World Banking World Fraud: Using Your Identity

From life as a young orphan to the American dream to a corporate nightmare of fraud and money laundering. John Cruz is a survivor. In his new book, World Banking World Fraud, Cruz describes his extraordinary rise from poverty to inside a world bank where he uncovered and documented the systemic fraud and money laundering that eventually led to his termination. Cruz first became aware of the fraud in 2009 when he was named vice president; senior business relationship manager (SBRM) over some of HSBC’s highest producing branches on Long Island. There he learned that managers at HSBC were so effective because they were establishing fraudulent accounts. He discovered and documented multiple phantom businesses with active accounts but was explicitly told by management to forget what he saw. Cruz recently said of the fraud, : What I realized quickly was that this wasn’t a one-time thing, or the activities of a few people. What I found at HSBC was systemic and international, I wrote my book, World Banking World Fraud, because no company should be above the law, no matter how big it is or how much money it has.

John Cruz was orphaned at an early age. He was taken in by grandparents in Brooklyn, and then by relatives on a farm in Constable, New York. After graduating high school and serving time in the military, he matriculated at Dowling College where he graduated in 1990 with a bachelor's degree in accounting. He was first hired by the Pan Am Federal Credit Union and then by the Long Island Federal Credit Union where he worked for many years before being recruited by HSBC in January 2008. In the spring of 2009 as the vice president, senior business relationship manager at HSBC, he was placed over several high performing branches in the New York Metro area. Shortly thereafter he began finding evidence of fraudulent activities within the bank. He turned his findings into the proper channels but met serious resistance from the chain of command. He was soon threatened by both managers and clients. As he continued to uncover repeated instances of fraud that extended over multiple branches and across borders, he began keeping a file as proof of his discoveries. In February of 2010, Cruz was terminated by HSBC and immediately began making preparations to take his findings public. World Banking World Fraud is the product of over a year's work, and is the first in what will be a larger expose on illicit practices prevalent in the banking industry.