Op risk data: Ghost of Madoff still haunts HSBC
Also: Giant loan frauds hit three global banks, and AWS outage casts a cloud. Data by ORX News
HSBC takes the unwanted accolade of October’s largest operational risk loss, with a $1.1 billion provision in response to a lawsuit brought by Herald Fund over assets lost in Bernard Madoff’s Ponzi scheme. Herald Fund was a Cayman Islands-registered entity that pooled smaller investments and directed them to Madoff’s wealth management firm.
Herald began using HSBC’s Luxembourg unit as a custodian
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