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Dutch USD 200 million Ponzi Scheme: Quality Investments - Four Dutch arrested - raids conducted in 7 countries

Four Dutch citizens have been arrested in a fraud probe on two continents into a company specialising in life insurance that took more than $200 million from investors, prosecutors said Wednesday.


During the last 24 hours, intelligence services and Dutch tax investigators and authorities in other countries had raided 27 locations in the Netherlands, Spain, Turkey, Dubai, Britain, Switzerland and the United States.

Seoul's Jeil 2 Saving bank executive Jeong Gu-Haeng jumps to death from 6th floor

The head of a major South Korean savings bank was found dead Friday in an apparent suicide after investigators raided his office as part of a probe into illegal dealings at several banks, police said.

Jeong Gu-Haeng, president of Seoul's Jeil 2 Savings Bank, appeared to have jumped from his office on the sixth floor of the bank's Seoul headquarters, a police officer told AFP.

"It is true that he jumped to his death," the officer said, adding the scene had been sealed off.

FSA, Swiss Regulator Launch Joint UBS Probe

The City regulator and its Swiss counterpart are to launch a joint probe into the alleged rogue trades which have cost UBS an estimated £1.3bn. The Financial Services Authority and Finma will announce the joint investigation shortly.


UBS email to its employees


Dear colleagues,



We regret to inform you that yesterday we uncovered a case of unauthorized trading by a trader in the Investment Bank. We have reported it to the markets in line with regulatory disclosure obligations. The matter is still being investigated, but we currently estimate the loss on the trades to be around 2 billion US dollars. It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected.


Oswald Grübel - the man who was supposed to change UBS to the better

Oswald Grübel took on reviving the fortunes of Switzerland’s largest bank by repeating the magic trick he did with the Swiss number two


Coming out of retirement is daunting. Attempting a comeback during the worst industry crisis in living memory is perhaps foolhardy. For Oswald Grübel the challenge was so enticing he took it on twice – first with Switzerland’s second largest banking group, CSG, and then two years later with UBS, the Swiss number one.

Ireland - Luxembourg: AIB sues six senior executives over sale of services subsidiary

Irish Times and Reuters report: six senior AIB executives secretly and systematically colluded in preparing and executing a premeditated strategy to undermine and damage the bank’s international financial services business for their own gain, the High Court heard yesterday. Michael McDowell SC, for AIB, told Mr Justice Barry White that following an internal investigation the bank had been shocked at the conduct of the six top managers. The court ordered the six managers to preserve all documents and computer records pending the full trial of the proceedings.

Bank of America Corp Chief Risk Officer Bruce Thompson received $11.4 million in compensation in 2010

Bank of America Corp. (BAC) Chief Risk Officer Bruce Thompson received $11.4 million in compensation in 2010, the most awarded to an executive at the bank and this year he was promoted to chief financial officer. His stature isn’t an anomaly


Citigroup Inc. (C), American International Group Inc. (AIG) and UBS AG (UBSN) are among other companies raising the profile of risk executives. The derivatives meltdown that sparked the 2008 Lehman Brothers Holdings Inc. collapse and an 18-month recession catapulted the role from obscurity to contention for future chief executive officers.

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