Yes it is. Not in the way that guy thinks it has but this is the way these cases usually go, look at Trump getting arrested for loads of wild shit like paying a prostitute hush money, but the reality is they're after him for fraud. It's the same for City.
Why do they do this? Because when you go after one thing, like fraud, the opposition can easily dismiss it by throwing all kinds of shit back, accusing everyone involved of fraud at some point, discredit the process and garner support in the process from the people that believe they're being targeted unfairly.
When you throw the book at someone, they generally don't have very many friends willing to step forward into that shit show and help them out. By the end of this investigation, I fully expect most of these claims to be dropped due to lack of evidence but they cooking the books one's will stand because that's what they're after them for.