Reported by JOSEPH BOUCHARD It’s been a tumultuous two weeks in Venezuela. First, the Biden administration and the Maduro government signed a deal exchanging democratic guarantees for sanctions relief on oil, natural gas, and gold mining — some of Venezuela’s largest industries. With the sanctions lifted, Maduro allowed the opposition’s primary election to go ahead. María Corina Machado, […]
Reported by Ron Piccolo, Galloway Professor of Management and associate dean for strategic initiatives in UCF’s College of Business Last week was International Fraud Awareness Week, which is dedicated to highlighting the prevalence and impact of fraud in all its terrible forms. Unfortunately, we do not have to look far to see flagrant examples of corruption, […]
Reported by Spencer Woodman New details have emerged about an ongoing criminal investigation by Cyprus authorities into how one of Russia’s richest men may have used the Mediterranean country as a conduit to avoid war-related sanctions. As part of the Cyprus Confidential investigation, the International Consortium of Investigative Journalists examined a major transfer of wealth by billionaire Alexey Mordashov […]
Reported by Chris Dolmetsch A former Nuveen LLC trader admitted to tipping off an Oregon retiree about the asset management firm’s plans as part of an insider-trading scheme that netted them more than $47 million in illegal profits. Billimek, of Hailey, Idaho, admitted tipping off Alan Williams about upcoming Nuveen trades in companies including Lululemon […]
Reported by Seth W. Ashby , Matthew W. Bower , James M. Eardley , Matthew E. Maltz , Bryan R. Walters and Gregory M. Wright of Varnum LLP While the Corporate Transparency Act (CTA) includes 23 enumerated exemptions for reporting companies, newly formed businesses (Startups) may not qualify for an exemption before the date on […]
Reported by Eman Elshahawy South Florida has been coined the credit card scam capital of the nation this year. That’s according to U.S. Federal Trade Commission data analyzed by BackgroundChecks.org that found the Miami-Port. St. Lucie-Fort Lauderdale metropolitan area ranked No. 1 for credit card fraud with about 333 credit card fraud reports per 100,000 […]
Reported by Polly Thompson An AI bot on OpenAI’s GPT-4 large language model showed it was capable of making illegal financial trades and lying about its actions. The experimentwas presented at the UK’s AI Safety Summit this week by Apollo Research. Apollo shared a video on its website demonstrating a simulated conversation between a bot that was acting as an […]
Reported by Walt Bogdanich, Isak Hüllert and Eli Tan One morning in September, a truck disgorged its load of pulverized rock with a resounding bang inside Stillwater Mining’s metallurgical plant north of Yellowstone National Park. The mined ore contains platinum, palladium and rhodium, three of the earth’s rarest, most expensive metals — and vital components […]
Reported by Dale Smith and Nelson Aguilar Cyber Monday deals are here, with holiday prices on headphones and air fryers and soundbars, but with all of the money flowing from our wallets to stores, it’s no surprise that cybercriminals will be looking to get their hands on some of it. While scammers do work year […]
Reported by Ben Eisen and Ben Foldy Wells Fargo is struggling with its regulatory obligation to monitor financial crime, the latest challenge in the bank’s yearslong effort to recover from a series of scandals. Regulators have issued the bank formal orders to be better at catching criminals who may be using its accounts or products, […]
Financial Crime News Briefs 