News

The recent revelation that an alleged Oregon terrorist financier held funds in three separate bank accounts opened by attorneys underscores a potential reputational risk for banks, say analysts. A three-year old financial disclosure unsealed Oct. 23 revealed that Pete Seda, the founder of the Oregon-based charity Al-Haramain Islamic Foundation who was convicted last September on terrorist finance-related charges and accused of materially supporting blacklisted Chechnyan militants, held nearly $60,000 in trust accounts controlled by three separate trial attorneys. Seda, who had direct access to roughly $20,000 of the funds to cover "personal expenses, including bail or legal fees," left Oregon...