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Midweek Roundup: Citi Discloses More Banamex Troubles, UBS Exec Faces Day in Court, and More
printEmployees in the private security unit of Citigroup's Mexican affiliate, Banamex, misreported gas expenses, took in millions of dollars in kickbacks and laundered the proceeds through shell companies, The New York Times and Bloomberg reported Tuesday. More and More The disclosure of the $15 million fraud follows news earlier this year that Banamex lost $400 million in a loan fraud scheme to Oceanografia SA. In July, ACAMS moneylaundering.com reported that Citi employees and Mexican investigators have voiced concerns that drug traffickers may have infiltrated Banamex. More U.S. prosecutors laid out their case in court against Raoul Weil, the former head...
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