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February 12, 2014
15:44 // 2 months ago
September 19, 2013
17:29 // 7 months ago
December 10, 2012

HSBC pays huge fine over money-laundering allegations

  • $1.9B the amount UK-based banking conglomerate HSBC will pay American authorities for their role in a money-laundering scheme, the BBC reports. The bank allegedly assisted drug cartels and countries under sanction launder money. $1.25 billion of the total is money that the company will forfeit — a record — while the rest will be a fine paid to the U.S. government. source
18:52 // 1 year ago
August 15, 2012

British bank settles with New York over money-laundering tied to Iran

  • $250 billion the amount Standard Chartered Bank is accused of helping the Iranian government launder from the U.S. between 2001 and 2007
  • $350 million the amount the company paid to help get that situation settled so that they would could get New York’s financial regulator off their back source

» Why did they settle? Well, to put it simply, it was starting to turn into a PR crisis. While they disagreed with the state of New York’s portrayal of the situation, the regulatory body had some pretty decent ammo against the bank, including an exec saying this: ”You (expletive) Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.” (There are U.S. sanctions on Iran.) The bank will take corrective measures to prevent this from happening again. (EDIT: As the WSJ’s Samuel Rubenfeld points out below, the deal does not preclude a settlement from federal regulatory bodies. That’ll happen separately.)

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7:39 // 1 year ago
June 18, 2012

Zimmerman court revelations: On hoodies and money-laundering

  • shocking While discussing with his wife how he’d like to be picked up after making bail, George Zimmerman suggested he lie down in the SUV to avoid being spotted, saying, in a possible joke, that “I’ll have my hoodie” to place on the floor.
  • criminal? Zimmerman’s bank records — which were released today by the Seminole County Circuit Court — strongly suggest that he and his wife were intentionally skirting anti-money laundering laws during his bond hearing. source

» A possible crime vs. a questionable statement: Some have strongly criticized the audio, which paints Zimmerman as possibly making a joke about something which some might find offensive. (Here’s one example.) But, while troubling, the real issue to keep an eye on here is the possible money laundering. There is evidence (in the form of bank records) that Zimmerman and his wife tried to transfer the money at totals below $10,000 in an effort to avoid scrutiny of the money his Web site raised. A possibly tasteless joke? Definitely not great on top of everything else this case has thrust forward. But, of what’s been presented today, it’ll be those financial transactions which will have a real impact in the weeks and months ahead. Keep an eye out.

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23:29 // 1 year ago
January 25, 2012
HSBC faces money-laundering investigation in Senate
A big company with big problems: Reuters is reporting that HSBC is facing some tough allegations in the Senate, with the company reportedly getting investigated for its role in sketchy money-laundering practices. Reuters reports that while the scale of the investigation isn’t known, signs point to breakdowns in the company’s anti-money-laundering systems. In response to the Senate allegations, the company’s spokesman responded: ”We have ongoing discussions with officials on a number of regulatory and compliance matters. The nature of these discussions is confidential; in all cases, we are cooperating.” Read more at the link. (awesome, incredibly fitting photo by Flickr user Will Survive) source
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A big company with big problems: Reuters is reporting that HSBC is facing some tough allegations in the Senate, with the company reportedly getting investigated for its role in sketchy money-laundering practices. Reuters reports that while the scale of the investigation isn’t known, signs point to breakdowns in the company’s anti-money-laundering systems. In response to the Senate allegations, the company’s spokesman responded: ”We have ongoing discussions with officials on a number of regulatory and compliance matters. The nature of these discussions is confidential; in all cases, we are cooperating.” Read more at the link. (awesome, incredibly fitting photo by Flickr user Will Survive) source

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10:14 // 2 years ago
April 15, 2011
Ultra-popular online poker sites shut down by federal government
Like online poker? Well, you won’t like this story. A bunch of executives at PokerStars, Full Tilt Poker and Absolute Poker just got charged with money laundering and bank fraud, and their sites had to shut down. Above is what Full Tilt Poker's front page currently looks like. This is alarming — nearly a million unique visitors went to that site in March. While AbsolutePoker.com is still up as of this writing, PokerStars has a similar message. Sucks to be a gambler. source
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Like online poker? Well, you won’t like this story. A bunch of executives at PokerStars, Full Tilt Poker and Absolute Poker just got charged with money laundering and bank fraud, and their sites had to shut down. Above is what Full Tilt Poker's front page currently looks like. This is alarming — nearly a million unique visitors went to that site in March. While AbsolutePoker.com is still up as of this writing, PokerStars has a similar message. Sucks to be a gambler. source

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16:27 // 3 years ago
January 10, 2011

"The Hammer" to spend time in the slammer

  • 3 years in prison for former Majority Leader Tom DeLay source
22:39 // 3 years ago
November 25, 2010
You cannot wipe the grin off my face with a stick of dynamite. I think it’s important that he has to face the consequences of his actions.
Blogger Susan DuQuesnay Bankston of Richmond, Texas • Exclaiming her utter joy about Tom DeLay’s conviction for money laundering yesterday. DeLay, who left Congress under a firestorm of controversy in 2005, was convicted of illegally channeling $190,000 to GOP candidates in Texas with a money swap. The money helped lead to a Texas legislature that was strongly GOP, which helped the former House Majority Leader push through a redistricting plan that was advantageous to DeLay politically. What a plan! source (viafollow)
8:38 // 3 years ago