Some Banks Are Fined $3.3 Billion in Foreign Exchange Scandal

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At the same time  the Commodity Futures Trading Commission in the United States imposed $1.4 billion in penalties against Citigroup, HSBC, JPMorgan, R.B.S. and UBS. Regulators in Switzerland penalized UBS about $138 million. Other banks are still under investigation. The total fines of $3.3 Billion were charged in Foreign Exchange Scandal: the banks are accused of rigging the rates to obtain profit. The British financial authority said the banks allowed traders in the foreign exchange markets to put the interests of their banks ahead of those of their clients. Fraud included sharing confidential client information and attempts to manipulate currency rates by colluding with traders at other companies. “Today’s record fines mark the gravity of the failings we found, and firms need to take responsibility for putting it right,” Martin Wheatley, the chief executive of the financial authority, said in a news release.

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