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Financial Services, Insurance and Banking

Banks, investment firms, insurance companies are integral to the operation of every industry we cover. They are the nervous and circulatory systems of the corporate world. In a world where everything - even a human life - can be assigned a monetary value; where limitless money and great risk intersect, lies opportunity for greed, corruption, and fraud.

“Project Omega” Reveals Secrets Of Dark Pools Stock Trading
by Pratap ChatterjeeCorpWatch Blog
August 14th, 2015
Investment Technology Group (ITG), a U.S. stock broker, paid a $20.3 million fine for running a secret operation named Project Omega to take advantage of “dark pools” trading orders made by its clients. Experts say that Barclays and Credit Suisse may also soon pay fines for dark pools trading scams.

Six Banks Pay $5.6 Billion in Fines for Foreign Exchange Manipulation
by Richard SmallteacherCorpWatch Blog
May 22nd, 2015
Six major international banks – Bank of America, Barclays, Citibank, JPMorgan Chase, Royal Bank of Scotland (RBS) and Union Bank of Switerland (UBS) – have agreed to pay $5.6 billion in fines for rigging global foreign exchange markets. Four of the six have pleaded guilty to criminal behavior, an unprecedented admission.

Deutsche Bank Pays $2.5 Billion Fine For Interest Rate Rigging
by Pratap ChatterjeeCorpWatch Blog
April 27th, 2015
Deutsche Bank has agreed to pay out a record $2.5 billion fine to settle U.K. and U.S. government investigations into allegations of fixing global interest rates, just months after six other banks paid out $4.3 billion on similar charges. Activists say that the banks should have faced criminal charges.

Ernst & Young Pays $10 Million To Settle Lehman Brothers Audit Failure Lawsuit
by Pratap ChatterjeeCorpWatch Blog
April 16th, 2015
Ernst & Young, one of the Big Four auditing firms, has agreed to pay a $10 million to New York state to settle a lawsuit for overlooking accounting gimmicks by Lehman Brothers, the defunct Wall Street bank. The scheme allowed Lehman to hide billions of dollars in bad deals.

Details Of Tax Avoidance Schemes For Wealthy HSBC Clients Revealed
by Mayu ChangCorpWatch blog
February 27th, 2015
A cache of secret documents has thrust HSBC, the world’s second largest bank, into the limelight for helping international clients dodge taxes. A series of articles published by the International Consortium of Investigative Journalists is finally pushing reluctant governments to act almost eight years after the original leaks.

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