TV News LIES

Monday, Apr 24th

Last update05:20:13 AM GMT

You are here News Economy Prosecutors: Bank executives not easy to charge

Prosecutors: Bank executives not easy to charge

E-mail Print PDF

Money launderingBank executives rarely face money laundering charges because investigators don't usually uncover the kind of decisive evidence needed to convict them, prosecutors said Monday at an international conference in Florida.

"You don't find the smoking gun email where an executive says, 'I know it's drug money, but go do it anyway,'" said Evan Weitz, a New York federal prosecutor, during a panel discussion at the annual anti-money laundering conference.

Instead, prosecutors usually target the bank or financial institution itself. Adam Kaufmann, chief of the investigative division of the Manhattan district attorney's office, said even then the preferred practice is to work out a settlement - known as a deferred prosecution agreement - rather than indicting the institution.

"An indictment can be a death sentence for a financial institution," said Kaufmann, adding that ruining large banks or other institutions can trigger unforeseen economic ripple effects.

Major banks investigated for doing business with countries facing U.S. economic sanctions have reached agreements four times since January 2009. In those settlements, the institutions pay large fines and agree to meet certain requirements, but no executives face jail time. Last year, U.S. District Judge Emmett Sullivan of Washington labeled one such settlement a "sweetheart deal." In that settlement, Barclays Bank paid $298 million in penalties but faced no charges.

More...


Most Recent Related Stories...


Data Dive: U.S. confidence in economy at lowest point since November: Gallup

US confidence in economy tumblesConfidence in the U.S. economy is at its lowest point in five months, Gallup reports.The polling...

Trump touts Charter hiring that was in works for two years

Charter hiring goes back two yearsU.S. President Donald Trump on Friday touted Charter Communications Inc's decision to invest $25 billion in...

US gained only 98,000 jobs in March, putting a chill on Trump's promises

Jobs report very disappointing in MarchThe US economy added just 98,000 jobs in March as a cold snap, a government hiring...

Fed hikes interest rates, signals two more increases for 2017

Interrest rates increaseThe Federal Reserve’s top policymaking body on Wednesday pulled the trigger on another increase in interest...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!