Posts belonging to Category State Street



Forex Fraud Case Reveals the Value of Whistleblowers

 

Bank of New York Mellon has been sued in separate civil lawsuits filed by the U.S. Department of Justice and the Attorney General of New York seeking damages in excess of $2 billion related to BNY’s alleged practice of fraudulently misleading and overcharging public pension funds, universities, and other clients for foreign exchange (FX) currency […]

Wall Street Whistleblower Program Already Paying Off

 

The new whistleblower program that pays big cash rewards for tips about investment fraud has already resulted in a large number of high quality tips to the SEC, according to a news story this week on CNBC. According to the report, the SEC expects to receive 30,000 tips this year?just one year after the program […]

Prosecutors Probe Forex Abuses by Bank of New York Mellon and State Street Corp.

 

Prosecutors have taken over whistleblower lawsuits against Bank of New York Mellon and State Street Corp. that accuse the banks of fraud in overcharging public pension funds by tens of millions of dollars for foreign-exchange transactions, according to a Reuters article edited by Lincoln Feast, entitled “Prosecutors widen currency probes: report.”

Proposed Changes to New York Law Would Make Wall Street More Accountable

 

Wall Street may face a wave of lawsuits under an expanded version of the Martin Act, New York’s securities anti-fraud statute, if the newly elected Governor of New York has his way, according to a Wall Street Journal Deal Journal blog entitled, “And the Next Mortal Threat to Wall Street Is’”.

Wealthy Individuals Have Been Victimized By Wall Street’s CDO Fraud

 

Merrill Lynch and other Wall Street firms sold the riskiest tranches of collateralized debt obligations (“CDOs”), not just to institutions, but to individual investors, as safe investments, according to a recent Wall Street Journal article by Dan Fitzgerald titled “Didn’t See Risk, and Got Stung.” Now that the CDOs have imploded, and investors are seeking […]

It’s Official – Most Americans Despise Wall Street

 

According to a recent Bloomberg National Poll, more than 50% of Americans despise Wall Street and favor punishment of the bankers who caused the worst financial crisis since the Great Depression. The majority of poll participants — 56 percent — say big financial companies are more interested in enriching themselves at the expense of ordinary […]