Reported by Roland Li The Securities and Exchange Commission is investigating trading activity by First Republic Bank executives before the San Francisco institution’s sale to JPMorgan Chase, Bloomberg reported. The agency is reportedly looking for evidence of improper insider trading. It isn’t clear which executives are the focus of the inquiry, and no one has been charged, Bloomberg […]
Reported by DYLAN LOH Foreign and local banks in Singapore will be required to share information with one another on a digital platform that will make it easier to raise red flags on potential money laundering acts, as the city-state tightens oversight on illicit capital flows. The tiny nation’s lawmakers on Tuesday passed a bill […]
Reported by Reuters The European Union has proposed sanctions on Chinese companies accused of selling equipment that could be used in weapons to support Russia’s war machine, the Financial Times reported on Sunday. Seven Chinese businesses have been listed in a new package of sanctions that will be discussed by EU member states this week, […]
Reported by KIRK O’NEIL Ponzi Scheme Lawsuit is Wells Fargo’s New Problem The latest controversy involving Wells Fargo is a lawsuit filed on May 4 by a court-appointed receivership against the bank, accusing it of helping to facilitate a multimillion Ponzi scheme dating back to 2017 and allegedly run by Las Vegas attorney Matthew Beasley, which targeted […]
Reported by JOSEPH KONIG A bipartisan group of unlikely allies in Congress have banded together to take on stock trading by their colleagues, a practice they say leads to conflicts of interest and potential corruption. It’s not the first effort to do so, but the idea has gained significant traction among certain corners of Congress […]
Reported by Keith Griffith A notorious short-seller has targeted billionaire activist investor Carl Icahn, accusing his company of relying on ‘ponzi-like economic structures’ to pay unsustainable shareholder dividends. Hindenburg Research on Tuesday disclosed a short position in Icahn Enterprises (IEP), and issued a report accusing the holding company of inflating the value of its units […]
Reported by Tony “The Bull” Detractors in the past claimed the company is being led by a “walking time bomb” and now, a top former SEC official is warning customers to “get out” of the exchange “now.” Binance’s global business practices have come under scrutiny in recent months, as have several other top crypto firms, […]
Reported by Edmond Ng South Korean media have reported that the country’s car manufacturer Hyundai Motor has pulled out of the Russian market. The company said it is in the final stages of selling its plants in Russia to a Kazakh company. The recent trend of manufacturers leaving Russia as a consequence of Putin’s invasion […]
Reported by By Aoyon Ashraf Operation Choke Point 2.0,” the alleged coordinated efforts by the Biden administration to cut the cryptocurrency industry off from the U.S. banking sector, is the Securities and Exchange Commission’s “chemotherapy” for a $14 billion “Ponzi cancer,” said Oliver von Landsberg-Sadie, founder and CEO of crypto banking firm BCB Group. He […]
Reported by Reuters The Commodity Futures Trading Commission (CFTC) on Tuesday filed a civil enforcement action against Fisher Capital and its owner, Alexander Spellane, alleging it perpetrated a precious metals investment fraud targeting older adults. The Los Angeles-based dealer of precious metals defrauded “hundreds of elderly persons into investing more than $30 million in gold […]
Financial Crime News Briefs 