Category HSBC

HSBC will pay $1.9 billion for money laundering

By Kevin McCoy British banking giant HSBC agreed to pay a record $1.92 billion settlement Tuesday after a broad investigation by U.S. federal and state authorities found the bank violated federal laws by laundering money from Mexican drug trafficking and processing banned transactions on behalf of Iran, Libya, Sudan and Burma. The settlement, a combination […]

HSBC lapses left US economy exposed to exploitation by terrorists – Senate report

By Richard Blackden HSBC left America’s financial system exposed to exploitation by drug cartels and terrorist organisations due to its failure to comply with anti-money laundering laws, according to a damning US Senate report. These are two of the findings in a 340-page study from the US Senate that accuses Britain’s biggest bank of a […]

HSBC Agrees to Pay $62.5 Million to Settle U.S. Class-Action Madoff Suit

By Erik Larson and Linda Sandler HSBC Holdings Plc (HSBA), Europe’s biggest bank, agreed to pay $62.5 million to settle a group lawsuit in New York, filed by investors in a fund that lost money in Bernard Madoff’s fraud while the bank acted as custodian. The accord, which needs court approval, applies to a class- […]

Stanford Victims file Class Action Suit against Trustmark National Bank, HSBC Bank PLC, The Toronto-Dominion Bank, SG Private Banking (SUISSE) S.A., and Bank of Houston TX

By Peter Morgenstern Victims of Stanford International Bank, Ltd., part of R. Allen Stanford’s Stanford Finanical Group, filed a class action lawsuit in Texas state court in Houston on August 23, alleging that Trustmark National Bank, HSBC Bank PLC, The Toronto-Dominion Bank, SG Private Banking (Suisse) S.A., and Bank of Houston “provided essential assistance to […]

Texas Department of Banking

Texas Banking Commissioner And Antigua & Barbuda International Financial Sector Regulatory Authority Sign Agreement On Information Sharing. The Texas Banking Commissioner and the Antigua & Barbuda International Financial Sector Regulatory Authority announce the signing of an Agreement on Information Sharing between the two financial institution supervisory authorities. The agreement provides for information sharing and efficient […]

HSBC acted as Correspondant Bank to Stanford

While no Stanford financial company had any presence in the UK, they used the British banking system through HSBC London as their correspondent bank for all deposits in Sterling and Euros. Most people around the world are aware of HSBC bank. HSBC gave SIB an aura of respectability which simply wasn’t appropriate or warranted. Having […]

Indictment vs. Robert Allen Stanford

U.S. Department of Justice Conspiracy to Commit Mail, Wire and Securities Fraud (Violation of 18 U.S.C. § 371) Stanford Financial Group (SFG) was the parent company of Stanford Internatioon Bank, Ltd. and a web of other affiliated financial services entities, including Stanford Group Company. SFG maintained offices in several locations, including Houston, Texas, Memphis, Tennessee, […]