November 17, 2017 / 12:52 AM / in a year

Judge tosses lawsuit accusing HSBC Bank USA of aiding Ponzi scheme

A federal judge in Los Angeles has tossed a lawsuit accusing HSBC Bank USA of aiding a worldwide Ponzi scheme involving purported investments in cloud computing services, saying investors suing the bank did not show that it caused their losses.

The investors said HSBC helped to fund the fraud by wiring money to accounts in Hong Kong used for the scheme, but U.S. District Judge Otis Wright said other banks and investors equally contributed to funding the fraud.

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