HSBC Whistleblower: Fraud Fight Still Has Long Way to GoEverett Stern to Keynote ISMG Fraud Summit in Chicago
Everett Stern, the whistleblower who provided information to law enforcement authorities on British bank HSBC's international money laundering activities, which ultimately resulted in a $1.9 billion fine, says the crackdown on financial fraud still has a long way to go. And jailing those at banks who play a role in fraud could help with the fraud-fighting battle, he argues.
"The only thing that I wish would have happened, which was out of my control, was that somebody went to jail," Stern says of the HSBC case. "I pushed for that. I am still pushing for that, and that's something that was a failure not on my part. Somebody not going to jail and justice not being fully preserved is the fault of the Justice Department and a number of government officials."
Stern, who now serves as a consultant, will be the keynote speaker at ISMG's upcoming Fraud and Breach Summit in Chicago on May 14.
In this interview (see audio link below photo), Stern discusses:
- His decision to tell authorities about HSBC's activities;
- How the culture of fraud has changed since his whistleblowing activities in 2012;
- How 24 hour news cycles and the perception of "fake news" are impacting the efficacy of today's whistleblowers.
Stern is CEO and intelligence director of Tactical Rabbit, a consultancy that provides clients with actionable business intelligence. He made international headlines as a government whistleblower who helped uncover the HSBC scandal while he worked there.