May 20, 2015
Mohenjo
Breaking News, Business
amazon, Barclays, business, Business News, Citigroup, Currency Manipulation, currency market, Financial Regulation, Hotels, human-rights, J.P. Morgan, Justice Department, LIBOR, Libor Rate Rigging Scandal, market manipulation, medicine, mental-health, research, Royal Bank of Scotland, Science, Science News, technology, Technology News, the Royal Bank of Scotland, travel, vacation
FROM
Huffpost Business
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The age of multibillion-dollar bank fines with no admission of wrongdoing is over. The Justice Department announced Wednesday morning that five banks pleaded guilty to market manipulation, while also paying billions of dollars in fines.
Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland admitted to illegally distorting foreign exchange markets. The banks formed what they called “The Cartel” and aimed to set a key currency marker, known as “the fix,” at mutually beneficial values.
The fix is set every day at 4 p.m. London time and is used in the more than $5 trillion currency market to determine the price of trades and the value of large institutional holdings. Traders at the banks used instant messaging chat rooms to discuss where to set the fix.
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Image: Breaking News and Opinion on The Huffington Post
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Click link below for article:
http://www.huffingtonpost.com/2015/05/20/big-banks-guilty-fined_n_7342808.html
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June 29, 2013
Mohenjo
Crime
amazon, Aon Hewitt, aviation, business, Citigroup, Crime News, daily finance, Defense Finance and Accounting Service, eBay, ETRADE Financial Corp, Finance, gaming, Hackers, Hotels, identity theft, internet, iPayment, JPMorgan Chase, Kiev, occupy-wall-street, PayPal, phishing, politics, research, Science, Science News, Slideshow, TD Ameritrade, technology, Technology News, TIAA-CREF, transportation, travel, USAA, vacation
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At least $15 million was stolen via online infiltration of 15 financial companies — including JPMorgan Chase (JPM), Citigroup (C), E*Trade (ETFC), PayPal (EBAY), TIAA-CREF, and TD Ameritrade (AMTD) — overly a nearly two-year period. The perpetrators of the scheme were a group of hackers and identity thieves led by two Ukrainian nationals, according to authorities. Eight men have been charged, and four are in custody, the LA Times reports.
“Cybercriminals penetrated some of our most trusted financial institutions as part of a global scheme that stole money and identities from people in the United States,” said New Jersey U.S. Attorney Paul J. Fishman in a statement. The criminal complaint against the men alleges that they moved money from online accounts onto prepaid debit cards, then used the cards to withdraw cash from ATMs or make purchases throughout the United States. According to the LA Times, “Much of the money that was cashed out was wired to the two leaders.”
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.Click link below for article and slideshow:
http://www.dailyfinance.com/on/cybercriminals-hack-banks-15-million-dollars/
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