BCP fraud charges

Americans Widen Bank Fraud Net

April 02, 2013 / by / 0 Comment
  • SumoMe

From Geneva, Switzerland, Pierre-Alexandre Sallier reports in the daily Le Temps that the American authorities have widened their net in the crackdown against bank fraud. According to Mr. Sallier, the Swiss are no longer the only targets. Portugal’s BCP (Banco Comercial Português) has paid a $2 million fine to settle charges initiated by the Securities & Exchange Commission’s (SEC).

According to the SEC, the wealth management division of the BCP has generated over 1 million Euros in revenues between 2006 and 2010, thanks to transactions that were generated by its US clients.

The SEC’s threats bring back to memory the setbacks UBS faced in the United States during the early part of 2009. UBS ended up paying $780 million in fines in order to put an end to the SEC’s legal proceedings. According to Karen Monroe, a Geneva attorney, “this case clearly demonstrates that the American government, far from limiting itself to Switzerland, is ready and willing to prosecute banks in other countries and for other reasons.” This is a case that “confirms a new world order, one that Europe is also in the process of implementing.”

 

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Dom Einhorn is a proud Alsatian interested in a wide variety of subject matter, from literature and politics to science and sports. He speaks 5 languages fluently and calls both Wyoming and France "home." Dom is also a trivia fanatic and the editor of MastersOfTrivia.com.