Question

give a current case involving one of the types of ‘Crimes in the Business World”  that pertains to Securities Fraud, Arson, Bribery, Forgery, Perjury, Embezzlement, Extortion or other Business Related Crimes

please answer the question in a long paragraph

Answer 1

HSBC Holdings plc (HSBC), United Kingdom-based global financial services company, entered into a deferred prosecution agreement (DPA) and agreed to make payment criminal penalty of a $63.1 million and disgorgement and restitution for the amount $38.4 million in to resolve charges that it engaged in a scheme to defraud two bank clients through a multi-million dollar scheme usually referred to as “front-running.” The company misused confidential information of the client for its own profit on more than one occasion. This misconduct violated the trusted relationships between HSBC and its clients. The banks are required to keep the details of client planned transactions confidential, however traders on HSBC’s foreign exchange desk transacted in the Pound Sterling for the traders and HSBC’s own gain in the “proprietary” accounts of HSBC. These HSBC traders execute large transactions in an approach designed to drive the price of the Pound Sterling in a direction that benefited HSBC, and harmed their clients. Moreover to conceal the self-serving nature of its actions it made misrepresentations to one of the clients, Cairn Energy. Pursuant to its agreement with the Justice Department, HSBC agreed to pay the amount of criminal penalty.