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News >> Financial Integrity

The United States Department of Justice (DoJ) has announced that former Bank of America managing director for municipal derivatives Phillip Murphy has been sentenced to serve 26 months in prison for his involvement in a "conspiracy and scheme to defraud related to bidding for contracts for the investment of municipal bond proceeds and other municipal finance contracts". According to the DoJ, Mr Murphy participated in the fraud conspiracies and schemes with various financial institutions and brokers, including Rubin/Chambers Dunhill Insurance Services Inc (CDR Financial Products), over a period between 1988 and 2006.

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The United States Department of Justice (DoJ) has announced that Swiss Bank Vadian Bank AG (Vadian) has reached a resolution with the DoJ over allegations that Vadian "knew or believed that many of its [US] accountholders were not complying with their [US] tax obligations, and Vadian would and did assist those clients to conceal assets and income from the [Internal Revenue Service]".

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The United States Commodity Futures Trading Commission (CFTC) has announced that Deutsche Bank AG (Deutsche Bank) has been ordered to pay a civil penalty of US$800 million to settle charges that it "routinely engaged in acts of false reporting" and "engaged in manipulative conduct to benefit cash and derivatives trading positions that were priced off of [the London Interbank Offered Rate (LIBOR) or the Euro Interbank Offered Rate (Euribor)].

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The United States Commodity Future Trading Commission (CFTC) has announced that it has ordered (15 September 2014) Morgan Stanley Smith Barney (Morgan Stanley) to pay disgorgement and a US$280,000 penalty after finding that the futures commission merchant "failed to diligently supervise" workers' opening and handling of accounts held in the name of a group of entities that purported to have operations in a jurisdiction deemed "high-risk" under Morgan Stanley's compliance procedures.

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The New Zealand Commerce Commission has announced that Horizon Energy has agreed to "reduce its future earnings" as part of a settlement agreement, after the electricity distributor exceeded its annual price path by NZ$645,686 or approximately 3% in 2011-12.

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The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined (21 August 2014) Deutsche Bank's London branch (Deutsche) £4,718,800 for "incorrectly reporting transactions between November 2007 and April 2013".

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New York State Attorney General Eric Schneiderman has announced a settlement agreement (undated) reached between Bank of America Corporation and two associated entities (together, BofA) and several United States federal and state authorities, the largest settlement in US history to be reached with one institution.

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The Australian Securities and Investments Commission (ASIC) has made available documents setting out additional licence conditions imposed on the following Commonwealth Bank of Australia Group (CBA) entities (both undated).

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The United States Senate Committee on Banking, Housing and Urban Affairs has made available the testimony of individuals on the first panel of witnesses for its hearing Examining the GAO Report on Expectations of Government Support for Bank Holding Companies held on 31 July 2014.

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The United States Securities and Exchange Commission (SEC) has announced charges (both dated 30 July 2014) under the Sarbanes-Oxley Act against the following individuals associated with computer equipment company QSGI:

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