3rd man charged with murder in nursing student’s death

21 May 2015 | Author: | No comments yet »

3rd man charged with murder in nursing student’s death.

DECATURVILLE, Tenn. (AP) — Prosecutors say a third man has been charged with murder in the death of a Tennessee nursing student reported missing in 2011. NASHVILLE — Jennifer Nichols, special prosecutor in the Holly Bobo murder case, confirms that John Dylan Adams is the third person indicted on murder charges in the investigation. WASHINGTON (AP) — Four of the world’s biggest banks agreed Wednesday to pay more than $5 billion in penalties and plead guilty to rigging the currency markets — a rare instance in which federal prosecutors have wrung an admission of criminal wrongdoing from a major financial institution.

Traders at JPMorgan Chase, Citigroup’s banking unit Citicorp, Barclays and the Royal Bank of Scotland were accused of working together to manipulate rates on the foreign exchange market, where hundreds of billions of dollars and euros change hands back and forth. The penalties are a victory for the government and reflect a broader effort by the Justice Department, long criticized as reluctant to prosecute big banks, to tackle financial misconduct. In the past 18 months, prosecutors have brought criminal cases against banks accused of tax evasion and sanctions violations, and have reached multibillion-dollar settlements with several others for their roles in the 2008 financial meltdown. The traders called themselves “The Cartel,” and in one of those chat rooms, a Barclays employee wrote: “if you aint cheating, you aint trying,” investigators said.

All told, including an agreement announced last year, the group of banks will pay nearly $9 billion in fines for manipulating the $5.3 trillion currency market. Still, JPMorgan Chase had $4.1 billion in revenue from its fixed income and currencies business in the first quarter of this year alone, while Citi had $3.48 billion.

Even in the aftermath of the meltdown, most financial companies reached “non-prosecution agreements” or “deferred prosecution agreements” with regulators, agreeing to pay tens of billions in fines but not admitting any guilt. The market pauses two times a day, a moment known as “the fix.” Traders in the cartel allegedly shared client orders with rivals ahead of the “fix” and pumped up currency rates to make profits.

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