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 activities.
Moreover, the order highlights Daiwa Bank's failure to detect the loss and the fact that it
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