Daily Archives: October 16, 2014

Citigroup Unit Fined $2M Over Mexican Oil Co.’s Loan Fraud

Law360, Los Angeles (October 15, 2014, 9:53 PM ET) — Mexico’s banking and securities regulator said Wednesday that it has fined Citigroup Inc.’s Banamex unit a little more than $2 million for failing to prevent a $400 million loan fraud allegedly perpetrated against it by a Mexican oil services company.

The Comision Nacional Bancaria y de Valores announced the 29.96 million peso ($2.2 million) fine against Banamex, roughly eight months after Citigroup disclosed that Banamex had suffered the losses on loans to Oceanografia SA de CV. CNBV said in a statement that it found that Banamex…

Source: Law360

Ex-UBS Exec Opens Up About Swiss Tax Shelters In Weil Case

Law360, Miami (October 15, 2014, 10:39 PM ET) — A former UBS AG executive provided a detailed look inside the highly secretive and lucrative world of Swiss banking Wednesday, as federal prosecutors began laying out their case against ex-wealth management head Raoul Weil for conspiring to conceal $20 billion in Americans’ assets from the Internal Revenue Service.

Hansruedi Schumacher, who headed the Swiss banking giant’s cross-border division, spent most of the day on the stand before jurors and U.S. District Judge James I. Cohn in Fort Lauderdale, Florida, describing a culture of code words and…

Source: Law360