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HSBC Bank USA Ducks Suit Over $37M Ponzi Scheme

Law360 (May 30, 2019, 9:54 PM EDT) -- A New York federal judge freed HSBC Bank USA from another proposed class action accusing it of assisting in a multilevel marketing scheme that allegedly raised more than $37 million from investors, but he said he would need more information to determine whether the bank's Hong Kong affiliate should also be booted from the case.

Investors claimed that HSBC Bank USA and its Hong Kong affiliate had "knowingly delivered, organized, converted and laundered" money for an alleged Ponzi scheme. (AP) California residents Rigoberto Vasquez and Eva Garcia claimed in their suit that HSBC Bank USA NA and HSBC Hong Kong had...

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Attached Documents



Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only


New York Southern

Nature of Suit

Racketeer/Corrupt Organization


Subscribers Only

Date Filed

March 1, 2018

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