Banks accused of rigging silver price

by The Compliance Exchange on July 28, 2014

silver barsDeutsche Bank, HSBC and Bank of Nova Scotia have been accused of attempting to rig the price of silver, in a lawsuit filed in the US.

The plaintiff alleges the banks, which set the price of silver each day, abused their position in the market.

Deutsche Bank and HSBC have not commented on … Read More »

EX-SEC REGULATOR SPENCER BARASCH RESIGNS FROM LAW FIRM AMID QUESTIONS ABOUT HIS WORK FOR PONZI FRAUDSTER R. ALLEN STANFORD

by The Compliance Exchange on July 28, 2014

A former senior Securities and Exchange Commission official, Spencer Barasch, quietly resigned earlier this month as a partner at the Texas law firm Andrews Kurth after facing intensifying scrutiny of his legal work for Houston financier R. Allen Stanford, who is serving a 110-year prison sentence for masterminding a $7 billion Ponzi scheme.

Barasch … Read More »

Barclays said still struggling to hold on to key employees

by The Compliance Exchange on July 28, 2014

The Financial Times reports that at least three high-profile employees left Barclays Wealth in June, including Sarah Newman, head of alternatives, Helen Posner, head of private equity, and Laurent Perusset, who led the bank’s Swiss investment business. All three joined the bank in 2010.

It has also emerged that Stuart Cummins, managing … Read More »

Survey Roundup: Culture Change Top Compliance Objective

by The Compliance Exchange on July 28, 2014

Culture Change: A survey of more than 750 senior compliance professionals by compliance consultancy Navex Global found a shift in focus from designing programs chiefly to comply with laws and regulations to crafting programs based on creating cultures of doing the right things. Nine in 10 respondents said their top objective … Read More »

SEC Enforcement Officer Dishes on the FCPA: More Cases Coming; Cooperation Sought

by The Compliance Exchange on July 28, 2014

The Securities and Exchange Commission has a number of Foreign Corrupt Practices Act cases in the pipeline, Kara Brockmeyer, chief of the SEC Enforcement Division’s FCPA unit, said July 10.

In an interview, she told Bloomberg BNA that some of these cases “absolutely” will be brought in the agency’s administrative forum. Cases will include … Read More »

Here Is An Inside Tip Regarding Possible Insider Trading For You Regulators!

by Jack J. Kelly on July 25, 2014

Admittedly, we can be a little critical of regulatory agencies here at The Compliance Exchange. Please understand, it’s not that we don’t love you, we just have to entertain our readers and this is their only chance to vicariously beat-up on regulators that are ordinarily torturing them.

So, I would to make amends by … Read More »

Banks may have to set aside more to cover bad loans

by The Compliance Exchange on July 25, 2014

Changes to international accounting standards will mean banks have to record potential losses from their loan portfolios sooner, rather than waiting for borrowers to default.

The new standards have been published today by the International Accounting Standards Board (IASB).

The move could stop financial statements presenting an inaccurate, rosy image of a lender’s finances.

It … Read More »

Lloyds Banking Group faces fine of up to £300m over Libor rigging

by The Compliance Exchange on July 25, 2014

Bailed-out Lloyds Banking Group appears poised to become the latest financial firm to be penalised for rigging Libor and is said to be facing a fine of between £200m and £300m.

The bank, 24% owned by the taxpayer, is expected to pay the fine to the City regulator, the Financial Conduct Authority, as well as regulators in … Read More »

UBS Lashes Out at French Prosecutors

by The Compliance Exchange on July 25, 2014

UBS sounded a combative note on Thursday, criticizing the decision of French prosecutors to place it under formal investigation over allegedly helping French clients evade taxes.

The bank, Switzerland’s largest, also said the French government’s bail demands were excessive.

Prosecutors told UBS on Wednesday that it … Read More »

Morgan Stanley to Pay $275 Million in Mortgage Case

by The Compliance Exchange on July 25, 2014

Morgan Stanley and securities regulators finalized a $275 million settlement on Thursday stemming from the Wall Street bank’s role in the sale of securities backed by subprime mortgages.

In a regulatory filing in February, Morgan Stanley disclosed that … Read More »



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