$16-Million Fine Approved for Bank
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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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