Feds Have Not Great News For Anyone Who Cheated Clients In The Presence Of Adam Siegel At RBS

He's gone back on the 'office bros before regulator hoes' pledge.
Getty Images

Getty Images

If you thought your colleague Adam Siegel planned to take any evidence of client scamming to the grave, you thought wrong!

Federal prosecutors have flipped a top former bond trader and are using him to build a broader fraud case against the Royal Bank of Scotland, The Post has learned. Adam Siegel, a former top bond trader at RBS in Stamford, Conn., has been cooperating with prosecutors working for US Attorney Deirdre M. Daly who are looking into allegations that the bank lied to clients about the value of certain bonds. The clients, like hedge funds and other institutional buyers, were told the bundles of bonds were worth more than they actually were, sources familiar with the investigation told The Post. Siegel, who headed the securitized debt trading desk at RBS, which handled the pricing and sale of residential mortgages, is at least the second banker squeezed by prosecutors.

Feds flip ex-RBS trader to build broader fraud case [NYP]


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Layoffs Watch '12: RBS

Like Bank of America, RBS has some big goals for the coming year, chief among them being the firing of several thousand investment bankers. (For those skeptical they can do it, according to a PowerPoint presentation presented yesterday, re: the "exits," quite a bit of progress has already been made.) Royal Bank of Scotland, Britain’s biggest government-owned lender, said it will cut 300 more jobs at its investment banking unit and is “on track” with its plan to exit businesses. RBS will eliminate 3,800 jobs at the division by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation delivered by John Hourican, chief of markets and international banking, to analysts Monday. About 3,000 of the cuts will have completed this year, RBS said...The bank’s control of costs is “ongoing,” said Chris Kyle, chief financial officer of markets and international banking, at the presentation. “We will almost certainly hit this year’s number” in terms of the guidance, he said. Royal Bank Of Scotland Cuts 300 More Jobs At Investment Bank [Bloomberg] RBS Markets Investor Roundtable [RBS]