Declaration by John Christmas, Parex Bank whistleblower

John Christmas was the whistleblower from Parex Bank.  He gave fraud information to Ernst & Young in 2004.  He gave fraud information to the Latvian government in 2005.  He was terrorized with threats and fled from Latvia.  Ernst & Young and the Latvian government ignored the information.

The Parex fraud grew much larger and caused the Latvian Financial Crisis in 2008.

Now in 2012, there still has never been any investigation of the whistleblowing by Latvian (or European) authorities even though the fraud occurred in Latvia (and Europe).

This is a declaration written by John Christmas in January 2010.  The declaration was written at the request of Varu Tautai.  A translation (with a few errors) used to be online at  Most of the information in the declaration has been censored in the Latvian media.

One note:  In January 2010 when the declaration was written, it appeared that the FBI and United States Department of Justice were not going to use the information that they received from Christmas in October 2007.  However, in April 2010 it was revealed that the information was used in the USA versus Daimler settlement.  The FBI was back in communication with Christmas immediately after the announcement of the settlement.


FKTK refused to act

The Latvian Financial and Capital Markets Commission (FKTK) received details of material frauds at Parex Bank from whistleblower John Christmas in May 2005.  The FKTK refused to act.  As a result, the Republic of Latvia suffered a financial and demographic crisis when the corrupt government forced the taxpayers to bail out Parex in October 2008.  Now in March 2012, Christmas is still waiting for the FKTK to begin to investigate the Parex frauds.  He has been unable to enter Latvia since the whistleblowing even though he is a citizen of Latvia.  He has been repeatedly threatened with death for many years and Latvian authorities refuse to investigate.

FKTK email

FKTK letter