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  • Wells Fargo fined for sanctions breach _enforcement
  • Google Co-Founder, Other Billionaires Are Issued Subpoenas in Lawsuit Over JPMorgan’s Ties to Jeffrey Epstein; Sergey Brin, Thomas Pritzker, Mortimer Zuckerman and Michael Ovitz are asked for information in U.S. Virgin Islands’ civil suit against bank All Regions
  • Chinese businessman Guo Wengui seeks bail in $1 billion fraud case All Regions
  • IMF approves $15.6 billion Ukraine loan, part of $115 billion in global support All Regions
  • Russian preventive strike ‘petition’ possible after Ukrainian nuke plea -ITAR-TASS All Regions
  • Dominion’s Fox News defamation case headed to trial All Regions
  • Pussy Riot Member Accused of ‘Insulting Religious Sensibilities’, adds her to wanted list All Regions
  • Finland Clears Last Obstacle to NATO Entry All Regions

Category: banks

Wells Fargo fined for sanctions breach

Posted on April 1, 2023April 1, 2023 By 5amResearch No Comments on Wells Fargo fined for sanctions breach

The American bank Wells Fargo has been fined $97.8m (£79m) by the Federal Reserve and the Treasury Department for breaching US sanctions laws. Inadequate oversight meant that it allowed a foreign institution to process $532m in illegal transactions involving Iran, Syria and Sudan. Wells Fargo said it stopped dealing with the client in 2015.

_enforcement, All Regions, banks, Corruption, Enforcement Actions, enforcement archive, Region Americas, Region US & Canada, Sanctions, Spotlight

Google Co-Founder, Other Billionaires Are Issued Subpoenas in Lawsuit Over JPMorgan’s Ties to Jeffrey Epstein; Sergey Brin, Thomas Pritzker, Mortimer Zuckerman and Michael Ovitz are asked for information in U.S. Virgin Islands’ civil suit against bank

Posted on April 1, 2023 By 5amResearch No Comments on Google Co-Founder, Other Billionaires Are Issued Subpoenas in Lawsuit Over JPMorgan’s Ties to Jeffrey Epstein; Sergey Brin, Thomas Pritzker, Mortimer Zuckerman and Michael Ovitz are asked for information in U.S. Virgin Islands’ civil suit against bank

familiar with the matter.

The subpoenas from the U.S. territory’s attorney general seek any communications and documents related to the bank and Epstein, the people said.

The four men are some of the wealthiest people in the U.S., and it couldn’t be determined why they were being asked for the communications and documents. In civil cases, lawyers can use subpoenas during the discovery process to get information from people who aren’t a party to a lawsuit but could provide evidence related to the case.

The U.S. Virgin Islands sued JPMorgan late last year in a Manhattan federal court, saying the bank facilitated Epstein’s alleged sex trafficking and abuse by allowing the late financier to remain a client and helping him send money to his victims. The civil lawsuit alleges that JPMorgan received referrals of high-value business opportunities from Epstein and turned a blind eye to his activities. The bank has said it didn’t know about Epstein’s alleged crimes and can’t be held liable.

All Regions, banks, corporate corruption, Corruption, Finance, government corruption, Region Americas, Region US & Canada, Spotlight

UAE cancels licence for Russia’s sanctioned MTS Bank

Posted on April 1, 2023 By 5amResearch No Comments on UAE cancels licence for Russia’s sanctioned MTS Bank

The United Arab Emirates’ central bank on Friday said it will cancel the licence it granted last year to Russia’s MTS bank, which was placed under British and US sanctions in February.

Operations at the bank’s UAE branch, which is licensed in the emirate of Abu Dhabi, will be wound down within six months under UAE central bank supervision.

A statement from MTS Bank said it will fulfil all settlement obligations to existing customers and guarantee the safety of their funds for six months.

“This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank,” the UAE central bank’s statement said.

All Regions, banks, Corruption, government corruption, International Conflict, Region Americas, Region Asias, Region Middle East, Region US & Canada, Sanctions, z-Exclude

Swiss court convicts four bankers over Putin cellist funds

Posted on March 30, 2023March 30, 2023 By CorruptionLedger No Comments on Swiss court convicts four bankers over Putin cellist funds

Four bankers from a Russian bank’s Swiss branch have been found guilty by a Zurich court over vast sums going into the accounts of a close confidant of President Vladimir Putin.

The accounts in the Swiss arm of Gazprombank were held by Sergei Roldugin, the artistic director of the St. Petersburg Music House, who is often dubbed Putin’s cellist.

Roldugin has been a friend of Putin for more than four decades and is godfather to one of the Russian leader’s daughters.

The four men were found guilty of “lack of due diligence in financial transactions”, the Zurich District Court said in its verdict released to media on Thursday, over the millions of Swiss francs flowing through Roldugin’s account.

Under Swiss law, the bankers — two Russians, one Swiss and a Russian-born British national — cannot be identified.

The bank branch’s chief executive was fined 540,000 Swiss francs ($590,200).

_enforcement, Aerospace, All Regions, banks, corporate corruption, Corruption, Enforcement Actions, enforcement archive, environment, government corruption, national-defense, Region Asias, Region Europe, Region Oceania, Sanctions, x.yahoo

It’s rich for banks to complain about scams and finfluencers

Posted on March 30, 2023April 1, 2023 By 5amResearch No Comments on It’s rich for banks to complain about scams and finfluencers

For decades, the major banks – along with AMP – dominated the financial planning landscape, employing or authorising the vast majority of licensed advisers. The remaining 16,000 providers – most of them independent or privately owned – are insufficient in number to meet the advice needs of the millions of Baby Boomers set to retire in coming years.

And the mountains of red tape the remaining advisers must comply with – thanks largely, it must be said, to the misdeeds of the bank-owned advice providers – have made their services too expensive for most families to afford even if they wanted to.

All Regions, banks, corporate corruption, Corruption, Economy, Finance, government corruption, Region Africas, Region Americas, Region Asias, Region Europe, Region Middle East, Region Oceania, Region US & Canada

JPMorgan boss to be questioned over bank’s ties to Jeffrey Epstein – media

Posted on March 29, 2023April 1, 2023 By CorruptionLedger No Comments on JPMorgan boss to be questioned over bank’s ties to Jeffrey Epstein – media

Epstein, who died in a prison cell in 2021 while awaiting trial on sex-trafficking charges, had been a client at JPMorgan for 15 years, from 1998 to 2013. The last five years of those were after he’d pleaded guilty in Florida of procuring a child for prostitution and of soliciting a prostitute. The lawsuits against JPMorgan claim that Dimon as CEO had knowingly allowed continued cooperation with Epstein, ignoring internal warnings about his illegal behavior. According to a report by the Financial Times, during the pretrial process investigators found communications between JPMorgan employees that mentioned a “Dimon review” of the bank’s relationship with Epstein. The bank, however, denied that Dimon had any knowledge of such a review. A source within JPMorgan with knowledge of the bank’s internal probe into the matter, told the news outlet there was no record of the CEO being in direct communication with Epstein.

According to the reports, Dimon agreed to be interviewed under oath about the lawsuits. His sworn deposition, will reportedly take place in May, behind closed doors.

All Regions, banks, corporate corruption, Corruption, government corruption, Investigations, Region Americas, Region US & Canada, x.RT

Deutsche Bank Stock Tumbles On Contagion Fears

Posted on March 24, 2023March 24, 2023 By 5amResearch No Comments on Deutsche Bank Stock Tumbles On Contagion Fears
Deutsche Bank Stock Tumbles On Contagion Fears

After a relatively calm week in banking, Deutsche Bank is now making headlines for a falling share price and rising CDS spreads.

In an apparent attempt to show strength, the company announced that it would redeem a bond issue early, but the market had other ideas.

All News, All Regions, banks, Corruption, Economy, Finance, Region Americas, Region Europe, Region Oceania, Region US & Canada, Regulatory News, Spotlight

Wall St falls as bank contagion fears flare up

Posted on March 24, 2023 By 5amResearch No Comments on Wall St falls as bank contagion fears flare up

Shares of major U.S. banks such as JPMorgan Chase & Co, Wells Fargo and Bank of America dropped between 1% and 2% in early trade.

Shares of regional lenders First Republic Bank, PacWest Bancorp, Western Alliance Bancorp and Truist Financial Corp fell between 1% to 5%.

The S&P 500 banking index and the KBW regional banking index, hit their lowest since late 2020 in the previous session, fell 1.6% and 1.2%, respectively.

European banks also came under pressure after a report on a U.S. probe into Credit Suisse and UBS further soured the mood. Their U.S.-listed shares were down about 5.4% and 4.1%, respectively.

U.S. shares of Deutsche Bank fell nearly 10% after the bank’s credit default swaps rose to a four-year high.

U.S. two-year Treasury yields fell sharply to their lowest levels since September on Friday.

All News, All Regions, banks, Corruption, Economy, Finance, Region Africas, Region Americas, Region Asias, Region Europe, Region Middle East, Region Oceania, Region US & Canada, Spotlight

Credit Suisse, UBS facing US Russia-sanctions probe, subpoenas also sent to employees major US banks

Posted on March 24, 2023 By 5amResearch No Comments on Credit Suisse, UBS facing US Russia-sanctions probe, subpoenas also sent to employees major US banks

Credit Suisse Group AG and UBS Group AG are among the banks under scrutiny in a US Justice Department probe into whether financial professionals helped Russian oligarchs evade sanctions, according to people familiar with the matter.

The Swiss banks were included in a recent wave of subpoenas sent out by the US government, the people said. The information requests were sent before the crisis that engulfed Credit Suisse and resulted in UBS’s proposed takeover of its rival.

Subpoenas also went to employees of some major US banks, two people with knowledge of the inquiries, said.

The Justice Department inquiries are focused on identifying which bank employees dealt with sanctioned clients and how those clients were vetted over the past several years.

_enforcement, All News, All Regions, banks, Compliance, corporate corruption, Corruption, Economy, Enforcement Actions, enforcement archive, Finance, International Conflict, Investigations, Region Africas, Region Americas, Region Asias, Region Europe, Region Middle East, Region Oceania, Region US & Canada, regulatory compliance, Regulatory News, Sanctions, Spotlight

Japan’s Offshore Anxiety: Foreign bonds bank run

Posted on March 23, 2023March 24, 2023 By 5amResearch No Comments on Japan’s Offshore Anxiety: Foreign bonds bank run

The crisis at Credit Suisse has traders wondering who’s next. Japanese lenders, with their staid depositor bases, look like unlikely targets for bank runs. Yet their collective overseas bond portfolio is in focus. 

For years the country’s ultra-low interest rates encouraged deposit-taking institutions, lenders and other investors to borrow yen and buy higher-yielding but relatively safe assets. This helped Japan overtake China as the top foreign owner of U.S. Treasuries in 2019; they owned an estimated $2 trillion of foreign bonds as of last year. On paper the sequence of rate hikes in Western economies make such positions even more profitable.

Yet the rising cost of short-term dollar and euro credit, combined with extreme yen volatility, have made hedging much more expensive. The inversion of the American yield curve makes it unprofitable to borrow short-term dollars and buy long-term Treasuries. Japan Inc was reducing positions well before Silicon Valley Bank imploded.

All News, All Regions, banks, Corruption, Economy, Finance, Region Asias, Region US & Canada

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1 2 … 8 Next

  • Wells Fargo fined for sanctions breach
  • Google Co-Founder, Other Billionaires Are Issued Subpoenas in Lawsuit Over JPMorgan’s Ties to Jeffrey Epstein; Sergey Brin, Thomas Pritzker, Mortimer Zuckerman and Michael Ovitz are asked for information in U.S. Virgin Islands’ civil suit against bank
  • Chinese businessman Guo Wengui seeks bail in $1 billion fraud case
  • IMF approves $15.6 billion Ukraine loan, part of $115 billion in global support
  • Dominion’s Fox News defamation case headed to trial
  • Pussy Riot Member Accused of ‘Insulting Religious Sensibilities’, adds her to wanted list
  • Russian preventive strike ‘petition’ possible after Ukrainian nuke plea -ITAR-TASS
  • Finland Clears Last Obstacle to NATO Entry
  • Macron announces water saving plan; says protests will not stop reforms
  • Kremlin comments on WSJ correspondent arrest
  • Minnesota derailment spills ethanol, prompts evacuations
  • Deutsche Bank Stock Tumbles On Contagion Fears
  • Wall St falls as bank contagion fears flare up
  • US due diligence firm Mintz Group says staff detained in China after office raid
  • Credit Suisse, UBS facing US Russia-sanctions probe, subpoenas also sent to employees major US banks
  • (US) Appeals court sides with Justice Department in Trump lawyer fight
  • Russia boosts defenses near Japan; accuses U.S. of expanding Asia-Pacific presence
  • US credit card debt at record high as Fed raises rates again
  • Russian tech giants appeal Nasdaq delisting
  • China Denounces Submarine Deal
  • China insists it is impartial on Russia-Ukraine, questions US ‘pouring weapons into the conflict’
  • German ambassador confirms that Putin would be arrested if he entered Germany
  • Danish Navy present near Nord Stream 2 – media
  • Railroad reluctant to say who OK’d chemical burn after Ohio derailment
  • Scientists insist on continuing search for toxics in East Palestine
  • Top aide of Canadian PM Trudeau will testify in parliament on Chinese election meddling
  • Zuckerberg, Meta sued for failing to address sex trafficking, child exploitation
  • Norfolk Southern: Independent group finds toxic chemicals that Ohio EPA didn’t – Ohio train derailment (East Palestine)
  • JP Morgan, Deutsche Bank to face lawsuit over Epstein ties
  • Putin announces readiness to switch to the Chinese Yuan currency in foreign trade
  • Putin and Xi sign two documents in Moscow
  • Russia says jet scrambled as US B-52 bombers fly over Baltic Sea
  • Paris police, protesters clash for third night over Macron’s pension reform
  • Global / ChipMixer software ‘taken down’ by multi-national law enforcement coalition
  • Russian officials scoff at ICC’s indictment of Putin
  • SVB parent company files for bankruptcy
  • Violent protests in France over Macron’s retirement age push
  • International court issues war crimes warrant for Putin
  • US / Chinese tycoon and Bannon ally Guo Wengui charged with $1bn fraud
  • Samsung to invest $230 billion to build mega chip cluster
  • Pentagon calls Moscow over drone incident
  • Credit Suisse slump renews fears of global banking crisis
  • Silicon Valley Bank execs, parent company sued after collapse
  • Credit Suisse Shares Plunge as Bank Storm Spreads to Europe
  • Dow tumbles nearly 500 points as Credit Suisse stokes fears of bank failure contagion
  • Russian jet, US drone crash over Black Sea, US military says
  • Dark hours for Credit Suisse Bank
  • Account full of holes at Credit Suisse
  • Russia blasts Canada over ‘regime change’
  • US / Sterling Bancorp, Inc. to Plead Guilty to $69M Securities Fraud
  • US drones have no business near Russia – ambassador
  • Inflation in Argentina surges past 100 percent in historic spike
  • Paris visitors alarmed at trash strike
  • China says AUKUS on ‘dangerous path’ with nuclear subs deal
  • Taiwan unveils portable attack drone as China tensions rise
  • Putin rejects theory about Ukrainian role in pipeline blasts
  • Syrian president Assad arrives in Moscow, set to meet Putin
  • Marin’s F-18 proposal fizzles, as a new Finnish NATO tack emerges
  • Ohio sues Norfolk Southern over toxic train derailment
  • US / ‘Forever chemicals’ in drinking water
  • Nord Stream blasts staged by a state-level actor – Putin
  • No Harvey Weinstein retrial on rape, sex assault charges
  • US / Silicon Valley Bank execs, parent company sued after collapse
  • As U.S. steps back from Middle East, China steps in
  • Western sanctions shielding Russian financial system from global crisis – Kremlin
  • Moody’s puts US banks on notice
  • Robert Kiyosaki predicts next big bank to fold
  • UK $6 billion defense boost targets atomic submarines, weapons top-up
  • BBC gets £20 million boost from UK govt
  • Document reveals why Canada arms Saudi Arabia – media
  • Taiwan braces for ‘total blockade’ – media
  • Biden administration lets Ukrainians who fled war stay in US
  • Ratings Deceit: S&P sued for deceitful CDO ratings
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