Australia Charges Deutsche Bank, Citigroup and ANZ as Being Criminal Cartel

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    Australian authorities on Tuesday filed charges against ANZ, Citigroup and Deutsche Bank for allegedly manipulating trading in shares through a cartel agreement in 2015.

    The Australian Competition and Consumer Commission also filed criminal charges against John McLean, Itay Tuchman and Stephen Roberts of Citigroup; Michael Ormaechea and Michael Richardson formerly of Deutsche Bank; and Rick Moscati of ANZ.

    A criminal charge had been laid against Citi’s former country head for Australia, Stephen Roberts, the watchdog said. Mr Roberts spent more than a decade running Citi’s Australian arm, before announcing his retirement in March 2015, and leaving the bank in July the following year.

    John McLean, Citi Australia’s head of capital markets origination, and Itay Tuchman, who was head of markets at the time, were also charged. Mr McLean still works at Citi, and Mr Tuchman now works for Citi in the United Kingdom.

    From Deutsche Bank, criminal charges were laid against former country head Michael Ormaechea, and former head of equity capital markets for Australia and New Zealand, Michael Richardson. Mr Ormaechea and Richardson both left the bank last year.

    At the time of the 2015 ANZ capital raising, Mr Ormaechea was co-head of investment banking for Asia-Pacific, and when he left in the middle of last year he was chief executive for Australia.

    The ACCC also confirmed charges had been laid against ANZ Bank Treasurer Rick Moscati, as the bank had flagged last week.

    The banks have vowed to defend the charges against them and those against their staff.


    Now would that happen in the US – no – still basically nothing after the 2008 GFC

    Helmholtz Watson

    JP Morgan Australia chairman resigns from Australian Stock Market and sovereign wealth fund bourse directorships over cartel case

    JP Morgan Australia Chairman Robert Priestley said he had stepped aside as the issue could become a distraction, even though JP Morgan had not been named in the criminal cartel lawsuit.

    “It is likely that this matter will take some time to resolve, and as there are limits to the information that can be discussed at this time, I think the right course of action in these circumstances is to step aside from the ASX (ASX.AX) board to allow the situation to be fully resolved,” Priestley said in a statement.

    “Given my decision to step aside from the ASX board, I think it is also appropriate that I step aside from the Future Fund Board of Guardians,” he said.

    He remains the local chairman of the U.S. investment bank, the statement said.

    Prosecutors have said further details of the charges would not be made public until after the first court appearance in Sydney on July 3.

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