And Nobody Goes To JAIL:"Royal Bank of Scotland pays $4.9 billion for crisis-era misconduct"

[SteveG]

Yup, they got away with the Multi-Billion Dollar fraud AGAIN. Nobody goes to jail.

Royal Bank of Scotland pays $4.9 billion for crisis-era misconduct
https://www.reuters.com/article/us-usa-r...SKBN1KZ27L
WASHINGTON (Reuters) - Royal Bank of Scotland (RBS.L) will pay $4.9 billion to settle U.S. claims that it misled investors on residential mortgage-backed securities between 2005 and 2008, the U.S. Justice Department said on Tuesday.
The Justice Department said the penalty is the largest-ever imposed on a bank for misconduct leading up to the financial crisis. The bank announced in May that it had reached the settlement in principle.

The government alleges RBS misled investors in underwriting and issuing residential mortgage-backed securities, understating the risks behind many of the loans and providing inaccurate data.

“Despite assurances by RBS to its investors, RBS’s deals were backed by mortgage loans with a high risk of default,” Andrew E. Lelling, U.S. Attorney for the District of Massachusetts, said in a statement.

The Justice Department said that RBS disputes the allegations and does not admit wrongdoing, although the bank said in a statement it was happy to move on.

“There is no place for the sort of unacceptable behavior alleged by the DoJ at the bank we are building today,” RBS Chief Executive Ross McEwan said.

In conjunction with the settlement, the bank also said it would be paying out an interim ordinary dividend of 2 pence per share on Oct. 12 to shareholders.

The dividend is the bank’s first since its near-collapse and 45.5 billion pound ($58 billion) state bailout in 2008.

[Lemon Drop]

The criminal prosecutions of individual traders are separate from the banks agreement to pay a fine. How do you know none of these people have or will go to jail? This case has been going for five years and has had many parts to it, this big fine announced today is just the latest chapter.

https://www.reuters.com/article/us-rbs-s...SKBN1CV2QD

Adam Siegel, RBS’ former co-head of U.S. ABS, MBS and CMBS trading, and Matthew Katke, a former RBS trader, both pleaded guilty in 2015 to conspiracy to commit securities fraud and have been cooperating with the government.

Of the eight traders who were criminally charged, two were convicted, two were acquitted of various charges, three pleaded guilty and one pleaded not guilty. Two other traders were also hit with civil charges.

[SteveG]

and their jail terms were...?

[Lemon Drop]

Steve G. wrote:
and their jail terms were...?

that's for you to look up, it's your obsession.