Thursday, December 20, 2012

Chase was One of Four Banks Found Guilty of Fraud - NYTimes.com

Four Banks Found Guilty of Fraud - NYTimes.com

MILAN — An Italian judge found four international banks guilty of fraud in a case involving the sale of derivatives to the city of Milan and ordered the confiscation of 88 million euros, about $117 million.
Judge Oscar Magi on Wednesday convicted Deutsche Bank, UBS, JPMorgan and Depfa Bank, as well as nine current and former bankers. In Italy, institutions may be held responsible as well individuals. The individuals received suspended sentences of six months to eight months.

 

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