{"id":5620,"date":"2014-06-19T00:00:00","date_gmt":"2014-06-19T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/06\/doj_investigates_foreignexchan"},"modified":"2022-03-11T13:23:58","modified_gmt":"2022-03-11T19:23:58","slug":"doj-investigates-foreignexchan","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/doj-investigates-foreignexchan\/","title":{"rendered":"DOJ Investigates Foreign-Exchange Industry Over Sales Markups"},"content":{"rendered":"\n

According to Bloomberg News<\/em>, the U.S. Department of Justice is expanding its probe of the foreign-exchange industry by talking to the salespersons at the biggest banks in the world. They want to know about current sales practices, including how much customers are charged to exchange currency.<\/p>\n

Over a dozen ex- and current traders and salespersons that were interviewed said that it is common to charge a hard markup, which factors in a slight margin for the services of a salesperson. Clients who don\u2019t make currency deals too often or just in small quantities often don\u2019t pay much attention to the rate they receive. Now, the DOJ wants to know if banks are committing fraud when they don\u2019t properly disclose this practice to customers.<\/p>\n

The Justice Department is just one of over a dozen authorities in the world that are probing the currency Now, banks are also conducting their own investigations in an attempt to negotiate for leniency just in case any disciplinary actions result. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to Bloomberg News, the U.S. Department of Justice is expanding its probe of the foreign-exchange industry by talking to the salespersons at the biggest banks in the world. They want to know about current sales practices, including how much customers are charged to exchange currency. Over a dozen ex- and current traders and salespersons […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3740],"tags":[],"class_list":["post-5620","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-miscellaneous"],"yoast_head":"\nDOJ Investigates Foreign-Exchange Industry Over Sales Markups — Investor Lawyers Blog — June 19, 2014<\/title>\n<meta name=\"description\" content=\"According to Bloomberg News, the U.S. Department of Justice is expanding its probe of the foreign-exchange industry by talking to the salespersons at the — June 19, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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