Top five op risk loss events in May 2009
1. Loss amount: $146 million
Firm: Bank SinoPac
BIS event type: Theft and fraud
BIS business line: Retail banking
Bank SinoPac agreed to buy back an estimated $146 million in fraudulent securities supplied by Danny Pang in a pyramid scheme. Beginning in at least 2003, Pang and his California-based company PEMGroup sold at least $740 million in fake property and insurance notes to investors in Hong
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