Between 2008 and 2016, according to the U.S. Department of Justice, four precious metals traders with the Canadian bank traded fraudulent gold, silver, platinum and palladium. “The unique situation faced by businesses is an industry-wide challenge that requires a cross-sector solution,” added Louis Gagnon. “We want to ensure that more small businesses are ready to meet the challenges of this global pandemic. Intact is committed to cooperating with the Insurance Bureau of Canada in cross-sector efforts to ensure that small businesses across Canada can access insurance products during the pandemic. Scotiabank said it would abide by the agreements. [SEOUL] South Korea on Saturday reported the highest daily number of coronavirus cases to date, with an increase focusing on the number centered. The order comes about two years after Scotia was initially sanctioned for metal spoofing. The bank was fined $US 800,000 from June 2013 to June 2016. “Today, Scotiabank recognized its role in a sweeping price manipulation program that aims to distort precious metal futures prices to serve the bank`s best interests,” said Deputy Director william F. Sweeney Jr. of the FBI`s New York Field Office. “The Bank`s action was aimed at encouraging others to act in a way that they would never have had without the activity considered legitimate in the market.
Scotiabank`s agreement to remit more than $60 million in fines, levies and compensation for victims underscores the harsh penalties that can be imposed on those who wish to participate in similar and illegal business tactics. “Under the terms of the agreements, Scotiabank will pay a total fine of $127.5 million to the DOJ and CFTC, including $US 17 million to the CFTC for misleading the regulator in its first investigation. . . .