Making fraudulent loans to corporate accounts that existed in name only was a key part of an alleged money-laundering scheme by the global bank HSBC, according to a whistleblower who has provided WND with more than 1,000 pages of evidence.
The evidence includes customer account ledgers for dozens of companies through which the financial institution was laundering money each month, charges John Cruz, a former relationship manager for the bank’s southern New York region.
“A bank employee would first set up a bogus corporate account using a stolen corporate identification and the required personal identification to set up the account,” the whistleblower explained. “The loan request would go to HSBC underwriting in Buffalo and the loan would get approved, often on the basis of fraudulent tax returns and fraudulent documentation to support the loan.”
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