4 ms·

This is a civil case. Nobody is going to jail.

by glerk 4y ago

JumpCrisscross 4y ago
> This is a civil case. Nobody is going to jail This case isn't putting them in jail. But they're going to jail. Literal terrorist financing.
- p_j_w 4y ago
  >Literal terrorist financing. No one from HSBC went to jail, either.
  - JumpCrisscross 4y ago
    > No one from HSBC went to jail, either There wasn't evidence it was willful. Looking the other way gets you fined. Texting your colleagues about laundering money shows intent, the most difficult part of most financial crimes to prove in court.
    - areyousure 4y ago
      Lol. > Bernhardt alleges that HSBC evaded the OFAC filter beginning in the early 1990s and continuing through 2009. HSBC Bank UK implemented procedures to help sanctioned entities access and benefit from U.S. financial services. For instance, such entities would include a “cautionary note” in their transactions, such as “care sanctioned country,” “do not mention our name in NY,” or “do not mention Iran.” Based on these notes, HSBC Bank UK would manually scrub all references to Iran or a sanctioned entity, which would allow otherwise illegal transactions to pass through to HSBC Bank US. This system allowed HSBC Bank US to “process[] thousands of ‘repaired’ transactions worth billions of dollars.” HSBC Bank UK would also use “cover payments,” or bank-to- bank transfers, to avoid disclosing the identity of its customers.
- zoklet-enjoyer 4y ago
  [flagged]
  - dang 4y ago
    Could you please stop posting unsubstantive comments and flamebait? You've unfortunately been doing it repeatedly. It's not what this site is for, and destroys what it is for. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful.
- bolanyo 4y ago
  It's not literal terrorist financing, it's a CFTC enforcement action where they mentioned chat remarks including the words 'HAMAS' and 'AK47', without any context or explanation, in the complaint in order to a) get media attention, and b) gain public buy-in for prosecuting people who aren't even in the US for futures regulation rule-breaking.
ensignavenger 4y ago
Not from this case, no. Criminal cases take longer to build and have a higher standard of evidence. It is still possible for them to go to jail from criminal proceedings, but it may be months or even years after the civil proceedings wrap up.
dragonwriter 4y ago
A parallel criminal investigation of Binance has also been reported, and if there were a criminal referral from CFTC that would often take several months longer before charges are filed by the DoJ compared to CFTC filing a civil case. So, nobody is going to jail, sure, at least not yet.

This is a civil case. Nobody is going to jail.

by glerk 4y ago

This is a civil case. Nobody is going to jail.

> This is a civil case. Nobody is going to jail This case isn't putting them in jail. But they're going to jail. Literal terrorist financing.

p_j_w 4y ago
>Literal terrorist financing. No one from HSBC went to jail, either.
- JumpCrisscross 4y ago
  > No one from HSBC went to jail, either There wasn't evidence it was willful. Looking the other way gets you fined. Texting your colleagues about laundering money shows intent, the most difficult part of most financial crimes to prove in court.
  - areyousure 4y ago
    Lol. > Bernhardt alleges that HSBC evaded the OFAC filter beginning in the early 1990s and continuing through 2009. HSBC Bank UK implemented procedures to help sanctioned entities access and benefit from U.S. financial services. For instance, such entities would include a “cautionary note” in their transactions, such as “care sanctioned country,” “do not mention our name in NY,” or “do not mention Iran.” Based on these notes, HSBC Bank UK would manually scrub all references to Iran or a sanctioned entity, which would allow otherwise illegal transactions to pass through to HSBC Bank US. This system allowed HSBC Bank US to “process[] thousands of ‘repaired’ transactions worth billions of dollars.” HSBC Bank UK would also use “cover payments,” or bank-to- bank transfers, to avoid disclosing the identity of its customers.
zoklet-enjoyer 4y ago
[flagged]
- dang 4y ago
  Could you please stop posting unsubstantive comments and flamebait? You've unfortunately been doing it repeatedly. It's not what this site is for, and destroys what it is for. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html and taking the intended spirit of the site more to heart, we'd be grateful.
bolanyo 4y ago
It's not literal terrorist financing, it's a CFTC enforcement action where they mentioned chat remarks including the words 'HAMAS' and 'AK47', without any context or explanation, in the complaint in order to a) get media attention, and b) gain public buy-in for prosecuting people who aren't even in the US for futures regulation rule-breaking.

ensignavenger 4y ago

Not from this case, no. Criminal cases take longer to build and have a higher standard of evidence. It is still possible for them to go to jail from criminal proceedings, but it may be months or even years after the civil proceedings wrap up.

dragonwriter 4y ago

A parallel criminal investigation of Binance has also been reported, and if there were a criminal referral from CFTC that would often take several months longer before charges are filed by the DoJ compared to CFTC filing a civil case. So, nobody is going to jail, sure, at least not yet.