Informant surfaces in BNY Mellon allegations
A secret informant who worked with investigators to compile evidence against Bank of New York Mellon Corp. (BNY Mellon) has surfaced.
October 12, 2011 at 08:43 AM
3 minute read
The original version of this story was published on Law.com
A secret informant who worked with investigators to compile evidence against Bank of New York Mellon Corp. (BNY Mellon) has surfaced. Grant Wilson, a Pittsburgh-based trader with the company, helped officials gather information against the financial institution for overcharging investors on billions of dollars of currency trades for 10 years.
Last week, the U.S. attorney in Manhattan and the New York attorney general filed separate lawsuits against the bank, claiming it gave major clients unfavorable currency exchange rates. The suits collectively seek to recover $2 million from BNY Mellon, but the bank claims it has done nothing wrong and plans to fight the charges.
For two years, Wilson worked closely with investigators to build a case against his employer. He and his lawyers used a shell partnership in Delaware, and they met on Saturdays so Wilson's absence from the office wouldn't be noticed. They also met at restaurants to discuss the case they were building against BNY Mellon.
Investigators were able to keep Wilson's identity secret until the bank launched an internal investigation, looking for a whistleblower. He left the bank earlier this year.
A secret informant who worked with investigators to compile evidence against
Last week, the U.S. attorney in Manhattan and the
For two years, Wilson worked closely with investigators to build a case against his employer. He and his lawyers used a shell partnership in Delaware, and they met on Saturdays so Wilson's absence from the office wouldn't be noticed. They also met at restaurants to discuss the case they were building against BNY Mellon.
Investigators were able to keep Wilson's identity secret until the bank launched an internal investigation, looking for a whistleblower. He left the bank earlier this year.
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