Is HK now a Heaven for Banking Crooks ?

What have HK Police / Justice department done regarding all the financial fraud related complaints by Minibond / Constellation / Octave victims /other-products, since 15 sept. 2008?
(a) act upon banks' request & demand: Arrested and raided some minibond / constellation victims who participated in protesting banks' over 5 years' fraudulent act;
(b) Taking photos of those who participated in the demonstrations ...
(c) What ELSE ????????

While HK Police have been busy with responding to banks' request & demand: searching & raiding Minibond/Constellation victims because of their involvement in protest against Banks' cheating behavior on Minibond / Constellation / Octave,
What have the financial center New York's legal system done so far?


In the recent news:

1. "New York Attorney General sues Charles Schwab over securities sales" (Aug.17)
NEW YORK - New York Attorney General Andrew Cuomo filed a lawsuit Monday against the brokerage unit of Charles Schwab Corp., claiming the firm misled customers about the safety of auction-rate securities.
Cuomo's office has been at the forefront of pushing brokers and underwriters of auction-rate securities to repurchase them from investors who were left with steep losses after the market for the investments collapsed in early 2008.
The suit against Schwab is aimed at forcing the retail brokerage firm to repurchase the securities at face value from investors.
...
Last month, Cuomo's office notified San Francisco-based Charles Schwab that it was planning to file the suit against the retail brokerage firm for claiming the securities were safe investments while selling them to customers.
In a statement Monday, Cuomo said: "Charles Schwab owed its customers a duty to properly understand and make accurate representations concerning auction-rate securities. Today we commenced a lawsuit to remedy Schwab's repeated breach of that duty."
...
related link: http://www.cnbc.com/id/32447041

2. "Credit Suisse broker convicted of fraud" (Aug.17)
A former Credit Suisse broker was on Monday convicted by a jury of fraudulently selling risky auction-rate securities in one of the first criminal prosecutions to emerge from the two-year-long credit crisis.

The guilty verdict against Eric Butler, 36, comes after a three-week trial in which prosecutors accused him and his former colleague, Julian Tzolov, of scheming to generate higher sales commissions by lying to clients about what kind of securities they were being sold.

“The defendant’s fraudulent misrepresentations saddled investors with unknown risks they did not bargain for,” said Benton Campbell, US attorney for the eastern district of New York.

“This case shows that those who engage in such schemes will be held to account for their criminal activity.”
related links:
- http://www.reuters.com/article/domesticNews/idUSTRE57G4HK20090817?feedType=RSS&feedName=domesticNews (reuters)
- http://newyork.fbi.gov/dojpressrel/pressrel09/nyfo081709a.htm (FBI press release)

3. 2008-News:
US Regulators alleged that brokerages misled investors into believing that auction rate securities were safe, cash-equivalent products, when in fact they faced increasing liquidity risk. Major financial companies Goldman Sachs, Morgan Stanley,UBS, Citigroup, Merrill Lynch, Wachovia Corp.,and others that sold auction-rate securities have reached 100% buy-back settlements.