Whistleblower John Cruz: HSBC is a “Criminal Enterprise”. Laundered Billions. Amex and Paypal Involved.
Thanks to Gene.
This video is from a special series of stories on WND.com by Jerome R. Corsi. John Cruz is a former vice president and relationship manager at HSBC. He turned over more than 1,000 pages of documents to WND earlier this year, including customer account ledgers for dozens of companies through which, he charges, HSBC was laundering money each month. Billions all up.
WND has now run several explosive stories featuring Cruz’s information. The first, in early February, was titled: “Banking Giant Accused of Laundering Billions”. Next, Cruz talked about American Express and Paypal’s involvement in this money laundering. Now comes this video interview, where he says HSBC is a “criminal enterprise”.
I have included sections from – and the links to – all three stories below:
(Sorry, I couldn’t remove the ad before the video)
These are excerpts from the story posted this week:
Banking Giant HSBC is a “Criminal Enterprise”
By Jerome R. Corsi – May 8, 2012
1. Cruz told WND that as a relationship manager, it was his responsibility to look up various accounts in the HSBC computer system and visit the account holders in person to offer additional banking products and services.
“I pulled these documents because I thought they were evidence of suspicious activity taking place,” Cruz affirmed when presented by WND with various HSBC computer ledgers of customer accounts. “These same documents I brought to bank security and my managers in the bank.”
“My managers told me I was crazy and I didn’t know what I was talking about,” he said. “They told me it was none of my business what goes on in transactions. But that’s my job.”
2. Cruz charges that the 1,000 pages of customer account records suggest HSBC relied on identity theft to capture legitimate Social Security numbers that were then used to create the bogus retail and commercial bank accounts through which employees systematically deposited and withdrew hundreds of millions of dollars on a daily basis, apparently without the knowledge of the identity theft victims.
“When an individual finds out they got a loan they never knew about, 5 percent of that loan went to the accounting firm that made up the phony tax returns, and the other 95 percent of that loan went to the manager,” he said.
“One manager was involved in the transaction, another manager was involved in notarizing the transaction, and senior management was involved where they signed off permission to give the loans even when the loans get rejected by underwriting.”
At the end, this article states:
In January, Reuters reported that the Senate Permanent Subcommittee on Investigations had begun investigating money-laundering activity at HSBC with the intention of scheduling hearings later this year.
Last week, Reuters reported the U.S. unit of the London-based HSBC Holdings Plc has been under investigation by federal law enforcement officials since 2003 for the bank’s lax attitudes toward enforcing anti-money laundering statutes.
Reuters reported that confidential documents examined from the offices of two U.S. Attorneys’ offices allege that from 2005, “the bank violated the Bank Secrecy Act and other anti-money laundering laws on a massive scale” by not adequately reviewing “hundreds of billions of dollars in transactions for any that might have links to drug trafficking, terrorist financing and other criminal activity.”
In an attempt to make his charges public, Cruz in 2011 published a book about his experiences titled “World Banking World Fraud: Using Your Identity.”
To read the rest of this story and see some of the documents Cruz handed over to WND go here:
This is the intro to the first story WND published in February:
Banking Giant Accused of Laundering Billions
By Jerome R. Corsi – February 1, 2012
NEW YORK – A former employee of HSBC in New York has 1,000 pages of customer account records he claims are evidence of an international money-laundering scheme involving hundreds of billions of dollars by the global banking giant, which reportedly is under investigation by a U.S. Senate committee.
John Cruz has delivered to WND customer account records he says he pulled from the HSBC computer system before he was fired. Cruz was terminated Feb. 17, 2010, after two years at HSBC for “poor performance,” but he contends he was let go because senior management didn’t want to him to pursue his personal investigation.
Asked for comment, HSBC spokesman Rob Sherman issued a statement to WND.
“We support efforts to protect the integrity of the financial system, and our commitment to AML (anti-money laundering) includes rigorous internal processes and a close working partnership with regulators and law enforcement,” the statement said.
One of the largest banks in the world, London-based HSBC has about 7,500 offices in more than 80 countries and territories in Europe, North and South America, the Asia-Pacific region, the Middle East and Africa.
To read the rest of this earlier article go here:
This is the second article WND published in February:
PayPal, American Express Implicated in Bank Fraud
By Jerome R. Corsi – February 8 , 2012
NEW YORK – A former employee of one of the world’s largest international banks who has provided WND with more than 1,000 pages of evidence alleges the Internet giant PayPal and American Express are implicated in an international money-laundering scheme involving hundreds of billions of dollars.
The whistleblower, John Cruz, was a relationship manager in the southern New York region for the London-based global bank HSBC.
“I found many accounts where PayPal and American Express were used as conduits through which hundreds of thousands of dollars were deposited or withdrawn from HSBC customer accounts in a pattern of suspicious transactions that should have been reported to legal authorities under various banking statutes, including the Patriot Act,” Cruz told WND.
Neither PayPal nor American Express responded to WND email and telephone requests for comment.
To read the rest of this earlier article go here: