Central bank of Brazil confirms fraud

BRAZIL - After more than a year and a half of investigations, the Brazilian Central Bank now claims it has proof of white collar crime in the management of the now extinct bank Bamerindus.

Bank Bamerindus has been under a process of liquidation since 1997 when it was spun off into two parts and the viable part sold to British bank HSBC. A document from the Central Bank confirms some of the alleged frauds and recommends that the accusations against the bank be sent to the public prosecutor's of