Reported by: Corinne Ramey and Alexander Osipovich FTX co-founder and former director of engineering Nishad Singh pleaded guilty to fraud charges and agreed to cooperate against his former boss, Sam Bankman-Fried, making him the third person in the FTX founder’s orbit to do so. Mr. Singh, 27 years old, pleaded guilty to six criminal counts, including conspiring […]
Reported by: Ben Taub In August, 2018, Wirecard had a market capitalization of twenty-eight billion dollars. The company displaced Commerzbank from the DAX 30, Germany’s most prestigious stock index. Markus Braun—who owned eight per cent of the company and was now a billionaire, on paper—had taken out a personal loan of a hundred and fifty million euros […]
Reported by: Ben Taub In August, 2018, Wirecard had a market capitalization of twenty-eight billion dollars. The company displaced Commerzbank from the DAX 30, Germany’s most prestigious stock index. Markus Braun—who owned eight per cent of the company and was now a billionaire, on paper—had taken out a personal loan of a hundred and fifty million euros […]
Reported by: AFP – Agence France Presse Banks in Switzerland are holding a substantial amount of the millions of dollars Lebanese central bank chief Riad Salameh is accused of embezzling, Swiss media reported on Sunday. Salameh, 72, faces investigations related to suspicions of money laundering and illicit enrichment in Lebanon and abroad after he amassed […]
By Sana Ameer A fake multimillion-dollar cattle-trading business just ended with its conspirators sentenced to pay about $14 million back to investors. From late 2017 until early 2019, Reva Joyce Stachniw and Ron Throgmartin misled victims to invest millions of dollars in a Ponzi scheme, the U.S. Department of Justice said. Investors were told their […]
Reported by: Robert Hamor With a stated goal of countering money laundering, the financing of terrorism and other illicit activities (including those of Russian oligarchs currently under U.S. sanctions), Congress passed the Corporate Transparency Act (CTA) in January 2021 as part of the National Defense Authorization Act. In 2022, the Department of Treasury’s Financial Crimes […]
Reported by: Spencer Woodman The U.S. Treasury Department’s quest to build a company ownership database meant to battle dirty money has hit another setback, with a key national banking group calling for the agency to withdraw its “fatally flawed” plan. In a letter submitted last week, the American Bankers Association said the Treasury’s latest proposed […]
Reported by: The NY Department of Financial Services New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today announced the Department has enhanced its ability to detect fraud and other illegal activity among New York State-regulated entities engaged in virtual currency activity through new insider trading and market manipulation risk monitoring tools. […]
Reported by: Daniel Oropeza In 2022, BioCatch, a software company that delivers advanced fraud protection, estimated that there are approximately two million mule accounts in the U.S., and about $3 billion in fraudulent transfers a year. The same research estimates that scammers are lowering their transaction amounts to mules to an average of $1,500 to avoid […]
Reported by: Geoff Schweller On February 16, the U.S. Securities and Exchange Commission (SEC) announced the establishmentof a $178.6 million Fair Fund to be distributed to investors harmed in Danske Bank’s historic money laundering scheme. The scheme was originally exposed by a whistleblower: former Danske banker Howard Wilkinson. The establishment of the massive Fair Fund underscores the tremendous […]
Financial Crime News Briefs 