Posted on Sep 20, 2020
HSBC moved scam millions, big banking leak shows
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HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show.
Britain's biggest bank moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014.
Its role in the $80m (£62m) fraud is detailed in a leak of documents - banks' "suspicious activity reports" - that have been called the FinCEN Files.
HSBC says it has always met its legal duties on reporting such activity.
The files show the investment scam, known as a Ponzi scheme, started soon after the bank was fined $1.9bn (£1.4bn) in the US over money laundering. It had promised to clamp down on these sorts of practices.
Lawyers for duped investors say the bank should have acted sooner to close the fraudsters' accounts.
The documents leak includes a series of other revelations - such as the suggestion one of the biggest banks in the US may have helped a notorious mobster to move more than $1bn.
Britain's biggest bank moved the money through its US business to HSBC accounts in Hong Kong in 2013 and 2014.
Its role in the $80m (£62m) fraud is detailed in a leak of documents - banks' "suspicious activity reports" - that have been called the FinCEN Files.
HSBC says it has always met its legal duties on reporting such activity.
The files show the investment scam, known as a Ponzi scheme, started soon after the bank was fined $1.9bn (£1.4bn) in the US over money laundering. It had promised to clamp down on these sorts of practices.
Lawyers for duped investors say the bank should have acted sooner to close the fraudsters' accounts.
The documents leak includes a series of other revelations - such as the suggestion one of the biggest banks in the US may have helped a notorious mobster to move more than $1bn.
HSBC moved scam millions, big banking leak shows
Posted from bbc.com
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Posted >1 y ago
PO1 William "Chip" Nagel wow what an despicable act by HSCB, they always charged high interest rates back in the early 2000's.
SPC Margaret Higgins COL Mikel J. Burroughs CPL Dave Hoover Lt Col Charlie Brown Lt Col John (Jack) Christensen SCPO Morris Ramsey PVT Mark Zehner Sgt (Join to see) SSG Michael Noll SSG Robert Mark Odom CPL Douglas Chrysler PO1 Tony Holland SGT Steve McFarland SPC Mark Huddleston CW5 Jack Cardwell PO1 Lyndon Thomas PO3 Phyllis Maynard Wayne Soares SP5 Jim Curry
SPC Margaret Higgins COL Mikel J. Burroughs CPL Dave Hoover Lt Col Charlie Brown Lt Col John (Jack) Christensen SCPO Morris Ramsey PVT Mark Zehner Sgt (Join to see) SSG Michael Noll SSG Robert Mark Odom CPL Douglas Chrysler PO1 Tony Holland SGT Steve McFarland SPC Mark Huddleston CW5 Jack Cardwell PO1 Lyndon Thomas PO3 Phyllis Maynard Wayne Soares SP5 Jim Curry
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PO1 Tony Holland Sorry Tony Looks Like You beat Me to this. Maybe the Admins will delete this Later.
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PO1 William "Chip" Nagel
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PO2 Bill Reardon - Still have Memories of the Wild Cotton on Adak during the Summer.
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PO1 William "Chip" Nagel
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PO2 Bill Reardon NSGA, I'm a Land and Sea Spook. Never Attended SERE School. LOL!
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