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Articles tagged by Department of Justice

State Street to Pay $530m to Settle FX Fraud Allegations It was announced today that State Street expects to pay a total of $530 million to resolve FX fraud allegations levelled against the bank. The US Department of Justice (DoJ) issued a statement today saying that State Street has agreed to ...
FX Trader Arrest: Do Not Pass Go, Do Not Collect $8m Two UK-based FX traders have been charged with wire fraud by the US Department of Justice, one of which has been arrested in New York. Galen Stops reports on the case. On July 19, Mark Johnson, the head of global FX cash trading at HSBC, was arrested at New York’s JFK airport in connection with an ongoing investigation by the US Department of Justice (DoJ) into currency rigging. Two days later, the DoJ officially brought charges against Johnson and Stuart Scott, former head of FX cash trading for EMEA at HSBC, for wire fraud.
Former SocGen Bankers Indicted in US Over Libor Two former senior managers at Société Générale have been indicted by the US Department of Justice for their role in allegedly manipulating London Interbank Offered Rate (Libor) rates. Danielle Sindzingre and Muriel Bescond, 49 were charged in the Eastern District of New York with one count of conspiring to transmit false reports concerning market information that tends to affect a commodity, and four counts of transmitting such false reports. Sindzingre was the global head of treasury and Bescond was the head of treasury, Paris, at the bank.
DOJ Hands HSBC $101.5m Fine for Front Running HSBC has been fined $101.5 million for front running client orders, the US Department of Justice (DOJ) announced today. The bank has entered into a deferred prosecution agreement (DPA) and agreed to pay a $63.1 million criminal penalty and $38.4 million in disgorgement and restitution to resolve charges that it engaged in a scheme to defraud two bank clients through a multi-million dollar scheme commonly referred to as “front running”. The DPA, which was filed in connection with a two-count criminal information charging wire fraud in the United States District Court for the Eastern District of New York, is pending review by the court.  
Two Former Deutsche Traders Guilty in Libor Trial Two former Deutsche Bank interest rate traders have been found guilty by a New York jury of a scheme to manipulate the London Interbank Offered Rate (Libor) benchmark fix. The two men, New York-based Matthew Connolly and London-based Gavin Campbell Black remain on bail pending post-trial motions likely to be complete in the first quarter of 2019. Connolly was found guilty on three of six counts, while Black was found guilty of two counts. Lawyers for both men have publicly stated their intention to appeal.