http://www.huffingtonpost.com/2015/05/20/ubs-guilty-fraud_n_7340712.html
Swiss Bank UBS Pleading Guilty To Wire Fraud, Settles U.S. Legal Cases For $545 Million
AP Posted: 05/20/2015 6:11 am EDT Updated: 2 hours ago
BERLIN (AP) — Swiss bank UBS says it is pleading guilty to wire fraud and is paying $545 million to settle U.S. cases of market manipulation.
The bank said Wednesday that under the deal with U.S. authorities it will be granted conditional immunity from prosecution in a Department of Justice probe on the manipulation of foreign exchange rates. UBS AG said it was the first to report to the DOJ potential misconduct by banks in forex markets.
It will however pay a $342 million fine to the Federal Reserve.
It will separately pay a $203 million fine to the DOJ for manipulating a key market interest rate called the London Interbank Offered Rate.
The bank said "the conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions."
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http://www.reuters.com/article/2015/05/20/us-banks-forex-settlement-idUSKBN0O50CQ20150520
UBS to pay $545 million over forex scandal, rivals await fate
Wed May 20, 2015 7:21am EDT
ZURICH/NEW YORK | By Katharina Bart and Karen Freifeld
UBS (UBSG.VX) will pay $545 million to U.S. authorities to end an investigation into alleged manipulation of currency rates, a settlement that will help the Swiss bank to move on after a series of trading scandals.
The amount was lower than expected and this contributed to a more than three percent rise in UBS shares to their highest level in six and a half years.
The Justice Department said Attorney General Loretta Lynch would announce resolutions for other banks in connection with exchange rate manipulation at a press conference in Washington on Wednesday at 10 a.m. EDT (1400 GMT).
UBS's payment is part of what is expected to be a combined multi billion-dollar settlement by five of the world's biggest banks with U.S. and British authorities over alleged manipulation of the $5 trillion-a-day forex market.
Zurich-based UBS said on Wednesday the U.S. Federal Reserve had fined it $342 million for its role in the forex scandal. UBS has not been charged because it was the first bank to report the misconduct to the U.S. Department of Justice (DOJ). Four other banks, JP Morgan (JPM.N), Citigroup (C.N), Barclays (BARC.L) and Royal Bank of Scotland (RBS.L) are expected to plead guilty to criminal charges later on Wednesday in relation to the forex investigation.
UBS also escaped any fine from the DOJ on the forex issues and said the DOJ would not prosecute it over investigations into its precious metals business.
Instead, the Swiss bank will have to plead guilty to one count of wire fraud and pay a $203 million fine for its role in rigging interest rate benchmark Libor after its involvement in the forex debacle breached an earlier DOJ agreement.
The bank is now under a three year "probation" period with the DOJ. It had already paid out $1.5 billion for its role in the Libor scandal.
"It couldn't have been better," Andreas Brun, an analyst with Zuercher Kantonalbank, said. "Most of it was already priced in but something around $1 billion was expected, including the Libor fee."
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http://www.ubs.com/us/en.html?s_kwcid=TC|21715|ubs.com||S|b|33356261970&ef_id=VVyO7AAABYBypc23:20150520135043:s
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wow just caught this in time to add
http://www.huffingtonpost.com/2015/05/20/big-banks-guilty-fined_n_7342808.html
Big Banks Plead Guilty To Market Manipulation, Will Pay $5.8 Billion
Ben Walsh
Posted: 05/20/2015 11:18 am EDT Updated: 9 minutes ago
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.
In addition to admitting guilt, the banks will also pay fines. Barclays will pay $650 million, Citigroup $925, million J.P. Morgan $550 million and RBS $395 million. Barclays will pay another $1.3 billion to New York State, federal and U.K. regulators.
A fifth bank, UBS, pleaded guilty to manipulating the London Interbank Offered Rate, which is called Libor. Libor is the most important international interest rate benchmark. UBS will pay $545 million in fines to the Justice Department and Federal Reserve. The value of more than $300 trillion in debt is tied to Libor.
The five banks will pay a further $1.6 billion in fines to the Federal Reserve
I think the buried in the garden under a rock is to be considered
or that old saying
to double your money..fold in half and return to your pocket
sigh
Quote from: space otter on May 20, 2015, 02:52:13 PM
The bank said Wednesday that under the deal with U.S. authorities it will be granted conditional immunity from prosecution in a Department of Justice probe on the manipulation of foreign exchange rates. UBS AG said it was the first to report to the DOJ potential misconduct by banks in forex markets.
It will however pay a $342 million fine to the Federal Reserve.
As Usual nobody is held accountable for criminal activity. If I commit fraud I go to prison. BASTARDS!
Recently the owners of a number of radio stations in the UK instructed their news teams not to report on the Swiss branch of HSBC bank helping British millionaires evade tax. Still nobody has to go to prison. If I commit fraud I go to prison. BASTARDS!
Very small tip of a very large iceberg. I worked at a bank for almost eight years. I saw customer service erode in the name of enriching the holding company ownership.
Shasta