Top 5 ORX News Losses: Q4 2019

Each month, the ORX News team publish a list of the five largest losses reported in the previous month. 

Find out which operational risk loss events have had the most impact recently in the monthly top five losses of Q1 2019 from ORX News.

December

1. Pay100 – $468.0m

Pay100 founder defrauds 5,000 investors of USD 468 million through bitcoin Ponzi scheme.

2. Julius Baer Group – $154.6 m

Julius Baer ordered to pay CHF 153 million over demands to recover missing East German assets.

3. BPCE – $92.9m

Natixis Intertitres fined EUR 83.3 million by competition agency over meal-voucher cartel.

4. Barclays Bank – $87.0m

Barclays pays USD 87 million to settle Fannie Mae and Freddie Mac bond price rigging claims.

5. Nevsky Bank – $47.6m

Nevsky Bank loses RUB 3 billion in cash and securities through theft by unidentified persons.

November

1. Itaú Unibanco, Brazil – $903.0m

Banco Itaú fined BRL 3.8 billion by City of São Paulo for evading tax by using fake addresses.

2. Wells Fargo & Company, United States – $200.0m

Wells Fargo to pay USD 200 million to USAA for infringement of two mobile deposit patents.

3. Financial.org, Taiwan, Province of China – $98.8m

Financial.org defrauds investors of TWD 3 billion through alleged Ponzi scheme.

4. UBS, Hong Kong – $76.6m

UBS to pay HKD 600 million for overcharging customers on post-trade spread increases.

5. Tower Research, United States – $67.5m

Tower Research Capital ordered to pay USD 67.5 million for manipulative trading and spoofing.

October

1.   Jammu & Kashmir Bank, India – $158.3m

J&K Bank defrauded of INR 11.24 billion through commercial loans using fake documents.

2.  Sudostroitelny bank, Russian Federation – $93.4m

Sudostroitelny Bank defrauded of RUB 6 billion through misappropriation of assets.

3.  BNP Paribas, Ukraine – $44.0m

UkrSibbank defrauded of UAH 1.1 billion through fraudulent commercial loans.

4.  Citigroup, United States – $30.0m

Citibank fined USD 30 million for violating legal holding period of other real estate owned.

5.  BGC Partners, United States – $25.0m

Two BGC interdealer brokers pay USD 25 million over false representations in FX options market.