Corruption Crime & Compliance - DOJ Settles Fraud-Spoofing Case Against National West Bank

Thomas Fox - Compliance Evangelist
Contact
The Department of Justice secured a guilty plea from NatWest Markets, the newly-named Royal Bank of Scotland, for trade manipulation, referred to as "spoofing," in U.S. Treasury markets. The NatWest resolution reflected changes in DOJ's white-collar enforcement policies, including acknowledgment and consideration of NatWest's prior misconduct (criminal and civil) and appointment of an independent compliance monitor.

DOJ cited NatWest's status See more +

The Department of Justice secured a guilty plea from NatWest Markets, the newly-named Royal Bank of Scotland, for trade manipulation, referred to as "spoofing," in U.S. Treasury markets. The NatWest resolution reflected changes in DOJ's white-collar enforcement policies, including acknowledgment and consideration of NatWest's prior misconduct (criminal and civil) and appointment of an independent compliance monitor.

DOJ cited NatWest's status as a repeat offender as justification for requiring a criminal guilty plea to two counts. Under the plea agreement, NatWest Markets will pay $35 million in restitution, forfeiture, and a criminal fine, serve three years' probation and take on an independent compliance monitor.

Listen to Michael Volkov as he reviews the NatWest prosecution and settlement agreement in today's Corruption Crime & Compliance podcast. See less -

Embed
Copy

Other MultiMedia by Thomas Fox - Compliance Evangelist

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Thomas Fox - Compliance Evangelist | Attorney Advertising

Written by:

Thomas Fox - Compliance Evangelist
Contact
more
less

Thomas Fox - Compliance Evangelist on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.