The Fed Orders Daiwa Bank To Wind Down Its New York Branch
On October 2, the U.S. Federal Reserve Board and the New York State Banking Department issued a so-called cease-and-desist enforcement order against Daiwa Bank and its New York branch, in connection with Toshihide Iguchi's unauthorised trading activities.
The cease-and-desist order contains a long list of reasons behind its issuance, including the magnitude and duration of Iguchi's fraudulent
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