A former supervisor of Deutsche Bank’s Pool Trading Desk and a former derivatives trader were convicted today in New York for their participation in a scheme to manipulate the London Interbank Offered Rate (LIBOR), a critical global benchmark tied to trillions of dollars in derivatives, loans, mortgages, and other financial products. Assistant Attorney General Brian […]

Deutsche Bank has been fined $2.5 billion total by U.S. and British regulators for alleged LIBOR misconduct. LIBOR is a benchmark rate that some of the world’s leading banks charge each other for short-term loans. The U.S. and Britain accused Deutsche Bank employees of manipulating their LIBOR submissions, colluding with other banks that sat on the panel that submitted […]

The FCA levied around £1.5bn in fines during 2014, nearly three times the amount raised the year before. Last year was one of bumper fines, with five banks told to pay a record £1.1bn for failing to control business practices in their G10 spot foreign exchange trading operations. Citibank NA was fined £225.5m, HSBC £216.3m, […]

Mortgage fraud was one of the main reasons of the collapse of the financial system Most of the largest fines are in relation to operations carried out by financial institutions in the lead up to, and in the wake of the mortgage-market collapse. Banking fraud is not a new phenomenon, neither is the fact that […]