shlomo Posted September 21, 2020 Share Posted September 21, 2020 https://www.bbc.co.uk/news/uk-54225572 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 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. The scam was a Ponzi scheme - a notorious type of investment racket that pays existing stakeholders with money collected from new members. 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. Quote Link to comment Share on other sites More sharing options...
msi Posted September 21, 2020 Share Posted September 21, 2020 Just wait for references to 'British' bank HSBC. Quote Link to comment Share on other sites More sharing options...
Roman Roady Posted September 21, 2020 Share Posted September 21, 2020 Just now, msi said: Just wait for references to 'British' bank HSBC. Even better...wait for references to the HONG KONG AND SHANGHAI BANKING CORP Quote Link to comment Share on other sites More sharing options...
shlomo Posted September 21, 2020 Author Share Posted September 21, 2020 1 minute ago, msi said: Just wait for references to 'British' bank HSBC. No, if they call it a British bank they will be able to fine less than if the call it Hongkong and Shanghai Banking Corporation Quote Link to comment Share on other sites More sharing options...
spyguy Posted September 21, 2020 Share Posted September 21, 2020 Id guess - 0. HSBC have followed the rule, flagging up transaction. These are small numbers and involve conmen rather than peopl/orgs connected to drug trade/enemy states. Quote Link to comment Share on other sites More sharing options...
shlomo Posted September 21, 2020 Author Share Posted September 21, 2020 1 minute ago, spyguy said: Id guess - 0. HSBC have followed the rule, flagging up transaction. These are small numbers and involve conmen rather than peopl/orgs connected to drug trade/enemy states. Have you heard of https://en.wikipedia.org/wiki/Deepwater_Horizon_oil_spill Quote Link to comment Share on other sites More sharing options...
spyguy Posted September 21, 2020 Share Posted September 21, 2020 1 minute ago, shlomo said: Have you heard of https://en.wikipedia.org/wiki/Deepwater_Horizon_oil_spill Oil spills are mucky and look bad in summer time. Shuffling cash around for ponzis does not cover cute animals in crude. Quote Link to comment Share on other sites More sharing options...
felix Posted September 21, 2020 Share Posted September 21, 2020 I am wondering if there will be a bank run on HSBC Quote Link to comment Share on other sites More sharing options...
captainb Posted September 21, 2020 Share Posted September 21, 2020 12 minutes ago, felix said: I am wondering if there will be a bank run on HSBC Because? They correctly filed reports to the regulators who failed to act? Quote Link to comment Share on other sites More sharing options...
felix Posted September 21, 2020 Share Posted September 21, 2020 https://www.georgegammon.com/kyle-bass-predicts-hsbc-collapse-in-2020-heres-why/ Quote Link to comment Share on other sites More sharing options...
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