| MonteCristo v. HSBC Press Release |
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February 24, 2016
To all our Entertainment colleagues,
Please note this month MonteCristo moved its accounts to a Commercial Bank in Los Angeles, California.
This was the result of astonishing malpractice by part of Officers of HSBC in New York which we believe
illegal. While still reeling from a large and deserved Government fine, HSBC NA compliance department
has taken upon itself to interrupt services at will and with no explanation to businesses which like us
receives international payments. An International Sale Agent like MonteCristo can only provide
compliance departments with the licenses backing the Invoices to be received by worldwide
distributors, whichever country purchased a license to show a Film or wherever the money come from.
That ought to be enough and we are sure it is enough under USA law and its Consumer protection
statutes. We wonder if any other IFTA Members and Entertainment Companies have had the same
issues with HSBC, either in New York or Los Angeles, in which case we’d like to know as we are preparing
a Court case in what we believe is in the general interest. We believe HSBC is not in compliance with
USA law and should not be allowed to continue doing business in the United States. All further emails
from MonteCristo will update you on our progress and will remind you that banking with HSBC is a sure
way to be abused.
Best wishes,
MonteCristo International Entertainment LLC