BNY Mellon may settle with federal and state prosecutors in multiple lawsuits alleging currency exchange fraud. [SmartBusiness] The charges came after after what the WSJ calls “one of the broadest enforcement efforts ever against banks that trade in global currencies,” an effort that depended heavily on a “mole” in BNY’s Pittsburgh office.
That mole has now been identified as Grant Wilson, who worked at BNY Mellon’s trading desk in Pittsburgh for ten years and as a secret operative for federal and state investigators for two. Mr. Wilson has since announced his retirement and moved to New England. Click here for the fascinating Wall Street Journal article, which explains how he was able to spy on his employers and remain undetected, even while everyone speculated about who was leaking information to authorities.