Reported by John Pacenti A federal law aimed at making anonymous business dealings in the United States essentially a thing of the past will go into effect on New Year’s Day, three years after becoming law. The Corporate Transparency Act was a pet project of U.S. Senator Marco Rubio, who raised alarm at over $1 […]
Reported by Jordan Mallory & J. Scott Maberry On December 22, 2023, President Biden signed a new Executive Order (E.O. 14114) containing the latest round of sanctions against the Russian Federation. Shortly thereafter, Treasury Secretary Janet Yellen stated that the Office of Foreign Assets Control (OFAC) will take “decisive” and “surgical” action when enforcing sanctions against financial institutions involved […]
Reported by Sareena Dayaram Huawei says its “back on track” after its revenue neared $100 billion for this year, despite continuing US sanctions on the Chinese conglomerate. Sales to surged to more than 700 billion yuan ($98.7 billion) in 2023, the company said on Friday, which represents 9% growth from the $642 billion yuan ($92.4 […]
Reported by SETH MOREHEAD Fort Worth-based Agridime LLC has been put into receivership by a successful complaint from the Securities and Exchange Commission (SEC). The SEC obtained a temporary restraining order, an asset freeze, the appointment of a receiver, and other emergency relief against Agridime on December 14, alleging an ongoing $191 million Ponzi scheme raised from more than 2,100 investors in […]
Reported by Dan Mangan A North Carolina ex-convict pleaded guilty to securities fraud in connection with conspiring to manipulate the stock of a company that once had a market capitalization of as high as $100 million despite owning just one, small money-losing deli in southern New Jersey. Disgraced former stockbroker James Patten also admitted on Wednesday in Camden, New Jersey, federal court to conspiring […]
Reported by Reuters French prosecutors have opened an investigation into alleged “aggravated money laundering” related to transfers made by a Cypriot brokerage firm that worked with BNP Paribas’ custodian unit, French daily Le Monde reported on Tuesday. The preliminary probe is focused on transfers worth several hundreds of millions of euros and dollars made by […]
Reported by Patricia A. Pileggi , Brittany H. Sokoloff , William P. Ziegelmueller Of ArentFox Schiff LLP On November 20, 2023, the Northern District of California denied summary judgment for the defendant in SEC v. Panuwat, an enforcement action being brought under a novel theory of insider trading law that is being referred to as […]
Reported by Joanna Stern Thieves are stealing iPhones, passcodes and thousands of dollars from their victims’ bank accounts. WSJ’s Joanna Stern sat down with a convicted thief in a high-security prison to find how—and how you can protect yourself. Watch full video: https://www.wsj.com/video/series/joanna-stern-personal-technology/an-iphone-thief-explains-how-he-steals-your-passcode-and-bank-account/C37B4009-E548-4459-8D0A-22B7400C3FEA
Reported by Erin Griffith After Manish Lachwani founded the Silicon Valley software start-up HeadSpin in 2015, he inflated the company’s revenue numbers by nearly fourfold and falsely claimed that firms including Apple and American Express were customers. He showed a profit where there were losses. He used HeadSpin’s cash to make risky trades on tech stocks. And […]
Reported by KATE KNIBBS This was a year for unwieldy, searching, big-swing books. Doorstoppers and sagas rose to the moment, providing insight into an increasingly inscrutable world even when they couldn’t provide comfort. As always, this is an idiosyncratic, incomplete, and subjective list, the result of one person’s avid but disorganized reading schedule. But these […]
Financial Crime News Briefs 