Major Banks Being Investigated For Mexican Cartel Ties
May 23, 2014 1:26pm PST
Corruption seems to know no bounds when it comes to the dealing of money. So is thought to be the case regarding at least two major banks that have recently found themselves being investigated under the suspicion of taking on known cartel members as clients.
According to Reuters, the US Securities and Exchange Commission is looking into “Charles Schwab Corp. and Bank of America’s Merrill Lynch brokerage firm,” for the alleged, and potentially avoidable, wrongdoings.
(See also: DOJ Forcing Banks To Drop Gun Store Clients)
Furthermore, Reuters reports that the SEC, “is looking into whether the brokerages missed red flags that could indicate attempts to move money illicitly or to feed proceeds from drug trafficking and other crimes into the financial system by failing to know their customers well enough.”
Although neither financial organization has graced the public with a public address, an inside source has confirmed that Schwab recently kicked off an internal investigation of their own.
Apparently the incident became a matter of legalities after the companies failed to properly investigate the potential clients before fully taking them on. Members of the cartel were using shell corporations that had false addresses that were surprisingly close to the Mexican border itself.
To top it all off, some of the money used was discovered to have links to the cartels and were clearly known as drug money. Although instances like this have surfaced in the past, those found guilty of conspiring with criminals for financial gain were usually just slapped with a fine.
This may not be the case this time, as RT reports, “Attorney General Eric Holder said earlier this month that no company or individual — be it a bank or otherwise — is ‘too big to jail.’”
What do you guys think – did the bankers know who they were dealing with? What would be an adequate punishment for such a cause? Will Holder stick to his guns and actually deal out jail time or will he be just as soft as ever? Let us know in the comments below.
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