Featured Misconduct

KPMG ousts head of financial services unit

One of the UK’s biggest consultancies has ousted the head of its financial services consulting division, following a probe into alleged misconduct. A spokesperson for KPMG confirmed that Tim Howarth had left the company. “We hold all of our people to a very high standard and take swift and appropriate… Read More

Portugal’s golden visa programme ‘swamped’ by inquiries from Hongkongers seeking alternative residence and a safe haven

Inquiries from Hongkongers about property in Portugal, the homeland of football superstar Cristiano Ronaldo, have seen an upswing in recent months as wealthy residents and investors clamour for an alternative residency amid escalating political tensions in the city, analysts said. Since its unveiling in 2012, Lisbon’s golden visa scheme has… Read More

B.C. gov’t seeks to seize properties allegedly linked to $165 million stock fraud

The B.C. government is suing to seize properties in the B.C. Interior that it alleges were linked to a $200-million-plus international stock fraud. In a lawsuit filed in B.C. Supreme Court this month, the B.C. Civil Forfeiture Office alleges a $1.6-million house on Mission Ridge Road in Kelowna and a… Read More
12th August 2019
The UK’s Serious Fraud Office (SFO) has added fraud charges to its case against three former Barclays executives accused of directing hundreds of millions of pounds to Qatar in return for financing from the Gulf state, according to the Financial Times and Bloomberg. The new charges target Roger… Read More
9th August 2019
Police in Brazil on Thursday arrested Eike Batista, the charismatic mining and oil magnate who was once the country’s richest man, on suspicion of money laundering and insider trading. Police and prosecutors said in statements that they arrested the eccentric former billionaire in Rio de Janeiro on a temporary basis. Read More
8th August 2019
By Jesse Eisinger, ProPublica, and Kevin Wack, American Banker Since Donald Trump’s election, federal white-collar enforcement has taken a big hit. Fines and settlements against corporations have plummeted. Prosecutions of individuals are falling to record lows. But just how these fines and settlements came to be slashed is… Read More
7th August 2019
Profits at Australia’s biggest bank, the Commonwealth, have slumped by 8.1% after the bank laid out an extra $1bn to compensate customers it has ripped off. The bank, which was at the centre of a series of financial scandals that helped prompt last year’s Hayne… Read More
2nd August 2019
Accounting giant KPMG was fined 3.5 million pounds ($4.24 million) for misconduct over reports on Bank of New York Mellon Corp. The Financial Reporting Council on Thursday said a partner, Richard Hinton, was also fined 75,000 pounds over 2011 client asset reports he had signed on behalf of KPMG. Both… Read More
2nd August 2019
The former chairman of a state lender known as “Beijing’s super bank” is being investigated for “a serious disciplinary violation”, according to a statement from the Communist Party’s enforcement agency on Wednesday. Hu Huaibang, who was chairman of China Development Bank (CDB) for more than five years until his retirement… Read More
1st August 2019
The United Kingdom’s Financial Conduct Authority (FCA) finalized a policy statement Wednesday on the kinds of crypto-related products that fall under its regulatory remit. The final guidance, which does not address pending anti-money laundering (AML) obligations for crypto-related firms, clarifies that the FCA has supervisory authority over security tokens, which… Read More
31st July 2019
A New York-based brokerage unit of Citigroup Inc. will pay $1.25 million for inadequately screening 10,400 employees over a 7-year period, an industry regulator said Monday. The compliance lapses by Citigroup Global Markets Inc. included the firm’s failure to collect the fingerprints of at least 520 employees, according to the… Read More
30th July 2019
Spain’s National Court has charged Banco Bilbao Vizcaya Argentaria (BBVA) with “corruption and breach of confidence,” a court spokesman said on Monday. Anti-corruption prosecutors had referred the case to the high court five days earlier. BBVA is Spain’s second-largest bank, with a strong presence in Latin America and the south… Read More
30th July 2019
Barclays (BARC.L), JP Morgan (JPM.N), RBS (RBS.L), UBS and Citigroup (C.N) are being sued by investors over allegations they rigged the global foreign exchange market, in a test of U.S.-style class actions in Britain. The claim, estimated to be worth more than… Read More