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Justice Department Issues “Apology” Letter to Former Amex Official Dismissed in 2007
By Brian Monroe
printThe U.S. Justice Department has issued a rare letter exculpating a former top American Express banker fired in the wake of a multimillion-dollar anti-money laundering deferred prosecution agreement reached in August 2007. The letter follows the dismissal of Sergio Masvidal, the former chairman and head of private banking for the now defunct Miami-based American Express Bank International, which was fined $65 million by the department and the Federal Reserve for allowing undercover investigators to make suspicious transactions ostensibly tied to drug trafficking. Justice Department officials mandated in 2007 that the bank dismiss Masvidal and former AEBI President Simon Amich within...
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