Feds Say Banks Helped Launder $292 Million

MANHATTAN (CN) - Federal prosecutors demand $162 million from the Bank of Cyprus and $130 million from Lloyds TSB Bank, claiming, in separate complaints, that the defendants conspired to launders hundreds of millions of dollars generated by the AremisSoft securities fraud.

The SEC claims AremisSoft founder Lycourgos Kyprianou defrauded shareholders of his publicly traded company from 1999 through 2005, inflating share price through a web of frauds. The banks are accused of helping him launder his money. Kyprianous, a fugitive, is believed to be living in Cyprus.

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit