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A Financial Cover-Up of Global Proportions
According to whistleblower reports and internal trade documents, SCB routed at least $9.6 billion in illegal payments to entities sanctioned by the U.S. Treasury—directly violating the Deferred Prosecution Agreements (DPAs) the bank agreed to in 2015 and 2019. These payments reportedly passed through SCB’s Dubai office before clearing via its NYC branch, and whistleblowers allege there’s another $100 billion worth of illegal payments coming out of China still under the radar.
Even worse, those explosive details were handed over to Letitia James’ office in early 2024—not once, but twice. And what did the New York Attorney General do after receiving detailed briefings from terrorist financing experts?
She reauthorized the bank’s license.
Yes, instead of investigating, James allegedly rubber-stamped the same bank involved in one of the largest known sanctions-evasion operations in modern history.
“Five NYAG senior staff including Letitia James Deputy Scott Spiegleman were in all meetings.”
IBM, SWIFT, and the Deepening Web
The scandal’s tentacles don’t stop at the NYAG’s office. One of James’ deputies, Scott Spiegleman, left shortly after those meetings to join IBM—yes, the same IBM that advises SWIFT and allegedly helped SCB hide currency trade data.
And it gets worse.
Cheri McGuire, now COO of SWIFT and a former executive at SCB, is accused of helping conceal SCB’s illegal trades during her tenure. The Fed approved her role, and now, as head of one of the world’s most critical wire platforms, she’s overseeing the very system SCB used to bypass sanctions.
“Cheri McGuire was approved by the Fed and is now COO of SWIFT.”
Why does that matter? Because all oil trade is conducted in U.S. dollars. And according to whistleblowers, China is using SCB’s New York branch to purchase Iranian oil, in direct violation of the U.S. Treasury’s Maximum Pressure policy.
So why isn’t the Fed doing anything about it?
Letitia James, the Fed, and the Biden Administration: Silent as Billions Flow to Terrorists
The case was initially brought by internal whistleblowers who handed over 40,000 emails and nearly 600,000 currency trade records—records that show SCB “knowingly and frequently” violated Treasury sanctions and purposely excluded these trades from required filings.
“SCB knowingly and frequently violated its obligations to self-report SARs to Treasury FinCen.”
And who’s blocking the prosecution?
Sources name top Biden-era DOJ officials—John-David Barnea, Gregg Maisell, and FBI agent Matthew Komar—as actively working to shut down the case to avoid political fallout during the 2024 campaign.
Even after clear evidence was presented in meetings with both the NYAG and SDNY, the Biden DOJ denied the existence of the trades, despite whistleblowers handing over 75 Excel files documenting transactions with 92 entities from the OFAC/SDGT list.
That list includes Hezbollah’s main financier, Mohammed Bazzi, as well as Iran-linked oil shell companies and even foreign banks.
“Brutus moved to re-open its case against SCB… Biden DOJ denied the existence of any of the currency trades.”
Time for Action: End the Cover-Up, Enforce Maximum Pressure
This isn’t just about a rogue bank or a few corrupt officials. It’s about national security. The Biden administration and its appointees, along with Letitia James and even the Fed, are accused of shielding a bank that pumped billions into Iran and Hezbollah’s hands.
It’s time to:
- Direct U.S. Attorney Pirro to prosecute SCB for violating its Deferred Prosecution Agreement
- Force SDNY to reopen its case and pursue full sanctions enforcement
- Strip the Fed of delegated enforcement power and return it to the Treasury
- Terminate the Fed’s operating agreement with SWIFT and bring it under Treasury control
- Collect over $10 billion in penalties from SCB for documented sanction evasion
This case could yield billions for the U.S. Treasury—and more importantly, it could finally expose the web of corruption keeping terrorist financiers in business.
As long as Letitia James, the Fed, and Biden’s DOJ continue to look the other way, America’s enemies are getting richer—and we’re footing the bill.
