Household HSBC Watch

Bank of Bermuda, which became a member of the HSBC Group in February 2004, was once the target of SEC investigations.

In 2001a Florida federal judge approved an SEC-determined class action settlement for Ponzi scheme allegations. The commission alleged that Bank of Bermuda (nasdaq: BBDA - news - people ) raised more than $300 million dollars through Cash 4 Titles. The money was supposed to go to the bank’s title and pay day lending business, but instead went to pay other expenses.

The fine was $65 Million.

Sources: NASD, SEC, FTC, OCC, company and state and federal court documents. Additional information from ClassActionAmerica.com and the Stanford Securities Class Action Clearinghouse.