BUT NO WORRIES - THEY CAN PAY ANY FINES
And HSBC refuses to come to the table to discuss the matter.
A victim’s group, which has employed international detective agencies in an attempt to recover losses, claims HSBC banks in both Singapore and Hong Kong allowed the fraudsters running ‘boiler room’ operations to open receiving accounts with them.
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The group highlights HSBC and also the Taiwan Business Bank because, while they have had discussions with other banks which have also provided receiving accounts which have been used for fraud, these two banks refuse point blank to even discuss the issue.
The issue is highlighted on the CDV website fraudrecoveryblog.wordpress.com.
Not surprisingly the major boiler room figures named have featured heavily on this site.
Bullard sublet several a-go-go bars in Bangkok from the Nana Group, which while controlled by Hayward, is on paper headed by Bullard’s brother-in-law Shane Smith.
A heavy drugs user Bullard's death has been put down to both (a) an overdose of drugs (b) lack of customary drugs.
Many people believe he faked his own death. But US authorties have confirmed his demise.
Victims in Britain were rung up by representatives of a investment company called Jackson Cole, which had a virtual office in Bangkok but cold callers operating from Thonglor in Bangkok.
He teamed up with Bullard and Jack Fletcher Prather (below) in several boiler room projects.
Prather, Hayward and Bullard have worked on several boiler room operations together including scams run under the names Premium Placements, and Dunhill Capital.
Here follows the CDV report.
HSBC Hong Kong and Singapore
HSBC (HK and SG) opened receiving accounts on behalf of the beneficiaries Tlway Texco Ltd. and Lockway Ltd.
Tlway Texco Ltd. is registered in Singapore and mirrored via a company registration, Tlway Texco SDN. BHD., in Malaysia. The company was used as a front and cover to arrange with boiler-room sales from its office space in Kuala Lumpur and Pilau Penang, Malaysia. The CEO of Tlway Texco, Mr. Tabarruk Abdullaev, made partnership with the UK-citizen, Paul John Hayward and the US-citizen, Mark Stephen Hutcherson to split the profits from the boiler-room sales. The US-citizen, Jack Fletcher Prather, was appointed as Office Manager in Kuala Lumpur. The US-citizen and boiler-room principal, Glendon Richard Bullard, who is confirmed by US Authorities to have passed away on March 7, 2015 in Mae Hong Song in Northern Thailand, was also part of the boiler-room management.
The company, Lockway Ltd., was registered in Hong Kong with a Malaysian ‘goal-keeper’, Devaraj Singaram, as company director with one ordinary share with a par value of one HK dollar. Lockway Ltd. further used a faked business address in Hong Kong: Room 2303, Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong.
A KYC screening would easily have revealed that the beneficiary, Tlway Texco Ltd., made fictitious advertisements on the internet providing flawed marketing and company information (see e.g. http://www.fibre2fashion.com/Tlwaytexco/) that did not meet with company registration data, including red figure financial statements filed to authorities in Malaysia (net profit: -540,730 Ringit; 2006). A simple Internet screening would further have revealed that the CEO of the beneficiary, Tlway Texco Ltd. was rather known for patents on firearms and weapons than as a cotton merchant & manufacturer – as claimed by the company.
The boiler-room sales, using the aforementioned beneficiary accounts at HSBC HK and SG, included the faked investment companies, Masahiro International, Jameson West Associates Ltd., Warner Beck Inc., McBain Baxter Holdings Ltd. and Carver Brooks Associates – all sending from within the same local network and IP addresses.
The US-citizen, Michael Lee Port, using a faked Belgian passport and identity, “Peter Steven”, is verified to have signed as company director and thereby had rights to withdraw money from receiving accounts. Mr. Port was arrested and imprisoned in Singapore in 2005. He was snatched while trying to withdraw cash from DBS bank in Singapore using The Roth Group (TRG) as receving account.
INTEL received verifies that the Police Fraud Squad in Singapore reported in April, 2005 about suspicious transfers of large sums of money on accounts held by Mr. Michael Lee Port.
Nevertheless, HSBC HK and SG continued to maintain banking services to companies registered by the same Michael Lee Port using a faked ID.
HSBC HK have in their responses neither agreed to or denied liability to the accusations made by CDV. The banks has simply denied to agree on any settlement with CDV.
Given the fact that HSBC has recently been associated with plenty of bad publicity related to the bank’s role in several money-laundering cases being unveiled, CDV are somewhat surprised by the response received.”
Here's a CDV snapshot of boiler room activity through Hong Kong based banks and branches of international banks