Boston bank investigation finds sloppy management

Seven months after it admitted failing to report over $1 billion in large, cash transactions to the federal government, the Bank of Boston has released its internal investigation into the matter. In a report, five members of the bank's board of directors blame the extensive noncomplaince on poor judgment and sloppy management. Several departments and top executives, including chairman William L. Brown, bear some responsibility, and especially culpable employees should be disciplined, but not publicly, they said.

The directors found no evidence that company employees had profited from the violations or conspired with customers not to report currency transactions. Last winter the bank paid a $500,000 fine.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK