A whistleblower claim against Deutsche Bank and HSBC’s settlement with U.S. Treasury:
- At “Human Intelligence & The SEC’s Whistleblower Program”, Labaton & Sucharow partner Jordan A. Thomas examines the critical role whistleblower tips will have in the SEC’s detection of fraudsters / recovery of assets. One example of the foregoing might be the whistleblower tip of former Deutsche Bank risk analyst, Dr. Eric Ben-Artzi. Mr. Thomas represents Ben-Artzi and a press release reveals that Ben-Artzi claims there were multi-billion dollar securities law violations at Deutsche Bank. The article “Did Deutsche Bank Fraudulently Hide Huge Losses?“, also reports on Ben-Artzi’s SEC whistleblower tip.
- The U.S. Treasury Department announced its largest collective settlement ever, $875 million dollars to be paid by HSBC, which has approximately $194 billion in assets and 300 branches. This settlement resolves charges that HSBC had lapses in its anti-money laundering program and failed to place controls on foreign correspondent accounts. An assessment of civil damages outlines the charges that were leveled against HSBC:
Copyright 2012 Fred L. Abrams