Investigation Uncovers Several FX Fraud Rings Unibank Gets Hurt, Losses Could Top $20 Million

BANKS

Several different fraud rings involving Continental European banks have been operating at the same time, according to a source close to the investigation into irregularities at Unibank in Copenhagen (FX Week, December 6). According to this source, the fraud uncovered last July at Unibank, Swiss Volksbank in Basle, Harlow Butler in London, Intermoney in Frankfurt, and at banks in New York and Paris were part of several "circles" of conspirators, not one large group.

"Only Intermoney, Swiss

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