Thursday, January 27, 2005

Riggs Bank Pleads

As anticipated in our post of January 26th, AP just reported that Riggs Bank pleaded guilty this morning "to a criminal charge of failing to report suspicious transactions in the accounts of foreigners, including two dictators, and agreed to a $16 million proposed fine."   As noted in this report, "[a]ttorneys representing the bank entered a guilty plea at a hearing before federal judge Ricardo Urbina, who must approve the proposed fine. If he rejects the fine, Riggs and prosecutors may have to renegotiate or take the case to trial." 

As noted in this story the DOJ had been "investigating the banks handling of" "former Chilean dictator Augusto Pinochet."  This plea raises an interesting question as to what affect it will have on the DOJ investigation.  Is part of the deal that the bank will cooperate in that investigation?  Hopefully so,  since many in the public desire to know the true story of Pinochet's money.

(esp)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2005/01/riggs_bank_plea.html

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