2012-08-12bloomberg.com

``Lawsky has scheduled a hearing for Aug. 15, when Standard Chartered will be asked to show why its state banking license shouldn't be revoked. He minced no words. "Led by its most senior management, SCB designed and implemented an elaborate scheme by which to use its New York branch as a front for prohibited dealings with Iran," Lawsky's order said. "By definition, any banking institution that engages in such conduct is unsafe and unsound." The order accused Standard Chartered of numerous violations of state banking laws, including falsifying its books and records. ''


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