. Murphy reached a plea agreement with prosecutors as jurors were being selected for his trial. His wife, Mary R. Murphy, 51, pleaded guilty on Friday to one count of theft and two counts of receiving stolen property. The couple was part of a wide-ranging plot to fraudulently obtain mortgages for homes with inflated values. Most of the loans, ended in foreclosure.
- 8/2/12: Former Covington Bank Chief Executive Officer Pleads Guilty to Bank Fraud Scheme – (Source: FBI) – NEW ORLEANS—Richard S. Blossman, Jr., age 52, a resident of Covington, Louisiana, plead guilty today before U.S. District Judge Nannette Jolivette Brown to a two-count bill of information alleging one count of bank fraud and one count of false statements, announced U.S. Attorney Jim Letten. He is scheduled for sentencing on November 15, 2012. According to documents filed in court today, Blossman was the chief executive officer (CEO) of Central Progressive Bank, headquartered in Lacombe, Louisiana, in St. Tammany Parish. In December 2011 Central Progressive Bank (CPB) failed and was taken over by the Federal Deposit Insurance Corporation (FDIC). The assets of Central Progressive Bank were then sold to FNBC Bank.
- 8/2/12: AmeriFirst Securities Fraud Case Lands Sentence for Seven Defendants – (Source: FBI) – DALLAS—The final sentencing was held today in the massive AmeriFirst securities fraud case, prosecuted in the Northern District of Texas, that has resulted in a total of seven felony convictions and prison sentences up to 25 years, announced U.S. Attorney Sarah R. Saldaña of the Northern District of Texas. Today, John Porter Priest was sentenced by U.S. District Judge Barbara M. G. Lynn to one year in federal prison. Priest, 43, of Ocala, Florida, was sentenced by Judge Lynn to one year in federal prison and ordered to pay $4,742,946 in restitution. He pleaded guilty in September 2010 to one count of securities fraud based on his role in the Secured Capital Trust scheme.
- 8/6/12: RBS Discloses Talks With U.S. Authorities– Royal Bank of Scotland Plc said Friday that it is in talks with U.S. authorities about its compliance with federal money laundering laws and targeted economic sanctions. RBS disclosed in its half-year report that it was conducting an internal review of its policies and procedures for processing transactions involving U.S. dollar payments and its compliance with U.S. sanctions and money laundering laws. The bank also said it is in discussions with U.K. authorities about similar issues. The disclosure comes on the heels of a cease-and-desist order against the bank issued by the U.S. Federal Reserve Board in July over violations of money-laundering laws. The order required RBS to improve oversight of its U.S. operations and required its businesses in the U.S. and the U.S.-based operations of an RBS Netherlands unit to improve risk-management practices and compliance with laws relating to money laundering, bank secrecy and U.S. economic sanctions.
- 8/14/12: Fugitive returns to China to face bank fraud charges– A Vancouver man accused by Chinese authorities of misappropriating more than $150 million while he was a bank manager in China has voluntarily returned to Beijing to face the charges. Gao Shan’s legal counsel, Alex Ning, confirms his client flew to Beijing on his own volition, but would not say when he left. ”He left voluntarily, it was entirely his choice,” said Ning. ”He was not forced to leave, he still has his Canadian permanent residency.” The accusations stem from when Gao was the president of a bank branch in northeast China’s Heilongjiang Province. He is accused of moving illegally-acquired money for Chinese businessman Li Dongzhe, who also turned himself in earlier this year after hiding from Chinese authorities in Canada since 2004.
- 8/15/12: Russian banker on Interpol red notice– Russia’s banker and ex president of the Bank of Moscow Andrey Borodin has been put on the Interpol red notice list as Russia is seeking his arrest over financial fraud charges. Borodin fled to the UK last spring hoping to get political asylum in the country. Recently he bought a 140 million pounds estate which was owned by the UK Royal Family.
- 8/17/12: Former Morgan Stanley Exec Gets Nine Months in FCPA Case– A former rising star at Morgan Stanley’s Shanghai office was sentenced to nine months in prison Thursday for evading internal controls required by a U.S. foreign bribery law. Garth Peterson, a former managing director in Morgan Stanley’s real estate investment and advisory business in Shanghai, pleaded guilty in Brooklyn federal court in April to one count of conspiring to evade internal accounting controls required under the Foreign Corrupt Practices Act. Prosecutors had previously argued Peterson should receive a minimum jail term of 51 months in prison due to the “gravity of his fraud,” according to court documents.
- 8/17/12: Russian Banker’s Money-Laundering Case May Sour U.K. Ties– Russia and the U.K. risk further souring ties as authorities are set to clash over potential money-laundering and bribery charges against a former Russian official at a London-based international lender. Elena Kotova, 57, Russia’s former top representative at the European Bank for Reconstruction and Development, is sought by the U.K. for allegedly conducting a money-laundering operation in both Britain and the U.S. over several years, according to a person familiar with the British investigation, who declined to be identified because the probe is under way. Kotova, who denies any wrongdoing, says she’s unable to leave Russia because of a criminal inquiry by local authorities.
- 8/17/12: Deutsche Bank’s Business With Sanctioned Nations Under Scrutiny – Federal and state prosecutors are investigating Deutsche Bank and several other global banks over accusations that they funneled billions of dollars through their American branches for Iran, Sudan and other sanctioned nations, according to law enforcement officials with knowledge of the cases. But the recent clash between New York’s top banking regulator and federal authorities over how to handle a similar case against the British bank Standard Chartered could complicate the investigations. The United States prosecutors worry that the $340 million settlement between the New York regulator, Benjamin M. Lawsky, and Standard Chartered sends a message to international banks and regulators that American authorities are uncoordinated and torn by divisions — since Mr. Lawsky acted alone in leveling the charges and settling the case. They also worry that foreign banks and regulators will no longer readily cooperate in turning over valuable transaction data that reveal the parties behind the global movement of tainted money, according to the federal and state prosecutors who were not authorized to publicly discuss the investigations.
- 8/22/12: Shares plunge after banker’s fraud arrest– HA NOI — Shares fell heavily during yesterday’s session as the market reacted negatively to news that Asian Commercial Bank co-founder Nguyen Duc Kien was arrested as police investigate his business activities. Kien currently is one of the 20 richest people in Viet Nam based on stock reports. State Bank of Viet Nam Governor Nguyen Van Binh addressed rumours of Kien’s heavy involvement in Viet Nam’s banking industry and said the State Bank had only received a police report relating to the arrest of Kien based on the fact he had established three companies which had operated illegally.
- 8/24/12: Vietnam cbank sees problems contained at scandal-hit bank – (Reuters) – A Vietnamese central bank official said on Friday that problems at a big bank hit by a scandal appeared to be contained, while the country’s stock market regained a bit of the ground lost this week following arrest of one of the bank’s founders. Asia Commercial Bank (ACB) ACB.HN has been rocked by two arrests, of co-founder Nguyen Duc Kien on Monday and then of chief executive Ly Xuan Hai late on Thursday.
- 8/28/12: Judge Issues Arrest Warrant For Missing North Philadelphia Bank Manager – PHILADELPHIA (CBS) — A federal judge has issued a bench warrant for a 40-year-old Philadelphia man who allegedly embezzled more than $2 million from a local credit union, causing it to shut down. Defendant Ignacio Morales, former manager of the Borinquen Federal Credit Union, near 7th and Erie in North Philadelphia, was scheduled to be in court today to plead guilty, but he failed to show up.
- 8/28/12: Arrests ongoing in massive SoCal bank scam that could top $100M – HUNTINGTON BEACH – An investigation headed by Huntington Beach police and the U.S. Secret Service has rounded up seven people allegedly involved in a massive bank scam with losses of up to $100 million, and more arrests are expected, a sergeant said Monday. A task force served five search warrants last week on the seven suspects, Deon Callis, Kenneth Trapp, Maurice Thompson, Leobardo Cantu, and Larry Mohammad.
- 8/29/12: Prosecutors Link Money From China to Iran– Prosecutors say they have unearthed evidence in recent international money-transfer investigations that Chinese banks may have flouted United States sanctions against Iran. Now, as they investigate global banks suspected of funneling billions of dollars through their American branches to Iran and other sanctioned nations, the prosecutors are looking for transactions that could offer more information on the banks’ dealings with Iran. Information on how Chinese banks may have routed money on behalf of Iranian banks and corporations is more valuable than any monetary settlement the authorities could win from the global banks, law enforcement officials with knowledge of the cases said, because the United States could use the information to strengthen its efforts to choke off economic dealings with Iran. The United States has been ratcheting up its sanctions as Iran’s nuclear ambitions raise the risk of military action from Israel and shocks to the global economy. The investigations of two London-based banks, HSBC and Standard Chartered, could prove especially fruitful, said the law enforcement officials, who declined to be identified because the cases are continuing.
- 8/29/12: Barclays Probed by SFO Over Qatar Fees – Barclays PLC, the global financial services firm, said the U.K. Serious Fraud Office has launched an investigation into payments under certain commercial agreements between it and Qatar Holding LLC. In a short statement, the bank confirmed an earlier report by Bloomberg Newsthat said the SFO, which investigates and prosecutes white-collar crime and corruption, was about to look into payments made in 2008 to Qatar’s sovereign wealth fund as the firm sought to raise money.
- 8/30/12: Former bank manager’s trial begins – The trial of a former bank manager accused of stealing more than $60,000 from bank customers began Tuesday, with the assembled jury hearing opening statements and several witnesses called by the state. All totaled, Sherri Whitlock Hines, has been charged with seven counts of theft by taking and five counts of identity fraud.
- 8/30/12: SEC Set to Charge Former Stanford Executives – WASHINGTON–The U.S. Securities and Exchange Commission is set to charge former executives of convicted fraudster R. Allen Stanford’s financial empire with civil securities violations. The SEC will announce the charges as soon as Thursday against the Stanford Group Co.’s former president Danny Bogar and former chief compliance officer Bernerd Young in connection with the $7 billion Ponzi scheme carried out by Mr. Stanford. Other former company officials may also be charged. In March, Mr. Stanford was found guilty of stealing billions of dollars of investor money and investing much of the money in unprofitable private businesses he controlled. He was sentenced to 110 years in federal prison in June. Federal prosecutors and the SEC charged Mr. Stanford in 2009 with fabricating high returns to lure investors around the world to buy about $7 billion of fictitious certificates of deposit from Stanford International Bank Ltd. in Antigua, the island where he was knighted.
- 8/31/12: Swiss probe UBS over alleged Malaysia money-laundering – Aug 31 (Reuters) – Swiss prosecutors have opened a criminal money laundering probe into UBS after an environmental campaign group filed a complaint accusing it of links to the proceeds of alleged illegal logging in Malaysia. The investigation could be a new embarrassment for the Swiss bank, fined for helping clients dodge U.S. taxes in 2009 and facing similar accusations – which it denies – in Germany. It comes as Switzerland is trying to clean up its image as a haven for ill-gotten gains. A spokeswoman for federal prosecutors said they had opened a criminal investigation into allegations of money laundering.
- 9/3/12: Banks face risk of losing credibility – Korean banks face losing credibility as irregularities and mishaps rise and the number of punished financiers has more than doubled from a year earlier. The credibility of South Korean financial institutions has been marred by corruption and bad business practices, including banks’ alleged fixing on rates on 91-day certificates of deposit (CD), a benchmark money market rate for household lending. The country’s antitrust watchdog has been investigating local brokerage houses and banks over alleged collusion of rigging CD rates after those rates appeared to be stuck at the same level for about three months despite falls in other market rates. As of Aug. 10, 447 officials had been disciplined for misconduct found via inspections by the Financial Supervisory Service (FSS), more than doubling from 222 the previous year. A high-ranking official at Woori Bank was arrested recently and faces trial on charges of embezzling around 3.1 billion won ($2.74 million) of customers’ money. Top lender Kookmin Bank was found to have manipulated documents on home loans and Shinhan Bank used to give discriminatory spread on lending rates after reviewing borrowers’ academic backgrounds.
- 9/5/12: Fort Lauderdale attorney and two felons ran $20 million investment fraud, feds say – A longtime local attorney and two convicted felons conspired to defraud more than $20 million from investors who entrusted their money with a Fort Lauderdale commodities firm, federal prosecutors announced Wednesday. Michael R. Casey, who has practiced law in Fort Lauderdale for 36 years, was arrested Wednesday morning, charged with nine counts of fraud for his role with Commodities Online, according to federal authorities. Casey, 65, of Oakland Park, is a past chairman of the Corporation, Banking and Business Law Section of the Broward County Bar Association and spent time with six different law firms, most recently as a partner at the now-shuttered Adorno & Yoss.
- 9/6/12: House arrest for role in $14M fraud scheme– TORONTO – An Iranian man who took part in defrauding taxpayers of $14 million from the Business Development Bank of Canada has been sentenced to two years of house arrest for his role in the scam that employed a bribed banker. Victor Abedi, 45, was ordered to repay $50,000 and serve 24-months of community arrest by an Ontario Court of Justice on Aug. 27 after pleading guilty to four offences “relating to his involvement in a large scale, very well organized fraud.” Court heard the sophisticated fraud was organized by a long-time friend of Abedi, Varuj Mehrabian, who also plead guilty in an agreed statement of facts.
- 9/6/12: SEC Enforcement Roundup: Radio Financial Guru Charged– Recent enforcement actions taken by the Securities and Exchange Commission (SEC) include charges against a California man who tipped off a hedge fund manager with inside information; three men in a $27.5 million investment fraud case; a China-based company over fraud via phony sales that inflated revenues; a PR executive who took advantage of knowledge of a client’s firm to engage in insider trading; a financial guru and radio personality who misled investors about an investing plan; and an advisor who failed to disclose revenue sharing agreements. The SEC charged Ray Lucia Sr., a nationally syndicated radio personality and financial advice author, for spreading misleading information about his “Buckets of Money” strategy at a series of investment seminars that he and his company hosted for potential clients.
- 9/10/12: RO159,000 seized from bank staffer [Times of Oman] – Muscat: An accountant at one of the commercial banks in the Sultanate was arrested on charges of misappropriating funds. Earlier, the General Administration of Criminal Investigations had received a report from the bank that the accused was involved in misappropriating money from the bank.
- 9/10/12: Another UBA bank manager arrested,charged to court for fraud– The Economic and Financial Crimes Commission, EFCC, on Friday, September 7th, 2012, arraigned a Business Manager with the United Bank of Africa Plc, University of Ilorin Branch, Sirajudeen Abdullahi alongside two others: Segun Adelodun and John Afolabi before a Kwara State High Court sitting in Ilorin. Nigerians are still worried about the the inability of the Group managing director of bank, Mr. Phillip Odozua inability to curb the high level of fraud that is being perpertuated by staff of the bank.
- 9/10/12: Former “Capital bank” sub-office chairman and several people arrested in courtroom – Baku. Shahriyar Alizadeh – APA. The suit over Principal Shola Gulmaliyeva, as well as Rafig bayramov, the former chairman of # 1 sub-office of “Capital bank” situated in Binagadi district and his deputy Suleyman Abayev, the bank’s executives Rashad Hasanov and Salim Aslanov and the notorious of State Notary Office # 32 Ziyafat Mirzayev’s criminal case has been started. Shoal Gulmaliyeva is accused of stealing large amount of money. APA reports that giving testimony during the process, Sh.Gulmaliyeva said that she was partially guilty. During the hearings Rafig Bayramov, Suleyman Abayev, Eashad Hasanov as well as Salim Aslanov and Ziyafat Mirzayev were arrested in the courtroom.
- 9/10/12: SEC Issues Enforcement Action Against Asset Manager Over False Performance Claims – The Securities and Exchange Commission has announced an emergency enforcement action against an asset manager who has boasted remarkable investment success throughout the global financial crisis while allegedly exaggerating the value of the assets he manages and concealing major losses from investors. The SEC alleges that Nikolai Battoo claims to manage $1.5bn on behalf of investors around the world, including at least $100m for U.S.-based investors. But contrary to Battoo’s proclaimed track record of exceptional risk-adjusted returns for his investors, he actually suffered major losses in 2008 due to his investments in the Bernard Madoff Ponzi scheme and a failed derivative investment program. By boasting benchmark-beating returns, he has continued to attract new investors. However, during the past several months, investors have requested redemptions on their investments with Battoo. Instead of paying them, Battoo has provided a series of excuses ranging from the MF Global collapse to others placing a hold on investors’ money due to government investigations.
- 9/11/12: UBS’ Kweku Adoboli $2.3bn Fraud Trial Begins– VENTURES AFRICA – The trial of Kweku Adoboli – Ghanaian born ex-trader for UBS bank in London – has started, with the swearing in of the jury at Southwark Crown Court in London yesterday. Adoboli is charged with causing the Swiss bank to lose $ 2.3 billion through his unauthorised activities – making this the biggest banking case ever heard in London. Adoboli, 32, worked on the Exchange Traded Funds (ETFs) desk, and thereafter on the global synthetic equities desk, part of the investment banking branch of the UBS’ operation in London. It is alleged that during the period of 1st October 2008 to 1st June 2011 Adoboli personally caused the bank a loss of $2.3 billion through his fraudulent practices; as such he is facing four charges: two for fraud and two for falsified accounting over the course of the specified – almost three-year – time-frame.
- 9/12/12: ACC to quiz 31 more Sonali Bank officials – The Anti-Corruption Commission (ACC) will interrogate 31 more Sonali Bank officials for their alleged involvement in the Hall-Mark loan scam. “It is a huge scam; apart from the Sonali Bank officials, many others are involved in the swindle,” said ACC Secretary Faizur Rahman Chowdhury. Earlier, the anti-graft body had questioned 31 Sonali Bank and Hall-Mark officials concerning the scam after a Bangladesh Bank investigation found that the Ruposhi Bangla Hotel branch of Sonali Bank had lent Hall-Mark Group and five other companies Tk 3,547 crore between 2010 and May this year on forged documents.
- 9/12/12: Bank manager’s house raided; cash, jewellery worth lakhs recovered– JODHPUR: A raid in the house of SBBJ manager (Shergarh branch) Rajesh Panwar, who was caught red handed taking bribe of Rs 20,000 by the anti-corruption bureau on Monday, led to recovery of cash, jewellery and investment documents much to the awe of the investigating ACB officials. Panwar was produced in court on Tuesday and sent him to judicial custody till September 24.
- 9/13/12: Pair arrested in $70m bank loans racket – Two elderly businessmen have been arrested in Macau for allegedly conning 10 banks in Hong Kong out of HK$70 million over the past six years. The men are said to have obtained loans from the banks through two companies in Hong Kong and then wired the money to Macau, where it was then transferred back. Police said yesterday the men, identified only as Wong, 68, and Lau, 82, were involved in cheating the banks to grant them loan credits of up to HK$300 million, resulting in them losing the HK$70 million. The two businessmen are proprietors of two of the four trading companies involved, a spokesman for the Macau Judiciary said.
Unbelievable! These almost sound like fiction …
A Chase Customer with Alzheimer’s Accuses Bank of Stealing Over $100,000 – BATON ROUGE, La.) — A Louisiana man with Alzheimer’s disease has filed a lawsuit against JPMorgan Chase, claiming an employee stole over $100,000 from his accounts and the bank refuses to give it back.
BofA Allegedly Sends False Statements To Paralyzed Man After Repeatedly Threatening Eviction – A quadriplegic man in Oregon has been battling banks to keep his home since 2003. And just when he thought the fight was finally over, Bank of America messed up again. Robert Galanida, a 41-year-old man living in Oregon, who is paralyzed from the shoulders down, received the first bank statement for his loan modification due January first — a deal two-and-a-half years in the making, The Oregonian reports. The problem? He received a second statement asking for a different amount but also due the first of the year. Neither statement “agrees with the terms of the modification agreement,” his lawyer wrote to Bank of America shortly after receiving the erroneous documents.
John, Anna Canaday Claim JPMorgan Chase Called Them 75 Times A Week – JPMorgan Chase allegedly called John and Anna Canaday 15 to 75 times a week between 2009 and 2012, claiming they were at risk of losing their home to foreclosure, according to a lawsuit filed by the couple earlier this month. The Canadays, both over 65 years old, claim they aren’t late on their mortgage payments (h/t: Courthouse News).
Bank officials molest girl at Kolkata apartment, arrested – KOLKATA: Two young officials of a nationalized bank have been arrested for molesting and passing lewd comments at a 10-year-old girl and her mother at an apartment in Garfa in the wee hours of Monday.
Brooklyn Rabbi Sentenced to Almost 4 Years for Money Laundering Conspiracy – (Source: FBI) – TRENTON, NJ—Mordchai Fish, the principal rabbi of Congregation Sheves Achim in Brooklyn, New York, was sentenced today to 46 months in prison for conspiring to launder approximately $900,000 he believed was criminal proceeds, U.S. Attorney Paul J. Fishman announced. Fish, 59, of Brooklyn, New York, previously pleaded guilty before U.S. District Judge Joel A. Pisano to an information charging him with money laundering conspiracy. Fish admitted that he met with Solomon Dwek, an individual he now knows was a cooperating witness with the United States. For a fee of approximately 10 percent, Fish agreed to launder and conceal Dwek’s funds through a series of purported charities, also known as “gemachs,” which Fish controlled or to which he had access. Fish admitted that prior to laundering Dwek’s funds, Dwek repeatedly told him the money was the proceeds of illegal activity—including bank fraud, trafficking in counterfeit goods, and bankruptcy fraud.
Bankers Arrested – the Video:
The LIBOR List:
- 8/3/12: BofA Says Libor Probe Draws U.S. Subpoenas on Submissions – Bank of America Corp. (BAC), the second- biggest U.S. bank, received formal inquiries from investigators pressing their probe into the possible rigging of a key international lending benchmark. The bank received subpoenas and requests for information from the U.S. Department of Justice, Commodity Futures Trading Commission and U.K. Financial Services Authority, the firm said yesterday in a filing. Bank of America also said regulators have asked whether the company properly oversaw vendors who sold identity-theft protection products to its customers. Inquiries involve “submissions made by panel banks in connection with the setting of London interbank offered rates and European and other interbank offered rates,” Charlotte, North Carolina-based Bank of America said in the filing. Regulators have queried at least a dozen banks worldwide about their roles in setting Libor, the most widely used benchmark for interest rates, affecting more than $360 trillion in financial products. U.S. prosecutors are preparing to file charges later this year against traders from banks involved in a bid-rigging scheme to manipulate Libor, a person with knowledge of the case has said.
World Leaders Jailed List:
- 8/2/12: Fiji’s Former Prime Minister Laisenia Qarase Jailed Over Corruption – Fiji’s last democratically elected leader was sentenced on Friday to one year in prison after being convicted on corruption charges that his supporters say were politically motivated. Laisenia Qarase was found guilty on Tuesday of abusing his office and failing to perform his duties. Court documents say the 71-year-old former prime minister failed to disclose a private investment interest in three companies that he was helping manage in an official capacity some 20 years ago.
- 8/2/12: Mongolia’s Ex-President Given Four-Year Jail Term In Graft Trial – Former Mongolian President Nambaryn Enkhbayar was found guilty of graft charges and sentenced to four years in prison, a court spokesman in Mongolia said. He has 14 days to appeal the decision. The trial of Enkhbayar, who served as president until 2009 and earlier was Mongolia’s prime minister, has divided public opinion in the commodity-rich nation that last year emerged asChina’s main supplier of coking coal. Enkhbayar was named the nation’s most prominent politician in a June poll by the Sant Maral foundation.
He’s the $104M snitch!
A banker who ratted out clients trying to cheat on taxes by stashing their money in Swiss bank accounts has been rewarded with a $104 million payout by the IRS, his lawyers said yesterday.
Former UBS banker Bradley Birkenfeld, now toiling as a groundskeeper in New Hampshire, got the lottery-like award after spending 40 months in federal prison for his own role in the years-long scheme.
“I single-handedly transformed centuries of illicit Swiss private-banking practices, but I paid a huge price for being the only person to have the courage to come forward,” Birkenfeld, 47, said in a statement provided by his brother, Douglas.
That “courage,” however, was richly rewarded when the check cleared last Friday.
UBS has already paid a $780 million fine to settle a slew of criminal charges thanks to Birkenfeld, a former manager at the bank.
It turned over a list of some 5,000 Americans it set up with illegal offshore bank accounts — some of whom now face prosecution.
Birkenfeld’s award was only the third the IRS has handed out since a law giving whistleblowers a cut of what the government recovers went into effect six years ago.
The ex-banker, who is single, said he’ll donate some of the loot to the Shriners Hospital for Children in Boston where he was a burn-unit patient 35 years ago.
He’ll owe taxes on his windfall and won’t be able to fully enjoy it until his release from house arrest in November.
Birkenfeld has been living and working at Walnut Hill, a rustic conference center in Raymond, NH, owned by a family friend.
“He likes the physical work, and it gives him something to do,” said his lawyer, Dean Zerbe.
“He is making sure [tree] limbs are cut down and tables are moved. He’s just a general all-around guy working as needed.”
Birkenfeld, the son of a neurosurgeon, quit UBS in 2005 after a 15-year career crisscrossing the country looking for clients eager to hide their assets from Uncle Sam. In one instance, he even smuggled a client’s diamonds into the United States from Europe in a toothpaste tube.
Two years later, he spilled the beans to the feds. The bank, he said, collected $200 million a year in fees by helping crooked clients hide $20 billion in assets.
But federal prosecutors charged him with conspiracy to commit fraud because he wasn’t candid about his role in the schemes.
Birkenfeld , who pleaded guilty in 2008, was released to home confinement at the New Hampshire center on Aug 1.
He said he hopes his big payout will inspire other bankers to come forward.
Sen. Charles Grassley (R-Iowa), who has championed the program, said, “An award of $104 million is obviously a great deal of money, but billions of dollars in taxes owed will be collected that otherwise would not have been paid as a result of the whistleblower information.”
(Sam Marsden) Michael Foreman, 48, fell from a fifth-floor balcony in the members’ bar area of the gallery on the South Bank last Tuesday evening. The banker, who lived in Grays, Essex, with his wife Janet, was reported missing the day before he died.
Horrified witnesses described seeing a man dressed in a suit without a tie plunge from the bar area shortly before the gallery, whose imposing building was once a power station, closed at 6pm. Police are not treating the incident as suspicious.
Mr Foreman was named today as an inquest into his death opened at Southwark Coroner’s Court. The short hearing was told that he was a “senior bank manager with HSBC” and died from “multiple traumatic injuries”. He was formally identified by his wife.
He had worked for HSBC for 30 years and was based in head office in Canary Wharf in the business banking section. more
Are Fiat Currencies Headed for a Collapse?
As the investment world eagerly awaits more stimulus, a debate on a previously unthinkable topic has started to emerge – can fiat currencies survive round after round of debasement?
Some heavy hitters say the answer is no.
A fiat currency derives its worth from the issuing government – it is not fixed in value to any objective standard. That means central banks can print as much money as they want. If an economy is struggling, injecting more notes into the system juices activity but lowers the value of the currency in question.
With major central banks all desperate to stimulate their economies, some say currencies have entered a dangerous new phase often described as a race to the bottom.
And now LIBOR begins …
Elizabeth Warren on LIBOR:
“Libor exposes rot at the core of the banking system. The real question now for me, is whether Congress will stand up,” Warren said, “or if the banks will keep them silent.”
“Go get ‘em,” she said.
What? Geithner Lied?
Libor Fraud Was Happening In 1991, Trader Says, 17 Years Before Timothy Geithner Claims He Knew
Tim Geithner claims he learned of Libor manipulation when the rest of us commoners did, in 2008. New evidence keeps coming out suggesting he should have known much, much earlier.
The latest example — which puts the earliest time-stamp on Libor manipulation we’ve seen yet — is aFinancial Times op-ed by former Morgan Stanley trader Douglas Keenan. He claims that Libor, a key short-term bank lending rate that affects mortgages and other interest rates throughout the economy, was being jerked around for fun and profit as long ago as 1991.
Let that sink in for just a minute: Libor was being manipulated 17 years before the financial crisis and Geithner’s babe-in-the-woods discovery of it, according to Keenan. Geithner wasn’t in charge of the New York Fed at the time, but if this was widespread knowledge years before his arrival, it makes you wonder how he could not have heard about it for so long.
Now here’s another Keenan allegation that will blow your mind. He notes that the guy running Morgan Stanley’s rate-trading desk back then was none other than Bob Diamond. Yes, the same Bob Diamond that ended up becoming Barclays CEO, only to step down because his bank manipulated Libor like most people change socks.
Keenan doesn’t say he has any evidence that Diamond was some sort of Libor-manipulatin’ Ninja back in 1991. But Keenan does say that it was widespread knowledge even then that banks lied habitually about Libor.
He found this out when, in his early days on the trading desk, he noticed that Libor fixings — set by a panel of banks, who declare, on a hilarious honor system, what their borrowing costs are — were noticeably different from what financial markets predicted they should be:
Futures contracts on three-month Libor were — and are — traded on the London International Financial Futures Exchange (Liffe, now part of NYSE Euronext). There was a standard contract for the month of September. That contract had its rate settled on the third Wednesday of the month, at 11 o’clock.In 1991, I had live trading screens that showed the Libor rates. In September of that year, on the third Wednesday, at 11 o’clock, I watched those screens to see where the futures contract should settle. Shortly afterwards, Liffe announced the contract settlement rate. Its rate was different from what had been shown on my screens, by a few hundredths of a per cent.
That few hundredths of a percentage point doesn’t sound like a very big deal, but it adds up, day after day after day, on hundreds of trillions of dollars’ worth of loans and derivatives contracts. Keenan says it was costing him money on his trades, and he complained to Liffe about it, getting nowhere.
Then he complained about it to his new buddies on the trading desk, who all laughed and laughed at him (emphasis mine):
I talked with some of my more experienced colleagues about this. They told me banks misreported the Libor rates in a way that would generally bring them profits. I had been unaware of that, as I was relatively new to financial trading. My naivety seemed to be humorous to my colleagues.
Imagine how hilarious Tim Geithner’s naivete must seem to them! He had, after all, been in charge of the New York Federal Reserve since 2003. That organization runs point in the financial markets for the Fed and thus has intimate knowledge of and involvement in interest rates, including Libor. New York Fed officials talk all the time to people in the market. Somewhere along the way you might think they’d have heard about Libor manipulation.
In fact, they definitely heard about it at least once, in 1998, from Fed analyst Jeremy Berkowitz, who wrote a paper raising alarms about the accuracy of Libor and the ease with which it could be manipulated. Anecdotes in his paper dated back to 1996.
As Business Insider’s Simone Foxman wrote, the report “suggests that the Fed was already … concerned about the effects of inaccurate reporting by banks about their lending practices ten years before the financial crisis. Further, acknowledgments that a very small contingent of banks potentially could manipulate rates suggests that the Fed may very well have seen this coming.”
And yet somehow Geithner only found out about Libor manipulation in 2008, a decade later.
This is an extraordinary missed opportunity, if it’s true. Although it’s hard to imagine what Geithner would have done about Libor manipulation had he learned earlier, considering his “actions” after his late discovery of it. He apparently didn’t tell British regulators that the New York Fed had direct evidence that Barclays had admitted to not submitting an “honest” Libor. He didn’t raise alarm bells in the market about the possibility that Libor was not accurate. He didn’t tell U.S. banks to cool it with the Libor fraud.
What’s more, he allowed Libor to be used in loans to banks under the Term Asset-Backed Securities Loan Facility and to American International Group, rubber-stamping Libor’s legitimacy and potentially costing taxpayers millions, if not billions, of dollars.
Geithner’s response raises questions about just how cozy he and other regulators have been with the banks they’re supposed to be regulating — and makes it even harder to believe his claim of utter cluelessness about Libor manipulation before 2008.
Deutsche Bank in Crossfires of Libor Scandal
The new executives of Deutsche Bank are certain to attract attention when they for the first time present theirreports next Tuesday. The most exiting will be: How much will Anshu Jain and Jürgen Fitschen reserve for legal costs, fines and damages in one of the greater scandals? …
How did they get away with it? FAZ continues:
The swindlers wrote all the e-mails that dealt with manipulations in French. That kept them from being found out a for a while, because all the computer surveillance programmes of the bank inspections that monitors the dealer e-mails for irregularities were only programmed to find English terms.
A Hedge Fund Manger Gives BACK $2 Billion …
Hedge Fund Titan Plans to Return $2 Billion to Investors
LONDON — A hedge fund titan has decided to return a large sum of money to investors, a revealing illustration of how dried-up markets, vicious volatility and a paralysis of ideas all borne of the crisis in Europe have been particularly hard on the traders who swing for the fences on currencies, stocks and bonds all over the world.
Louis M. Bacon, who together with Paul Tudor Jones and George Soros has come to define this style of high-stakes macro investing for more than 20 years, said in a letter to his investors on Wednesday that he would be giving back $2 billion, about one quarter of the size his benchmark Moore Global Investment fund.