Daiwa Bank pleads guilty to fraud

Article Abstract:

Daiwa Bank paid $340 million in fines to the government to settle fraud and conspiracy charges in attempts to hide $1.1 billion in illegal bond trading loses. The settlement also required Daiwa to sell its US operations, and the sale of most of its assets to Sumitomo Bank was completed Feb 2, 1996.

Publisher: Facts on File, Inc.
Publication Name: Facts on File
Subject: Business, general
ISSN: 0014-6641
Year: 1996
Mergers, acquisitions and divestments, Sumitomo Bank Ltd. (Tokyo, Japan)

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Japan: Daiwa Bank reports bond fraud losses

Article Abstract:

Toshihide Iguchi hid losses of $1.1 bil in more than 30,000 unauthorized trades at the Daiwa Bank in NYC. The US has charged him with fraudulent trading and forgery. The bank officials have reassured depositors that no money is missing from their accounts. Daiwa is Japan's 12th largest bank.

Publisher: Facts on File, Inc.
Publication Name: Facts on File
Subject: Business, general
ISSN: 0014-6641
Year: 1995
Services, Crimes against

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U.S. charges, evicts Japan's Daiwa Bank

Article Abstract:

The Justice Dept charged Daiwa Bank Ltd with fraud and conspiracy for its involvement in covering up losses from illegal bond trades. Chief trader Toshihide Iguchi pleaded guilty to fraud, embezzlement and money laundering. Regulators ordered Daiwa to stop operating in the US by Feb 1996.

Publisher: Facts on File, Inc.
Publication Name: Facts on File
Subject: Business, general
ISSN: 0014-6641
Year: 1995
Money laundering, Embezzlement, Conspiracy

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Subjects list: Banking industry, Cases, Daiwa Bank Ltd., Bank fraud, Iguchi, Toshihide
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