HSBC Settles Start-Up Loan Fraud Claims

MANHATTAN (CN) — HSBC’s U.S. subsidiary will pay more than $2 million to settle a whistleblower’s claim that it bilked a federal program to boost small businesses by seeking reimbursements for fraudulent loans, prosecutors said Friday. The whistleblower, identified in a settlement stipulation as Jan Orlando, will receive a slightly more than $360,000 share of the $2.1 million deal.

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