Month: October 2023

Written by FinCrime

SEC Charges Exelon, its Subsidiary Commonwealth Edison, and Subsidiary’s Former CEO Anne Pramaggiore with Fraud in Connection with Political Corruption Scheme

Reported by Market Screener The Securities and Exchange Commission today charged Exelon Corporation, electric utility company Commonwealth Edison Company (ComEd), which is Exelon’s subsidiary, and former ComEd CEO Anne Pramaggiore with fraud in connection with a multi-year scheme to corruptly influence and reward then-Speaker of the Illinois House of Representatives Michael Madigan. Exelon and ComEd agreed to settle the charges, with Exelon paying a […]

Written by FinCrime

Crypto Ponzi scheme AirBit: All but one exec now sentenced

Reported by HELEN PARTZ AirBit Club co-founder Dos Santos is now the last AirBit defendant not yet sentenced but is scheduled to learn his fate on Oct. 4, 2023.  The United States District Court for the Southern District of New York is progressing with the sentencing procedure for key individuals behind the cryptocurrency Ponzi scheme […]

Written by FinCrime

How are Swedish gangs using music platform Spotify to launder money?

Reported by Eleanor Butler with AFP Criminals first pay musicians through a cryptocurrency transaction, which is more difficult to trace than a traditional payment. The artists will then be paid for streaming their songs, and the criminal can collect the cleaned money. The music platform nonetheless assured AFP that “less than 1% of all streams […]

Written by FinCrime

Goldman Insider Trader Did His Best

Reported by Matt Levine, Columnist Most of the cases of insider trading that I write about are dumb. There are two possible interpretations of this fact: I think either interpretation is entirely plausible; I lean toward Option 1 but I have little evidence for that.1 Anyway here are a US Securities and Exchange Commission enforcement actionand […]

Written by FinCrime

A landmark marijuana bill is headed to the Senate floor

Reported by Nicole Goodkind, CNN (Summarized version presented below) The Senate Banking Committee recently approved the SAFER Banking Act, a groundbreaking bill aimed at bridging the gap between financial institutions and cannabis companies. This bill, which has been in committee discussions since 2015, is now heading to the Senate floor for the first time after […]

Written by FinCrime

Billionaire Louis Vuitton owner Bernard Arnault and Russian oligarch investigated in money-laundering probe

Reported by Jane Dalton Billionaire co-founder and chief executive of Louis Vuitton (LVMH), Bernand Arnault, is being investigated over his links to a Russian oligarch.  Prosecutors in Paris are investigating financial transactions involving the French tycoon – the world’s second richest man – and businessman Nikolai Sarkisov. The inquiry is centred on property purchases in […]