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Tag: banking

Former Long Beach FBI Agent Gets Probation in Banking Scheme Tied to Gambling

Steve Neavling
ticklethewire.com 

A former FBI agent with a gambling habit was sentenced to two years of probation Monday for a series of illegal cash deposits, the Fresno Bee reports.

Raymond Wilson, 38, who worked at the FBI’s Long Beach office, committed a federal crime by regularly depositing $10,000 or less of casino winnings to avoid Currency Transaction Reports.

Wilson accumulated more than $488,000 that way, the Fresno Bee reported.

From 2008 to February 2013, Wilson gambled in California, Nevada, Arizona and West Virginia.

Justice Department Building Case Against Financial Institutions

Steve Neavling
ticklethewire.com

The U.S. Justice Department is investigating several financial institutions and their employees over the manipulation of interest rates, Reuters reports.

Traders at Barclays Plc are among the institutions under investigation related to how banks set the London interbank offered rate, or Libor, Reuters reported, citing sources who spoke on condition of anonymity.

Rates are important because they determine borrowing costs for trillions of dollars in credit cards, mortgages and student loans. The newspaper also reported that some U.S. local and state governments were hurt by rate manipulation.

STORIES OF OTHER INTEREST

 

Why Aren’t the Bankers in Trouble?

By Danny Fenster
ticklethewire.com

In the wake of the financial sector’s meltdown, many were on the hunt for the blood of bankers. But convictions for wrongdoing on Wall Street have been remarkably scarce in the aftermath of the industry’s collapse–no small part of why Occupy Wall Street protestors have gathered in lower Manhattan.

A Wall Street Journal blog explains why prosecutions in the financial sector have been so slow to surface. Federal agent’s “hopes slowly gave way to frustration over how to prove criminal intent,” the blog post notes, citing former deputy assistant director of the FBI David Cardona.

Much of the Justice Department’s criminal investigations “hinge on disclosure” Cardona told the Journal. “What does adequate disclosure mean? And those are really technical arguments that sometimes get lost with a jury.”

Many of the FBI’s criminal probes into financial wrongdoing have gone nowhere, according to the Journal, including probes into top financial firms like AIG, Goldman Sachs and Washington Mutual. After a jury acquitted Bear Stearns in 2009, US officials have been wary of trying crimes in which a jury may decide losses were due to bad judgement or the market rather than actual criminality.

“Thus, cases that turn on technical issues such as disclosure are being left for civil-enforcement actions.”

To read more click here.

 

Wife Bans FBI Dir. Mueller from Online Banking

This really does say it all. If the director of the FBI can almost fall for this, then you have to believe almost all of us can fall victim.

Robert Mueller III/file photo

Robert Mueller III/file photo

By Elinor Mills
CNET News
SAN FRANCISCO–No one is immune from cyberthreats, not even the head of the FBI.

FBI Director Robert Mueller was banned by his wife from doing online banking after he nearly fell for a phishing scam, he said on Wednesday during a talk at the Commonwealth Club of California.

He received an e-mail purporting to be from his bank that looked “perfectly legitimate” and which prompted him to verify some information. He started to follow the instructions but then realized that that “might not be such a good idea,” he said.

.”Just a few clicks away from falling into a classic Internet phishing scam,” Mueller “barely caught himself in time” and admitted he “definitely should have known better.”

He said he changed his passwords and tried to pass the incident off to his wife as a “teachable moment,” but she was having none of it and told him, “It is our money. No more Internet banking for you!”

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