Managers of Wealth Americas

SocGen cooperating with U.S. in Libor probe

Oudea said he had not heard from French prosecutors about the case and declined to comment on developments in Switzerland, where authorities are also probing banks.

Libor probe claims Barclays executive and a trader

At least four former Barclays traders who worked under Pal in New York have drawn scrutiny from U.S. prosecutors and regulators in the investigation into the manipulation of the London interbank offered rate and related benchmark interest rates, according

Foreign banks in Iran face risk of US penalties

The drama played out last month between Standard Chartered and the New York state supervisor who threatened to strip the august British institution of its vital Wall Street banking licence was not entirely typical.

SEC Charges California Man for Illegal Tips to Hedge Fund Manager

The Securities and Exchange Commission today charged a California man with illegally tipping a hedge fund manager with inside information about Nvidia Corporation's quarterly earnings that he learned from his friend who worked at the company.

US Gift Tax - Overview

After December 31, 2012, unless Congress enacts new legislation, this opportunity will vanish and will be replaced by a $1 million exemption and a 55 percent federal transfer tax rate.

Tax agreements key to the future - confidence despite a difficult environment - SBA

Although the current situation for banks is characterised by falling margins, a large number of regulatory projects and constant pressure from abroad, Switzerland can continue to be a leading financial centre.

Ex-Dewey partner claims Citibank conspired to lure laterals

A former Dewey & LeBoeuf partner has filed a lawsuit claiming Citibank colluded with the now-defunct US firm to entice lateral hires in the run-up to the firm’s high-profile collapse this year.

Ex-UBS executives found guilty of fraud

While employed at UBS, the three men participated in separate fraud conspiracies and schemes with various financial institutions between 2001 and 2006, the United States Department of Justice said.

Mitt Romney buy-out firm said to be probed by New York attorney general

The agency claims to investigate “firms that rip-off government pension funds, contractors that over-bill taxpayers, and large-scale tax cheats”.

Wells Fargo Fires Employee Who Committed 10-Cent Fraud in 1963

A teenage prank has cost a customer service rep his job, thanks to new Federal regulations.

SEC weighs ending ban on hedge fund advertising

Securities regulations have barred hedge funds and other private investment vehicles from advertising and marketing to the general public for more than 30 years.

Bank of America seeks end to lawsuit tied to AIG case

The bank argued in papers filed late Tuesday in Manhattan federal court that shareholders should have known the insurer might sue, based on published reports several months earlier.

Nadel’s Hedge Fund Ponzi Scheme Victims Receive $25 Million Settlement

A case that has been pending for over three years, S.E.C. v. Arthur Nadel, has been somewhat resolved.

Citigroup pays £373m to settle debt claims

The class-action suit, which was filed in New York in 2009, accused Citi of employing a “CDO-related quasi-Ponzi scheme” to conceal the growing risks on its balance sheet from the mortgage-backed debt and collateralised debt obligations (CDOs)

A Reprieve for New York Fed in Libor Case

The reprieve will afford the New York Fed an additional month to comply, according to people briefed on the matter.

Hedge-Fund Marketing Could Begin New Era as SEC Set for Proposal

The proposal is driven by a law that repealed a ban on pitching such investments to all but a select few investors, such as those accustomed to pumping cash into hedge funds.

US banking reports put compliance in the spotlight

Standard Chartered and HSBC attract attention for compliance failures

Morgan Stanley Win on Brokerage Would Be Pyrrhic Victory

Morgan Stanley’s $9 billion valuation implies the joint venture’s profit could shrink by as much as 12 percent annually over the long term, according to Goldman Sachs Group Inc. analysts.

HSBC Investigated for Money Laundering

Furthermore, the investigators were also probing whether HSBC circumvented US law by transferring money through its American subsidiary for sanctioned nations, including Iran, Sudan and North Korea.

US regulations probed at forum

The event was organised by the Bahrain Association of Banks and accountancy practice KPMG Fakhro to update the delegates on the best approach for Bahrain.

Legal, Regulation & Compliance