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HSBC (HBC) may pay a $1.8B fine to settle with the U.S. as part of a money laundering suit...
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Wednesday, December 5, 2012, 8:10 PM ETHSBC (HBC) may pay a $1.8B fine to settle with the U.S. as part of a money laundering suit alleging the bank allowed clients to move illicit funds from Mexico and Iran among other countries. The potential settlement, which has been in the works for months, could be settled as early as next week. The case could serve as a litmus test for just how far U.S. prosecutors will go to try and halt illicit flows of money moving through U.S. banks.
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Hows this folks!!!
WASHINGTON (Reuters) - U.S. securities regulators on Wednesday charged a Wells Fargo investment banker and nine others for their alleged role in an insider-trading ring that earned more than $11 million by trading on tips about impending mergers.
The Securities and Exchange Commission said that John Femenia, 30, misused his position at a unit of Wells Fargo to obtain material, non-public information about four different mergers involving firm clients."
"HONG KONG/LONDON (Reuters) - Standard Chartered expects to pay $330 million to settle a case with U.S. regulators for breaking sanctions on Iran, the Asian-focused bank said on Thursday, a second such penalty which could almost wipe out its profit growth this year. Standard Chartered already paid $340 million to New York's Department of Financial Services (http://bit.ly/UgC0lG) in the third quarter, and the London-based bank said the settlement with federal and other state regulators was expected "very shortly"."
Why no prosecutions?