Occupy Heavily Monitored for Potential Criminal Activity, HSBC Slapped on the Wrist for Actual Criminal Activity

Categories: Banks, Occupy

occupy wall street arrests.jpg
Apparently non-violent demonstration against corrupt banking is subject to more criminal scrutiny than actual corrupt banking.

Documents released by the Partnership for Civil Justice Fund Saturday show that the FBI identified Occupy Wall Street as a "potential criminal and terrorist" threat as early as a month before the OWS movement burst on the international scene with its initial occupation of Zuccotti Park in September 2011.

"These documents show that the FBI and the Department of Homeland Security are treating protests against the corporate and banking structure of America as potential criminal and terrorist activity," Mara Verheyden-Hilliard, executive director of PCJF, said in a release . "These documents also show these federal agencies functioning as a de facto intelligence arm of Wall Street and Corporate America."

The release of the documents comes a few weeks after federal and state authorities, including the Department of Justice and the New York East District Attorney's Office, announced a $1.9 billion settlement agreements with British-based bank, HSBC, for allowing major drug cartels and entities with economic sanctions and terrorist ties to launder money through the bank.

"HSBC's blatant failure to implement proper anti-money laundering controls facilitated the laundering of at least $881 million in drug proceeds through the U.S. financial system," New York U.S. Attorney Loretta Lynch said in a release. "HSBC's willful flouting of U.S. sanctions laws and regulations resulted in the processing of hundreds of millions of dollars in [Office of Foreign Assets Control]-prohibited transactions."

For more than a decade, HSBC's U.S. subsidiary, HSBC Bank USA, knowingly allowed money transactions coming from sanctioned countries such as Iran, Sudan and Libya. And, banking officials at HSBC knowingly altered documents to prevent them from being red-flagged.

A report released by the U.S. Senate Committee on Investigations reveals that, at least as far back as 2006, HBUS allowed major drug-trafficking cartels, such as the infamous Sinaloa Cartel of Mexico, to funnel nearly $900 million in drug revenues through the bank.

HSBC engaged in money laundering schemes dating back to the 1990s but weren't hit with any type of punishment for those schemes until earlier this month. OWS moved to speak out against that very type of corruption and were hounded by federal authorities before the movement was even launched.

The FBI actually went as far as to meet with officials at the New York Stock Exchange in August of 2011 to warn of the impending demonstration, according to the PCJF-obtained documents. Yet with the settlement reached, no one at HSBC will be criminally prosecuted for years of blatantly illegal practices involving billions of dollars.

Officials close to the investigation of HSBC told the New York Times that they ultimately decided not to prosecute the bank because it was essentially too big to fail. Lawrence White, a professor of economics at New York University, acknowledges that the $1.9 billion fine certainly won't do major damage to HSBC, but believes that it is effective.

"HSBC is a big bank with literally trillions of dollars of assets. So, a penalty $1.9 billion it doesn't cripple the bank but it stings. Nobody likes to write a check that has ten digits," White told the Voice after the fine was announced. "It gets everybody's attention. It certainly will focus the attention of HSBC. It will certainly focus the attention of other similarly situated banks."

A member of the Occupy movement, who goes under the pseudonym Goldi Locks and is currently involved in the volunteer efforts of Occupy Sandy, believes the fine is merely a slap on the wrist.

"The fact that there is no criminal sort of prosecution is surprisingly on one level but not surprising on another... The banking industry is completely lawless - something we've been saying all along," Goldi said. "These banks can do whatever they want with impunity. To level what for them is a small fine, even though it's large in the history of fines, it's just absurd."


Sponsor Content

My Voice Nation Help
6 comments
mj11842
mj11842

More news from Salvatore Vincent Gallo and his lawyers from Holland & knight. When they can't use the government to lie for them they now pay people to give false statements . Frieri with his lawyers have been paying money to ex Latam employees paying money to lie for them. How low to take a person who has hit bottom. Desperation

mj11842
mj11842

More news on HSBC client Salvatore Vincent Frieri Gallo in March of 9th of 2013 weeks after his Miami attorney from Holland & Knight came to assist Frieri who was deposed by one of many lawsuits Frieri has going in the USA. Frieri was arrested by the Rome police for trying to kill his Attorney in Rome . The attorney had called the police they where waiting for Frieri. Salvatore and his bodyguard had guns ready to kill the attorney when the police stopped them. They charged Frieri and the bodyguard for attempt of murder loan sharking and money laundering. They found 1 million in cash and checks. The police said Frieri had ties to the Colombian and Mexican drug cartels. HSBC and Holland & Knight have not done a better job on picking good clients.

mjacosta2049
mjacosta2049

Justice is hard to find. Salvatore and his brother Arturo Frieri Gallo was able to pay off the judge in Colombia to overturn his money laundering and fraud cases.

mjacosta2049
mjacosta2049

Still today no one from HSBC have tried to resolve this issue . Why should they. The  have a free get out of Jail card.

Mr. Guillermo Savignano
Chief Executive Officer
HSBC Bank (Panama) S.A.
Main Office
HSBC Plaza, 47 East Street, Aquilino de la Guardia,
Panama, Republic of Panama

RE: Emerging Capital Group S.A. (ECG)
Violation on Client Confidentiality

Dear Mr. Savignano,

I am reaching out to you in regards to a serious violation that occurred in your bank. I have been asking HSBC Panama office to tell me who at the bank gave my company bank information to Salvatore Vincent Frieri Gallo a convicted criminal wanted by the Colombian police and the Interpol. I had informed HSBC compliance mangers in Panama for the last four years. However, your legal department keeps procrastinating meetings and seems to be wanting to avoid helping me. I have been told to refer the case to the press and the United States embassy in Panama and United States Congress but I am hoping to get this matter resolved with your referral.
Today we have a case against Frieri for fraud against ECG broker dealer as Frieri was trying to use our firm to commit fraud and money laundry. Frieri had HSBC move millions to Venezuela in small amounts. When I became aware of his intentions, I terminated the relationship with him and continued building my broker dealer business. In 2008 HSBC closed all the bank accounts ECG causing the Broker Dealer to go out of business, but HSBC kept the accounts for Salvatore and Arturo Frieri Gallo opened. These brothers have many accounts open under different names so no one can see who the end client is. We are waiting for the Panamanian court and judge to give the date when we can look at HSBC records. HSBC has been fighting the DA and the judge not to allow anyone to check computer records to find out who printed all of ECG account information to provide it to this criminal. HSBC REFUSES TO DO A THOROUGH INVESTIGATION BECAUSE OF THE POSSIBLE DAMAGE THIS WOULD REPRESENT TO THE BANK. NOW THE BROTHERS HAVE TOLD MY LAWYERS I SHOULD BE CAREFUL ABOUT MY LIFE. I’M WORRIED BECAUSE OF THEIR CARTEL CONTACTS (FARC) THEY CAN HURT ME OR MY FAMILY AND FRIENDS.”
Generation Alfa Owner Mirko Visko is Salvatore Frieri Gallo’s financial advisor and helped him move millions into Venezuela’s illegal sovereign debt transactions through an exchange house convicted of money laundry as well.
In 2007 HSBC in Panama was told that Salvatore Frieri Gallo was doing illegal bond trading and money laundering in Venezuela and that HSBC in Switzerland had given Frieri ECG bank statement. Frieri had sent millions into Venezuela using HSBC sending the money in to 3rd party names and using HSBC banks in Venezuela. I have evidence of the wires showing $50 million sent from HSBC Switzerland to HSBC Venezuela using 3rd party names. Mirko Visco from Generation Alfa S.A is his broker made all these 3rd party wires for Frieri using his close contacts at HSBC. HSBC in retaliation against ECG closed the company bank account which put the Panama Broker Dealer out of business. HSBC action cost me a lot of money plus you hurt my reputation in Panama.
In 2009 Miami civil case Frieri against Neves, Frieri illegally produce ECG bank new account papers and bank statements which he obtained illegally. Today I’m in fear of HSBC and Frieri who is a wanted by the Colombia police for money laundering and fraud. HSBC has told my lawyers that they will pursue legal action against me because I keep posting this information on the web for help. But we gave all this information to the Panama banking regulators, the Switzerland regulators and today we don’t know if anything has been done. Salvatore Frieri Gallo has moved all his money into his brother’s names and other people names Arturo Rafael Frieri Gallo so that his illegal gains wouldn’t be taxed or frozen for his crimes with HSBC help.
I hope you will want to address this matter with my lawyer in Panama who has the entire backup to the evidence I have references and we can settle this matter soon. I would appreciate if you contact my lawyer this week so we can put this matter to rest.
Luis Borrell
lborrell@castroberguido.com.
I greatly appreciate your help.
http://blogs.reuters.com/financial-regulatory-forum/2012/11/13/u-s-broker-dealers-scrutinized-for-anti-laundering-compliance-in-venezuelan-currency-swaps/

Now Trending

New York Concert Tickets

From the Vault

 

Loading...