3rd largest Swiss bank busted for laundering money for #FIFA corruption & #PDVSA Venezuelan state oil company.
Crimes were from 2009 until early 2018.
#ButNothingsHappening
Crimes were from 2009 until early 2018.
#ButNothingsHappening
Why did the case expand? The US arrested one of Baer's client advisers in 2018. Baer is now required to put in place measures to detect & identify when it's client advisers are helping the crooks launder money & do dirty deals.
Prohibits them from being involved in large mergers.
Prohibits them from being involved in large mergers.
They lost a CEO in 2017 & another in 2019 as the rats jumped ship to avoid the investigation.
The banks can only survive this by replacing their executives, admitting the crimes & handing over the receipts to assist prosecution of their employees & customers.
The banks can only survive this by replacing their executives, admitting the crimes & handing over the receipts to assist prosecution of their employees & customers.
This is the culmination of many years of investigative work, from Comey's FBI handing over the receipts for corruption to Swiss & Brazilian prosecutors.
The PDSVA case is out of SDTX in Houston because of the connections to Citgo which is HQ'd there. threadreaderapp.com/thread/1133837…
The PDSVA case is out of SDTX in Houston because of the connections to Citgo which is HQ'd there. threadreaderapp.com/thread/1133837…
Other parts are being handled out of Miami because a lot of the money was laundered through there.
Of course in the US, the Treasury OIG is busy investigating why Venezuela & other states were not put under sanctions for money laundering. Very likely due to influence campaigns with lobbyists & PR companies. Including Fusion GPS...
