U.S. prosecutors are pursuing guilty pleas, criminal convictions and “significant monetary penalties” from banks and their employees in the global investigation into the rigging of benchmark interest rates, a senior Justice Department official said.
After four years leading U.S. government efforts to prosecute financial crime, Lanny Breuer is returning to private practice where he’ll help expand his old law firm’s white-collar criminal defense practice.
Tom Hanks has a knack for playing the roles that define American generations. In “Saving Private Ryan,” he embodied the courage of the men who landed on the Normandy beaches under heavy fire. In “Apollo 13,” he conveyed calm and ingenuity under intense pressure: “Houston, we have a problem.” And Forrest Gump revealed much about America before, during and after the Vietnam War.
One of the oft-repeated justifications for why Wall Street must be regulated by Wall Streeters is that what goes on there is both so complex and so essential that only those who have been part of it can be trusted to oversee it.
In October 2007, Todd Farha and his company were thriving. The chief executive officer of WellCare Health Plans Inc. had sold $57 million of his stock over three years as the share price rose seven-fold. Starting in 2002 with seed money from a George Soros fund, he had built WellCare into the largest insurer in Florida’s Medicaid program.
Lanny Breuer, the U.S. Justice Department’s outgoing criminal division chief, said prosecutors have a new paradigm for corporate crime investigations, with wiretaps and insider witnesses becoming core components in the search for fraud convictions.
HSBC Holdings Plc’s Mexican branches had become so well-known to drug traffickers as the place to launder proceeds from illicit sales that cartels began using special boxes to speed transactions, U.S. prosecutors said.
UBS AG will pay about $1.5 billion and two former traders face prison as the bank settled charges with U.S. and U.K. authorities for manipulating interest rates in a global conspiracy to boost profits and bonuses.