The Department of Justice (sic) has admitted that, as part of a 2007 “deferred prosecution agreement” it entered into with Amex, former Amex Bank International (AEBI) Chairman Sergio Masvidal was prohibitied from being employed by any entity that purchased AEBI or by AEBI if no purchaser were found (unless the DOJ [sic] agreed). But, what do you know, the Department of Justice (sic) did not reveal this fact either to Mr.
Masvidal or even to the judge who was required to sign off on the “deferred prosecution agreement.”
In the event, AEBI was sold to Standard Chartered PC, and Masvidal began discussing with AMEX his interest in taking a position with the new owners. He was then informed of the restrictions that AEBI had agreed to. Subsequently, the DOJ (sic) agreed to lift the restrictions on Masvidal, but he rightly insisted that that was not enough. This resulted in the admission by the DOJ (sic) that “its investigation of AEBI did not reveal any evidence that Mr. Masvidal had committed any criminal offenses or violated any banking regulations.”
All well and good. But will the prosecutors who purposely hid their baseless and vicious side agreement from the District Court now face prosecution? And if not, why not? Will they at least be named and shamed?