Truemors
is reporting from
Member
NP Rank:
NP Rank:
Lloyds pays $350m to end case in US
Share:
by mudricky | January 9, 2009 at 04:37 pm
80 views | 4 Recommendations | 2 comments
Photos
UK bank, LloydsTSB will pay a $350m fine so an investigation into allegations they they faked records so clients in Iran and Sudan could do business with US institution would be dropped.
British-based bank Lloyds TSB has agreed to pay a $350m penalty to US authorities over financial transfers that violated US sanctions.
The US justice department said Lloyds had acknowledged "criminal conduct" and agreed to forfeit the funds in return for an end to its investigation.
US prosecutors say the bank faked records so clients in Iran and Sudan could do business with US institutions.
Lloyds TSB said that it had co-operated fully with the probe.
"We are committed to running our business with the highest levels of integrity and regulatory compliance across all of our operations, and have undertaken a range of significant steps to further enhance our compliance programmes," it said in a statement.
Most RecentMost Recommended Comments (2)
at 00:07 on January 10th, 2009
Not exactly justice even though $350 million sounds like a lot of money. I am still waiting for a banker to go to jail.
at 11:02 on January 10th, 2009
Justice will be served, when a banker who is convicted of a crime goes to jail.
The problem is that no prosecutor ever seems to go after the banker ( executives)
in charge of the missdeed.