The big European bank signed a deferred prosecution agreement and got hit with some pretty horrible headlines.
FORBES: Forget The Drug Dealers And Iran, HSBC Is Having A Great Year
This in effect made the company look healthier than it was, and resulted in the deferred prosecution agreement.
The firm endured a deferred prosecution agreement and a government appointed monitor to insure compliance with the terms.
Union entered into a deferred prosecution agreement with the Justice Department on charges of failing to maintain an effective anti-money-laundering program.
Union Bank entered into a deferred prosecution agreement with the Justice Department on charges of failing to maintain an effective anti-money laundering program.
O'Connor, 66, entered a deferred prosecution agreement Thursday in federal court in San Diego in which she admitted misappropriating money from the R.
Lacey, whose job it was to monitor Bristol's conduct during its deferred prosecution agreement, made a preliminary recommendation that Dolan and Willard be terminated.
When the threat of indictment did not go away, KPMG retained new counsel, and entered a deferred prosecution agreement with the federal government.
In 2009, UBS obtained a deferred prosecution agreement for conspiring to defraud the US of tax revenue by creating more than 17, 000 secret Swiss accounts.
FORBES: Missing At UBS Rogue Trader Trial, UBS Accountability
Instead it and US prosecutors came to what is called a deferred prosecution agreement, with the fine being paid in exchange for the charges being dropped.
However, Bristol said in a statement, there was no finding of unlawful conduct by Bristol or any of its executives or any violation of the deferred prosecution agreement.
As I write in Three Felonies a Day, the feds forced the accounting firm KPMG to enter into an unjust deferred prosecution agreement because an indictment would without any doubt have destroyed it.
True, information had been provided by UBS pursuant to the now-infamous deferred prosecution agreement but that was only because it faced the corporate equivalent of cruel, inhumane, and degrading treatment: death by U.S. prosecution.
FORBES: Changing Rules of Engagement in the War on Swiss Bank Accounts
Two months after KPMG signed the deferred prosecution agreement with the DOJ, prosecutors predictably issued a superseding indictment, adding ten additional defendants and 45 new counts, including charges of obstruction of justice and making false statements.
According to the deferred prosecution agreement, Deutsche Bank participated in constructing 1, 300 deals between 1996 and 2002 involving 2, 100 customers and implemented over 2, 300 financial transactions related to the bogus tax shelters, which were marketed by KPMG.
FORBES: Deutsche Bank Will Pay $554 Million For Illegal Tax Shelter Activity
The bank agreed to pay the fines to the Financial Services Authority, Commodity Futures Trading Commission and Department of Justice, entering into a deferred prosecution agreement in the U.S. related to one count of wire fraud.
FORBES: RBS Latest To Cough Up Libor Settlement, Will Pay $615 Million
The implication of the power of the deferred prosecution agreement should be clear: if the government decides that a company may be guilty under some vaguely worded statute or other, it can force a company to investigate itself and then dispense with the inconvenience that we call an actual trial.
That issue of the "collateral consequences" from bank spanking was cited by US Assistant Attorney General Lanny Breuer when explaining why the Department of Justice had chosen not to "fully prosecute" HSBC for its money laundering and sanctions breaching offences - and had instead put the bank on probation with a deferred prosecution agreement.
应用推荐