CIBC Investigated For Mutual Fund Fraud!!
Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: CiBC and Edulinx Horror Stories
Forum Description: Problems with CIBC and Edulinx!
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=539
Printed Date: 26/March/2026 at 10:30pm
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Topic: CIBC Investigated For Mutual Fund Fraud!!
Posted By: lasergirl
Subject: CIBC Investigated For Mutual Fund Fraud!!
Date Posted: 10/January/2004 at 5:29pm
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Hellooooo......I'm baaaack!!! Hope everyone had a
decent holiday. I just heard on the news that CIBC is being investigated for (alledged.....yeah right  )
mutual fund fraud in the states. I'd much rather see the SEC go after the banks than Martha Stewart. I think banks are more evil than ol' Martha could ever possibly be!!! So not only are CIBC incompetant they are also probably a bunch of crooks!!!! What a shocker!!!!! I wonder if the CIBC will be required to pay back any money they may have earned whilst ripping people off? Hopefully they will become victims of their own incompetence!!!!!!!! 
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Replies:
Posted By: markomeara
Date Posted: 06/February/2004 at 5:51pm
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and todays news!
Chief Executive of CIBC Abruptly Resigns February 07 2004 WEST PALM BEACH, FL (HEDGECO.NET) - The Chief Executive Officer of Canadian Imperial Bank’s investment subsidiary, David Kassie abruptly resigned; just days after a former executive at the unit was charged with helping hedge funds make illegal mutual funds trades. Few days ago, Paul Flynn, an executive of CIBC World Markets was charged by the New York State Attorney General Eliot Spitzer of illegally helping mutual funds in the illegal late trading scandals. And... |
Posted By: markomeara
Date Posted: 06/February/2004 at 8:08pm
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and another article...
Now if only the same standards could be applied to their Edulinx Student Loan Division!!!!! From online press: "And several months ago, there was an embarrassing $80-million settlement with the U.S. Securities and Exchange Commission over financial dealings with Enron Corp. Meanwhile, the bank has three weeks left to set up new programs as part of a settlement made with the SEC in December. The securities regulator had accused the bank and three executives of having helped the Texas-based energy trader mislead investors through a series of complex financial transactions during last decade's investment banking heydays. The bank is required to retrain all employees, create a hotline that employees can phone if they suspect any inappropriate behaviour by colleagues, increase staffing in its legal department and create a new committee to oversee accounting. Waite acknowledged that the two-month deadline the bank was given to implement all the changes was tight, but said it would be met. Staff training — done online — will take about 45 minutes per person, and employees have to pass a test to prove they've absorbed the material. "Until they do that, they cannot carry out transactions on behalf of the bank," Waite said. The ethics hotline — which, according to the Sarbanes-Oxley Act must be in place in all banks by 2005 — will be anonymous. "CIBC shall not tolerate retaliation against those reporting any suspected violation in good faith," the Office of the Superintendent of Financial Institutions Canada and the U.S. Federal Reserve said in outlining the bank's new policies. "Those found to have retaliated will be subject to immediate dismissal." |
Posted By: polyhymnia61
Date Posted: 07/February/2004 at 5:44am
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Yes, well, y'know...you don't want to risk p'ing off those RICH customers, now do you, Mark? Oh,dear, think I accidentally ate some of my cats' Meow Mix this morning...
------------- Home is where you are allowed to prosper. |
