07/17/2012
California court fines Gordon Driver and Axcess USD41m for commodity pool Ponzi scheme
Axcess Fund is registered with the CFTC as a commodity pool operator, and Driver is registered as an associated person of Axcess Fund.
Legal, Regulation & Compliance
07/16/2012
Thousands Of Small Banks Could Sue Wall Street Giants Over LIBOR
The Community Bank & Trust of Sheboygan -- a town on the shores of Lake Michigan about 60 miles north of Milwaukee -- is claiming manipulation of the benchmark London interbank offered rate, commonly known as Libor, has kept its interest margins artif
07/16/2012
HSBC faces probe on money laundering claims
The multiyear probe into HSBC by the Senate permanent subcommittee on investigations is expected to reveal activities similar to those that led Wachovia Bank to reach a $160m agreement with the Department of Justice in 2010 to settle allegations that it l
07/15/2012
German bank under fire in Florida and at home
Deutsche Bank was a heavyweight financial player during the American mortgage meltdown and its aftermath: empty and neglected properties that blight local neighborhoods.
07/15/2012
JPMorgan Claim of Possible Trader Intent May Help U.S., Bank
The U.S. Department of Justice and the Federal Bureau of Investigation in New York in May began a probe of the bank’s trading losses, a person familiar with the matter said.
07/15/2012
CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief
On February 9, 2012, the CFTC issued a final rule regarding changes to Part 4 of the Commission’s regulations involving registration and compliance obligations for CPOs and CTAs.
07/15/2012
UBS in line of fire over Libor moves
The US Justice Department, meanwhile, has identified potential criminal wrongdoing by big banks and individuals at the centre of the scandal.
07/15/2012
German State buys Swiss bank data to track tax evaders
Swiss bank accounts are often used by tax evaders.
07/12/2012
Libor scandal ripples across the Atlantic
Both have been called to testify before the Senate Banking Committee on the scandal surrounding Libor, a measure of the cost of money that is used as the basis for more than £200 trillion in loans.
07/12/2012
Diamond to be grilled by US politicians
UK newspaper the Guardian says it has been told by sources that Diamond is likely to be called to Washington to answer questions about the Libor-fixing scandal.
07/12/2012
Dodd-Frank sees rise in virtual family offices
Those were among the findings reported by the Advanced Planning and Family Office Practice Group at US law firm Handler Thayer LLP in their 2012 outlook.
07/11/2012
US banking giant to apologise over lax money laundering controls
In the note sent to employees on Tuesday, the London-based lender's chief executive Stuart Gulliver said the Permanent Subcommittee on Investigations would expose weaknesses in the bank's money laundering controls.
07/11/2012
German prosecutors investigate Morgan Stanley banker
Notheis, 44, who ran Morgan Stanley's operations in Germany and Austria for more than three years, was granted leave of absence by the bank last month following an uproar over emails he reportedly exchanged with Mappus.
07/11/2012
Shake-Up at New York Fed Is Said to Cloud View of JPMorgan’s Risk
But those changes left the New York Fed’s front-line examiners without deep knowledge of JPMorgan’s operations for a brief yet critical time, said those people, who spoke on the condition of anonymity because there is a federal investigation o
07/11/2012
Libor price fixing case is getting work for lawyers
In the case of Barclays and UBS, multiple law firms are representing individuals who have worked at those banks, sources said.
07/10/2012
Handler Thayer Named Best Private Client Law Firm in North America
In addition, David Berek, a Partner in Handler Thayer, LLP's Advanced Planning and Family Office Practice Group, made the final-five short list of nominees for the 2012 Best Private Client Lawyer Award.
07/10/2012
Linklaters scoops New York role on insurer WellPoint's Amerigroup buy
The agreement, which sees Skadden Arps Slate Meagher & Flom advise Amerigroup, marks one of the largest-ever cash deals in the health insurance sector just weeks after the US Supreme Court upheld president Barack Obama’s law to extend healthcare
07/10/2012
HSBC To Apologize At Hearing On Money Laundering, Memo Shows
U.S. prosecutors may take criminal or civil enforcement measures involving the London-based bank amid an investigation into terrorist funding, HSBC said in February.
07/09/2012
Mobile operators pressured for private client data
Representative Edward Markey on Monday released data from the companies showing more than 1.3 million requests for cell phone records last year.
07/09/2012
US Senate panel plans HSBC money laundering hearing
The panel has been investigating HSBC for months as part of an effort by the Senate panel to probe shadowy money flows.