Lindsay's Feed
May 20, 2015

Major banks admit guilt in forex probe, fined $6 billion

NEW YORK/WASHINGTON (Reuters) – Authorities fined five of the world’s largest banks, including JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) and Citigroup inc (C.N: Quote, Profile, Research), roughly $5.7 billion (4 billion pounds), and four of them agreed to plead guilty to U.S. criminal charges over manipulation of foreign exchange rates, the U.S. Department of Justice said on Wednesday.

The fifth bank, UBS AG UBSN.VX(UBS.N: Quote, Profile, Research), will plead guilty to rigging benchmark interest rates, the Justice Department said.

May 20, 2015

Five global banks to plead guilty, pay $5.7 bln on rate rigging

NEW YORK/WASHINGTON (Reuters) – Authorities fined five of
the world’s largest banks, including JPMorgan Chase & Co
and Citigroup inc, roughly $5.7 billion, and four of them
agreed to plead guilty to U.S. criminal charges over
manipulation of foreign exchange rates, the U.S. Department of
Justice said on Wednesday.

The fifth bank, UBS AG , will plead guilty
to rigging benchmark interest rates, the Justice Department
said.

May 20, 2015

U.S. charges six Chinese nationals with economic espionage

WASHINGTON (Reuters) – The U.S government charged six Chinese nationals with economic espionage, saying they stole secrets from two companies that develop technology often used in military systems, the Department of Justice said on Tuesday.

It was the third time in as many years that U.S. authorities have made accusations of economic espionage conducted on behalf of China, a sign that the United States is increasingly focused on what it has termed a top national security concern.

May 19, 2015

U.S. charges 3 Chinese professors, 3 others with economic espionage

By Lindsay Dunsmuir

(Reuters) – The U.S government charged three Chinese
professors and three other Chinese nationals with economic
espionage and stealing trade secrets from two companies that
develop technology often used in military systems, the
Department of Justice said on Tuesday.

It is the third time in as many years individuals have been
accused of economic espionage on behalf of China, a sign that
the United States is increasingly focused on what it has termed
a top national security concern.

May 19, 2015

U.S. charges three Chinese professors, three others with economic espionage

WASHINGTON (Reuters) – The U.S government charged three Chinese professors and three other Chinese nationals with economic espionage and stealing trade secrets from two companies that develop technology often used in military technologies, the Department of Justice said on Tuesday.

The three professors from Tianjin University were charged with stealing source code and other proprietary information from Avago Technologies Ltd. (AVGO.O: Quote, Profile, Research, Stock Buzz) and Skyworks Solutions Inc (SWKS.O: Quote, Profile, Research, Stock Buzz). Avago has headquarters in San Jose, California and Singapore, and Skyworks is based in Woburn, Massachusetts.

May 15, 2015

Finter Bank Zurich to pay $5.4 million in deal with U.S. over tax offenses

WASHINGTON (Reuters) – Finter Bank Zurich has agreed to pay $5.4 million in a deal with the Justice Department to resolve tax-related offenses, becoming the third Swiss private bank this year to reach a settlement to avoid U.S. prosecution over helping Americans evade taxes.

Finter, a small private bank headquartered in Zurich with a branch office in Lugano, has 283 U.S. related accounts that have an overall balance of approximately $235 million, U.S. prosecutors said.

May 14, 2015

U.S. lawmakers blast Secret Service’s ‘culture of fear’

WASHINGTON (Reuters) – The U.S. Secret Service has pervasive problems and a deep-seated culture of fear and retaliation, U.S. lawmakers said on Thursday at a hearing to investigate how two senior agents drove a government car into White House barricades inches from a possible bomb after a late-night party.

The agency has come under repeated pressure this past year over a string of embarrassing allegations involving misbehavior and security lapses.

May 4, 2015

U.S. appeals court skeptical on Arizona sheriff’s immigration lawsuit

WASHINGTON (Reuters) – A federal appeals court on Monday
appeared to cast doubt on an Arizona sheriff’s lawsuit that
contends President Barack Obama’s executive actions on
immigration are unconstitutional.

Maricopa County Sheriff Joe Arpaio sued President Obama in
November, the same day Obama announced unilateral steps to ease
the threat of deportation for about 4.7 million undocumented
immigrants.

Apr 30, 2015

Kolon Industries pleads guilty to stealing DuPont’s Kevlar secrets

WASHINGTON (Reuters) – Kolon Industries Inc has
pleaded guilty to stealing DuPont Co’s trade secrets, the
U.S. Justice Department said on Thursday, bringing to a close a
long-running dispute involving a fiber used to make Kevlar
bulletproof vests.

The South-Korea based company will pay $360 million, of
which $275 million is restitution to DuPont and $85 million in
criminal fines, as part of the deal, U.S. prosecutors said.

Apr 29, 2015

Gyrocopter flight exposed Washington defense flaws: lawmakers

WASHINGTON (Reuters) – Security officials struggled to explain to U.S. lawmakers on Wednesday how a man could fly a small, unauthorized aircraft straight into Washington, D.C., and land it on the west lawn of the Capitol as police and tourists looked on.

The April 15 gyrocopter flight of Douglas Hughes, perhaps the most amazing of recent security lapses, showed the city’s defenses are inadequate, especially against small aircraft, said lawmakers at a House of Representatives committee hearing.