10:56 ETFC E*TRADE charged by SEC on anti-money laundering rules issues - Bloomberg

Discussion in 'ETFs' started by flytiger, Jul 30, 2008.

  1. This is the new focus.... Brokers/ HedgeFunds laundering money. They will be zeroing in all over. Western Europe is helping on this one. Nothing like hiding tax money from Socialists.
     
  2. nkhoi

    nkhoi Moderator

    link?
     
  3. nkhoi

    nkhoi Moderator

    "In advance of settling this matter, E*Trade stated that it submitted the secondary accountholder information on joint accounts originally missed to its third-party vendor for verification. According to E*Trade, the verification process did not identify any joint accounts that should not have been opened. "

    looks like they are a ok.
     
  4. tax evasion is illegal...

    5 years in prison for tax evasion which is sames robbery..

    The gov't takes million dollar tax evasion is seriouis crime.


     
  5. tax evasion...open an account with your dog's name on it.



     
  6. mmmmmmm, let's see. Naked shorting headline news. Ubs encrypting computers and aiding US citizens to hid assets in Lichtenstein and Switzerland. The SEC deciding to enforce the law in 19 stocks, and not sure about enforcing the law in all the other stocks.......

    Yeah, I should go to Bellevue and get a Lobotomy.
     
  7. where do they come up with a figure? 1mm dollars? Where do you get that? 65000 customers? How can you be that lax? Every work at a brokerage firm? They'll shut you down for a privacy notice?

    ETrade ordered to comply with US anti-money laundering rules
    Published: Wednesday July 30, 2008

    The Securities and Exchange Commission said Wednesday that ETrade paid a one million dollar fine to settle an investigation of the online brokerage giant on US anti-money laundering laws.

    ETrade has agreed to pay the penalties after being charged by the SEC for failing to comply with anti-money laundering rules that require brokerages to verify the identities of account holders.

    "ETrade is one of the largest online brokerage firms in the world, and a compliance lapse of this type has the potential to undermine the nation's anti-terrorism and anti-money laundering efforts," said Linda Chatman Thomsen, the head of the SEC's enforcement division.

    ETrade settled with the market regulator without admitting or denying the SEC's allegations.

    The regulator said that the New York-based online brokerage firm had failed to verify the identities of over 65,000 of its customers as it is required to do under the USA PATRIOT act and SEC rules.

    The settlement was reached after government investigators found that ETrade did not verify the identities of tens of thousands of secondary account holders who held joint title on ETrade brokerage accounts.

    The SEC cited a "lack of adequate management oversight, and miscommunications among personnel in several ETrade business groups."
     
  8. Oh so all this is one giant conspiracy right?

    a) ETFC violating SEC regulations in not identifying all account holders in joint accounts
    b) UBS helping wealthy US clients dodge taxes in Europe
    c) SEC going after illegal naked short selling in banks and brokers

    How are these completely independent issues connected? Just in your fantasy?
     
  9. Yep. Just me and my mushrooms.
     
    #10     Jul 30, 2008