Top 5 ORX News Losses: Q3 2021
- 8 October 2021
Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q3 2021.
See how you could benefit from an ORX News subscription
September
1. BitConnect – $2000m
BitConnect executives allegedly embezzle BTC 325,000 investor funds in fraudulent offering.
2. Erste Abwicklungsanstalt – $1168.4m
Erste Abwicklungsanstalt found liable for around EUR 1 billion WestLBcum-ex tax debt.
3. ABN Amro Group – $297m
ABN AMRO provisions EUR 250 million over interest calculations on revolving credits.
4. Interactive Brokers Group – $84.3m
Interactive Brokers to pay USD 84.3 million for failing to adequately prepare trading system.
5. Wells Fargo & Company – $72.7m
Wells Fargo USD 72.7 million DoJsettlement for overcharging customers using FX services.
August
1. Poly Network – $269m
Poly Network loses USD 269 million in cryptocurrencies in hack exploiting system vulnerability.
2. Livingston Group Asset Management Company – $110m
Southport Capital CEO alleged USD 110 million Ponzi scheme defrauds hundreds of customers.
3. HDR Global Trading Limited – $100m
BitMEXto pay USD 100 million for operating illegally and having insufficient AML controls.
4. Quoine – $97m
Liquid loses over USD 97 million in cryptoassetsvia hack on warm wallets.
5. Crédit Agricole – $95.1m
Amundi entities to pay EUR 80.1 million for alleged manipulation of Euro Stoxx 50 Futures.
July
1. Westpac – $255.1m
Westpac exposed to AUD 341 million loss through Forum Financing leasing invoice fraud.
2. LBGI – $125.2m
LBGI fined GBP 90.7 million for misleading language in 9 million home insurance renewals.
3. TIAA – $97m
TIAA pays USD 97 million for failure to disclose conflict of interest in pension plan advice.
4. Sumimoto Mitsui – $73.9m
Sumimoto Mitsui exposed to AUD 98.9 million loss through Forum Finance leasing invoice fraud.
5. Westpac – $65.1m
Westpac to pay AUD 87 million remediation to customers for failing to pass on corporate action.
Stay ahead of the curve with ORX News
ORX News is a vital tool for raising awareness of the current risk landscape, helping you to identify the latest threats and the biggest operational risk challenges.