Yesterday the New York State Department of Financial Services issued an unusually strongly worded rebuke of Standard Chartered bank alleging that the bank was a “rogue institution” that “schemed” with the Iranian government to hide thousand of transactions over a ten year period netting hundreds of millions in fees in blatant defiance of anti-money laundering and OFAC sanctions, rules and regulations.

The regulator threatened pulling the bank’s New York state charter. Standard Chartered market value plunged $15 billion in value as investors abandoned the company.

Read More: Reuters