When Stern joined HSBC Bank in 2012, he was assigned to monitor Middle East transactions. Stern soon discovered that the bank was facilitating the transfer of hundreds of millions of dollars by terrorist organizations and major drug dealers, in clear violation of U.S. law.
Unfortunately, Stern’s bank superiors continued to ignore his warnings. This forced Stern to share information and provide evidence about the bank’s illegal activity to the Central Intelligence Agency.
“After trying in vain to convince his bosses to at least let him do his job and look for money-laundering, Stern decided to turn whistleblower, telling the FBI and other agencies what was going on at the bank,” Rolling Stone would later write.
Stern quit HSBC in disgust and filed a whistleblower claim with the Securities and Exchange Commission (SEC).