U.S. and New York Sue Mellon for Cheating Pension Funds out of Billions of Dollars

Thursday, October 06, 2011
The Bank of New York Mellon (BNYM) is facing two lawsuits, one state and one federal, for allegedly cheating pensioners out of foreign exchange fees over a 10-year period.
 
The state attorney general of New York, Eric Schneiderman, is accusing Mellon of consistently overcharging customers for processing foreign currency transactions. Schneiderman wants the bank to pay $2 billion, which, he says, is about what it earned in profits from its illegal actions. The penalty would go to pension funds.
 
Meanwhile, the United States attorney in Manhattan, Preet Bharara, filed a federal case that also charges Mellon with defrauding its customers in the foreign exchange markets. Bharara is seeking hundreds of millions of dollars in penalties on behalf of the United States.
 
According to Schneiderman’s complaint, BNYM “priced the transactions to their clients at the worst rate at which the currency had traded during the trading day rather than at the market rate at the time of the trade.”
 
The pension and investment funds impacted by Mellon’s alleged scheming include those operated by the State University of New York, New York City retirees, Duke University and Walt Disney.
-Noel Brinkerhoff
 
U.S. and New York Sue Bank of New York Mellon over Foreign Exchange Fees (by Eric Dash and Peter Lattman, New York Times)
U.S. Says BNY Mellon Cheated Clients of 'Hundreds of Millions' (by Robert Kahn and Adam Klasfeld, Courthouse News Service)
United States v. New York Bank of Mellon (U.S. District Court, Southern New York) (pdf)

Comments

jack loach 6 years ago
Sods ----- Law. December.---- 2013. For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank--- PICTET & CIE. BANK. Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies. The matter was raised in Parliament – twice-- the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank --- but the rogues had left ---saying no one left to prosecute.??? ----- so there. We then approached the Financial Ombudsman Service. (FOS) --- our case was dealt with by seven different people ---- then our numerous E-Mails were ignored --- nobody would speak to us -------so there. We then asked the SFO ( Serious Fraud Office.) to investigate our case ---- the criteria of our case ticked all their boxes. --- we were instructed not to send them any documents/evidence.------ in fact they wrote to us advising us to go to the Citizen's Advice Bureau.(CAB.) Richard Alderman the SFO boss ---- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco. The MP's committee ---- said he was sloppy--- and the SFO was run like “ Fred Karno's Circus” ------- so there. Our M.P. approached our local Chief Constable to investigate----- he was called---- Sir Norman Bettison--- Chief Constable of West Yorkshire Police ---- a force that made “ Dad's Army” look like the S.A.S. They were inept – corrupt ---malicious --- from top to bottom. We were criminally dealt with by the Forces Solicitor---- the Head of the Economic Crime Unit ----and the Chief Constable ----- so there. We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did --- they advised us to make our complaint to ---- the West Yorkshire Police --- we did with reluctance --- all we got was abuse and obfuscation. ----- so there. Sir Norman Bettison ---- The Forces solicitor--- and the Head of the Economic Crime ---- have all been removed from their posts and facing criminal allegations. ------ so there. We even sought justice through the Courts --- culminating in a visit to the Court of Appeal-London.--- On leaving the Courts of Appeal that day our barrister a “rising star” informed us --- that if that was Justice then you can keep it. He quit the law and moved to Canada ----- so there. A few years later we learned that one of the judges in our case at the Court of Appeal was related to a senior executive of the Pictet Bank -----so there. Pictet & Cie .Bank --- voted private bank of the year 2013. Ivan Pictet ---- Voted banker of the year 2012. ---- the senior partner --- lied on numerous occasions and had documents destroyed --- also said genuine documents were forgeries. ----- so there. Ivan Pictet in Oct. 2013 ---- Given the Legion of Honour --- but saying that ---- honours were given to Hitler --- Eichmann --- Mussolini ---Franco --- he's in fitting company. ----so there. MONTY RAPHAEL.Q.C. -- Peters & Peters.London. They were the banks lawyers. Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court ---- the FSA ---- and the police Fraud Squad. ----so there. Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012. Monty Raphael.Q.C. became a Master of the Bench in Nov.2012. An expert in Fraud ---the Doyen of Fraud Lawyers. ----- so there. This says a lot about Banks --- the consensus of opinion is that they are highly paid “crooks” ---- no wonder they voted Ivan Pictet banker of the year. Full Story.---- “google or Yahoo” Insert. Ivan Pictet.Banker. Monty Raphael.Q.C. Ivan Pictet/Monty Raphael.
jack loach 7 years ago
Update --- Jan.20th 2013. Pictet & Cie Bank ---- List of Crimes. 1996 ----- F.S.A--- Breach in London. 2003 ----- F.S.A. -- States rogues operating in Pictet's London office. Ivan Pictet states that documents were forgeries but were later proved to be genuine in the British Courts. He had documents destroyed in their London office -- hoping to hide the crimes. 2007 .- - - The Securities and Ecxhange Surveillance issued a recommendation that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd. 2008 .-- Dec. - Pictet Bank state - " We have never chosen any funds linked to Madoff. 2011 - - - Madoff Trustees sue Pictet & Cie. Bank for $156 Million. 2011- - - Pictet & Cie Bank abetted a Bribery Scheme - Oil company sues Pictet for $350Million 2012 - - - April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.) 2012 -- - June. -- Published in Anglo INFO .Geneva.--- USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF) Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme. 2012 - - - July. -- De – Spiegel. -- states – Pictet Bank uses a letterbox company in Panama and a tax loophole involving investments in London to gain German millionaires as clients. 2012 - - - August ---- German Opposition Leader accuses Swiss Banks of "organised crime." 2013 --- Jan.--- Swiss MP' table motion to freeze Tiab Mahmud's assets of " criminal origins" held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas. Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank. Update . Jan20th.2013.. The following sent to - - - - 312- - Lords - - - - - - House of Lords. ( Inc. Lord Myners.) The following sent to - - - - 649 - - M.P.'s - - - - - House of Commons. SWISS BANK PARTNERS IN CRIMES. Pictet & Cie Bank. Ivan Pictet. Charles Pictet. Nicolas Pictet. Jacques de Saussure. Jean – Francois Demole. Renaud de Planta. Philippe Bertherat.. Pictet & Cie.- claim they are the “Rolls Royce”of Swiss banks. Swiss Banks or more correctly Swizz banks. Swizz. ---- “ a great disappointment.” or a “ fraud.” Fraud. ---“ an intentional deception or dishonesty.”— “a crime.” Crime. ---“ an act committed or omitted in violation of a law.” Serious Crimes . Conspiring to pervert the Course of Justice. Perverting the Course of Justice. Contempt of Court. Pictet & Cie Bank –Partners –(1996—2012)---guilty. Peters &Peters – Partners.— (1999---2012)--- guilty. The bank and it’s officials/lawyers deliberately withheld crucial documents requested under a High Court order. The bank and it’s officials/lawyers deliberately withheld evidence from the Police, and one of it’s account managers Susan Broadhead gave a false witness statement to the Police. Another one of it’s managers Nicholas Campiche ( Now Head of Pictet – Alternative Investments.) concocted a letter pretending to be a client and closed his account. The senior partner (Ivan Pictet.) sought to have numerous documents destroyed,along with those copies held in their London office’s of Pictet Asset Management. Initially stating that they were forgeries then their lawyers Peters & Peters – Monty Raphael –and the barrister Charles Flint.Q.C. later had to admit in Court that the documents were genuine. British Parliament. Hansard .29th March 2007. Barry Sheerman .M.P.—quote. ---------“ Constituents of mine have lost £2 million through fraud. The fraudster used Pictet & Cie - - a French Bank - - and Pictet Asset Management to back the fraud being perpetrated.”” (1) It is a criminal offence for a bank to knowingly act for an undischarged criminal bankrupt in so far as it seeks to assist that criminal bankrupt in the fraudulent movement of monies. ( Money Laundering.) (2) It is a criminal offence for a bank to lie to the police and the bankrupts trustee in bankruptcy in so far as any knowledge of, or dealings with the bank was refuted . (3) A bank can be guilty of Contempt of Court if it fails to comply fully with the Courts order for discovery . (4) The banks contempt is further compounded if it fails to address its error after it is specifically drawn to the to its solicitors attention. ( Monty Raphael Q.C.). (5) It is a criminal offence under the Financial Services Act to seek to destroy evidence that might be relevant to an investigation . (6) It is a criminal offence not to relinquish control of funds to the Trustee immediately the fact of the bankruptcy is drawn to the banks attention. (7) It is a criminal offence to lie or otherwise obfuscate the lawful and proper enquiries of the F.S.A. In the F.S.A. cover up , they concluded that there had been “ Rogue” elements in Pictet & Cie’s , London operations . They had been moved from their London Office so who was there left to prosecute. “ Unbelievable.” *** We thank --David Cameron. M.P. ( Canary Wharf Speech.) PRIME MINISTER. (1) Bankers who behave irresponsibly should face professional consequences. (2) If anyone is found to have behaved criminally they must be prosecuted. (3) The F.S.A and the Serious Fraud Office should be following up every lead, investigating every suspect transaction . (4) We need to make it 100% clear –those who break the law should face prosecution. (5) That we make sure we root out any wrongdoing that may have happened, whoever is involved, however high or well connected they may be. Ivan Pictet. Managing partner in Pictet & Cie Bank . President of the Geneva Financial Centre. World Bank.committee member. United Nations. Investment Committee member, Vice President – Global Humanitarian Forum. Member of the Henokiens. Blackstone Group --- Board Member. Past- President – Geneva Private Bankers association. Past –President – Geneva Chamber of Commerce and Industry. Monty Raphael. ( Peters & Peters.) Quote.” ---- Doyen of U.K. Fraud lawyers. Head of Fraud and Regulatory Dept. Director of the Fraud Advisory panel. Member of the Law Society of England & Wales. International Bar Association Member. Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA --- and the Police Fraud Squad. Written Parliamentary Questions received by the table office .. (1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary. (2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London. Quote. ( America’s Top Lawyer .) You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth. *** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards. The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away. Their Solicitors at Peters & Peters .London “ struck off and prosecuted..” *** Started campaign --- June 6th.2008. 4 .5years ---- approx 8 .5 million e-mails - - - but still no writs, injunctions or threats of litigation - - - WHY - - - because it is all true. *** . The bigger they are --- the harder they fall.!!! In America ---- they would have all been in prison for the last seven years. Full Story. " Google " . Insert-- ( Charles Pictet. Banker. Insert-- ( Ivan Pictet.Banker. Insert-- ( Jacques de Saussure.Banker. Insert-- ( Nicolas Pictet. Banker. Insert-- ( Jean-Francois Demole.Banker. Insert-- ( Renaud de Planta. Banker. Insert –(Philippe Bertherat. Banker.
Neil 7 years ago
i'm american and i don't remonmecd doing all those things they are telling you to do like eating mcdonalds, having guns, and acting dumb.. that is not what america is about! these people are just telling you that to get entertainment out of it. it is about being able to be yourself and pursue whatever goals you wanna pursue in life. for example, if you come from a poor family and you have the dream of becoming a successful scientist one day, then you can! also we share a lot of cultures here

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