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News >> Financial Integrity

The United States (US) Department of Justice (DoJ) has announced that former Subway restaurant franchise owner Shahin Abdollahi has pleaded guilty "for his role in a conspiracy to hack into the computerized cash registers of a number of Subway restaurants to fraudulently obtain more than [US]$40,000 in gift cards".

Published in Financial Integrity

The United States (US) Department of Justice (DoJ), the US Attorney's Office for the Southern District of New York (USAO SDNY) and the Internal Revenue Service (IRS) have jointly announced that Switzerland-based asset management group Swisspartners has agreed to pay US$4.4 million and enter into a non-prosecution agreement with the USAO SDNY to resolve criminal charges of "assisting US taxpayer-clients in opening and maintaining undeclared foreign bank accounts".

Published in Financial Integrity

South Korea-based major web portal operator Naver is expected to be suspended from foreign exchange (FX) business for three months for allegedly failing to properly submit reports on its FX transactions. Reportedly, the Financial Supervisory Service will finalise the suspension at its next regular meeting and alleges that Naver has wrongfully traded an estimated total of KRW280 billion (approximately €200 million/US$274 million).

Published in Financial Integrity

The Organisation for Economic Co-operation and Development (OECD) has announced that the Declaration on Automatic Exchange of Information in Tax Matters (undated) has been signed by all 34 OECD member countries as well as a further 13 countries and was adopted on 6 May 2014.

Published in Financial Integrity

US Attorney General Dismisses "Too Big to Jail"

08 May 2014
Written by World Watch

The United States Department of Justice (DoJ) has made available No Company or Individual is "Too Big to Jail" (5 May 2014), a video recording of a speech by Attorney General Eric Holder in which he states that "no individual or company, no matter how large or how profitable, is above the law".

Published in Financial Integrity

The United States (US) Securities and Exchange Commission (SEC) has announced that the New York Stock Exchange, two affiliated exchanges and an affiliated routing broker have agreed to pay US$4.5 million to settle charges that they failed to comply with SEC-approved exchange rules and US federal securities laws.

Published in Financial Integrity

The United Kingdom Financial Conduct Authority (FCA) has banned (29 April 2014) former UBS trader John Hughes from the financial services industry under s. 56 of the Financial Services and Markets Act 2000 c. 8 for "failings related to US$2.3 billion [in] unauthorised trading losses by another trader [Kweku Adoboli]".

Published in Financial Integrity

The Financial Markets Authority (FMA) has announced that the Financial Markets Conduct Act 2013 No. 69 (NZ) (the Act) is beginning to generate a positive cultural shift in the New Zealand financial services sector.

Published in Financial Integrity

Non-bank lender Pepper Australia Pty Ltd (Pepper), supported by the Commonwealth Bank of Australia (CBA) and the National Australia Bank (NAB), has issued $500 million worth of "non-conforming" home loans, namely residential mortgage-backed securities (RMBS) issued to customers with poor credit records or demanding repayment ratios. Reportedly, the issue is Australia's biggest since the global financial crisis and offered investors different tranches of debt, with those with a lower credit rating attracting a higher return for the investor.

Published in Financial Integrity

The Australian Securities and Investments Commission (ASIC) has issued the following enforcement-related media releases:

Published in Financial Integrity

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