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$16-Million Fine Approved for Bank

From Times Wire Reports

A federal judge approved a $16-million criminal fine against Riggs Bank for failing to report suspicious transactions involving foreigners. Riggs’ admitted misconduct included dealings with former Chilean dictator Augusto Pinochet.

A federal prosecutor said new charges would be brought against individuals involved in the Riggs affair, based in large part on information obtained through the bank’s cooperation in the investigation.


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