Skip to main content
A NEW DAY

UBS Pleads Guilty to Fraud

First big global bank to do so in years.

cheats/2012/12/20/ubs-pleads-guilty-to-fraud/ubs-libor-justice-cheat_ivif5k

DAPD, via AP

Consider this a warning against financial wrongdoing. Amid concerns that. since the financial crisis, the government has not sought criminal charges against certain banks, UBS pleaded guilty to a count of felony wire fraud. The hefty $1.5 billion fine marks the first big global bank in more than two decades to have a subsidiary come clean to fraud. Being honest wasn’t the banks first choice, however—UBS tried to negotiate some rate-rigging leniency, but the Justice Department thought the actions were just too “egregious” to merit any softer sanctions.

Read it at The New York Times

TRENDING NOW