Ex-Credit Suisse Banker Pleads Guilty in $2 Billion Mozambique Scam By Patricia Hurtado May 20, 2019, 11:36 PM GMT+3 Updated on May 21, 2019, 1:45 AM GMT+3 Subeva is among three ex-bankers charged in $2 billion scandal Trio accused in scheme with Mozambique’s ex-finance minister Detelina Subeva Photographer: Chris Ratcliffe/Bloomberg Share Tweet Post Email In this article CSGN CREDIT SUISS-REG 11.92 CHF +0.03+0.25% 3587107Z PRIVINVEST Private Company Want the lowdown on European markets? In your inbox before the open, every day. Sign up here. An ex-Credit Suisse Group AG banker became the first person to plead guilty in what U.S. prosecutors called a $2 billion fraud and money-laundering scam tied to loans to Mozambique that were used to pay bribes and kickbacks. Detelina Subeva, 37, a former vice president in the bank’s global financing unit, pleaded guilty on Monday to one count of conspiracy to launder funds. The U.S. agreed to drop three other conspiracy charges against Subeva, who’s one of three Credit Suisse bankers accused of working with Mozambique’s ex-finance minister in a secret kickback scheme. The case centers on deals that allowed Mozambique to borrow $2 billion for maritime projects and coastline protection in 2013. The bonds sold to finance the loans were marketed to international investors to aid the economy and thwart sea piracy, but prosecutors say at least $200 million were plundered in the form of bribes and kickbacks. Money Laundering Privinvest Group, an Abu Dhabi-based holding company. The government has charged that Jean Boustani, a salesman at Privinvest, whose units include a shipbuilder, agreed to pay $50 million in bribes to Mozambican officials and $12 million to his co-conspirators at Privinvest. The company was hired to provide equipment and services to complete the maritime projects, prosecutors said. “I agreed with others to help launder the proceeds of criminal activities, namely illegal kickbacks paid by a company named Privinvest and its representative, Jean Boustani," Subeva told the judge. The illicit payments, which Subeva said were made in 2013, were tied to a $372 million loan Credit Suisse was handling to a Mozambican state-owned entity, she said. Subeva said Pearse, who was her boss, told her he’d transferred $200,000 into an account she’d recently opened in the United Arab Emirates from the approximately $1 million in kickbacks paid by Boustani and that Privinvest had paid him. “I agreed to accept and keep these monies knowing that they were proceeds of illegal activity,” she said. It’s unclear if Subeva is cooperating, and the plea agreement she has with the U.S. was sealed, said Kuntz, who didn’t set a sentencing date. She could face as little as no prison time to as long as 20 years. Subeva was allowed to remain free on $2 million bond and travel between the U.K. and New York. Pearse and Singh, who were arrested in the U.K., are fighting extradition. Manuel Chang, Mozambique’s former finance chief, was arrested in South Africa and has said he’ll fight extradition. Boustani was arrested in January at New York’s John F. Kennedy airport and remains in custody after Kuntz ruled he’s a flight risk. Subeva and her lawyer Michael McGovern declined to comment after court
All players who knowingly defraud a financial market should get the death penalty. And the sentence is carried out without appeal, if the evidence is cut and dry. If the CME did this, Future spoofing would stop in an instant.
In some countries...that's actually done. Yet, you can't pick n choose the policies that will be imposed on you in those countries. Simply, there wouldn't be a CME in those countries and if the U.S. had the same policies as those countries...there wouldn't be an ET forum and most likely you'll not be allowed to trade on the CME. Thus, spoofing wouldn't be a concern for you because you'll be worried about other things such as planning to murder your children when they don't follow an arranged marriage you had planned for them. Anyways, many of the financial firms have engaged in spoofing...fined millions of dollars. Yet, its the traders that do such as individuals (not part of a firm) that are caught and jailed. Who exactly would you kill ? The CEO, HR departments, office manager, VP, CFO or all of them including the office secretary considering they all work for the same financial firm. Heck, lets kill the interns too that only worked there for a few months for college credit. Cut and dry...kill everyone at the firm because they all should have known better to work for such an institution. What happens if the guilty are clever enough to plant cut & dry evidence on the innocent (e.g computer trace DNA) or on the person sitting to the right, left, in front or in back ??? Maybe its too complex and much easier to go after the individuals doing spoofing that are not working for a firm. Why stop there...what about more serious crimes at the firm ? Lets kill the family members too...bring them all out in the middle of the street for stoning, beheading, rape, shot in the head including torture of those that can name others that have yet to be caught...crucifixion for the religious ones that wear religious symbols at work !!! Glad you're not in charge. wrbtrader