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Asset Search Blog Investigating & Recovering Hidden Money & Other Assets

Asset Search News Roundup: December 14, 2012

Posted in Asset Search News, Financial Institutions, Money Laundering, Securities Fraud

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:
(Click On The Image To Read The Entire Assessment of Damages)

Copyright 2012 Fred L. Abrams