Financial Criminals Have Been Fined Billions, but They Rarely Pay

by The Compliance Exchange on September 29, 2014

On a plane earlier this week, I watched The Wolf of Wall Street. The film’s outsized antics—public masturbation, the tossing of little people, lots and lots of Quaaludes—seemed too big for a seatback screen, or, for that matter, reality. As despicable as some of Jordan Belfort’s behavior was, I was able to occasionally laugh at Leonardo DiCaprio’s version of him knowing that, by now, more than 10 years after his real-life sentencing, Belfort has been sufficiently punished.

But in fact, that’s hardly the case: After pleading guilty to fraud … Read More »

Meet Thomas Hoenig, The Regulator Who’s Making Big Bankers Sweat

by The Compliance Exchange on September 29, 2014

The vice chairman of the FDIC isn’t someone big bankers typically spend too much time worrying about. But that’s not the case with the current man on the job: Thomas Hoenig.

Mr. Hoenig is “the most activist vice chairman in the history of the FDIC,” said Camden Fine, who is president … Read More »

Cuba sentences Canadian CEO to 15 years on financial charges

by The Compliance Exchange on September 29, 2014

A Cuban court has sentenced Canadian executive Cy Tokmakjian to 15 years in prison for bribery and other economic charges in a case his company and Western diplomats have called a chilling development for potential foreign investors.

Two of his aides from the Tokmakjian Group received sentences of 12 and 8 years, and Cuba … Read More »

Lloyds Bank dismisses 8 staff after rate rigging investigation

by The Compliance Exchange on September 29, 2014

Lloyds, which is 25 percent owned by the British government, said around 3 million pounds ($4.9 million) in unpaid bonuses had been forfeited as a result of the action.

The bank was fined $370 million in July for its part in the attempted manipulation of the London interbank offered rate … Read More »

Flimsy barriers against money laundering could land Japan in doghouse

by The Compliance Exchange on September 29, 2014

Japan is feeling pressure from an international watchdog over its less-than-airtight safeguards against money laundering and funding for terrorism.

The Financial Action Task Force, a global entity with 36 member states and regional organizations — including Japan — in late June announced that it was worried about Japan’s failure to … Read More »

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