Reported by Corinne Ramey and James Fanelli British billionaire Joe Lewis pleaded guilty Wednesday to securities-fraud charges, resolving an insider-trading case in which prosecutors accused him of tipping off pilots, personal assistants and romantic partners about companies in which he invested. The 86-year-old Lewis, whose family owns the English Premier League soccer club Tottenham Hotspur, pleaded guilty to […]
Reported by Jesus Jiménez A pastor in Denver who said that God told him to sell cryptocurrency that could not be cashed is facing civil charges, along with his wife, for marketing a digital coin that prosecutors said was “practically worthless” and using the proceeds to support a “lavish lifestyle.” The pastor, Eligio Regalado, and […]
Reported by GIULIA MORPURGO and BLOOMBERG Moody’s Analytics has found 21 million “red flags” associated with shell companies that could be used to enable financial crimes, from ancient directors to dubious addresses. For instance, more than 2,200 companies have directors aged 123 years and above, despite the fact that the oldest known human lived to […]
Reported by Craig Coben On Friday the US Securities and Exchange Commission charged Morgan Stanley and its former equity syndicate desk head Pawan Passi with fraud in the conduct of block trading business. The SEC’s report describes several damningly flagrant breaches of confidentiality, but one example stands out as the epitome of chutzpah. According to the SEC, […]
Reported by New York Department of Financial Services Superintendent of Financial Services Adrienne A. Harris announced today that Industrial and Commercial Bank of China Ltd. (ICBC) and its New York branch have agreed to pay $30 million in penalties pursuant to a Consent Order entered into with the New York State Department of Financial Services […]
Reported by Siddharth Venkataramakrishnan Increasing sophistication Identifying the scale of AI use by scammers is a difficult task, says Alex West, banking and payments fraud specialist at consultant PwC. He was one of the authors of a report into the impact of AI on fraud and scams last December in collaboration with cross-industry coalition Stop Scams UK. […]
Reported by Jack Boldarin, James Burch, Lucy Frew, Steven Manning, Nicholas Quin, Andy Randall, John Rogers, Nicholas Swartz, and Daniel Wood Following the removal of the Cayman Islands from the Financial Action Task Force’s list of “jurisdictions under increased monitoring” in October 2023, on 12 December 2023, the European Commission adopted the Commission Delegated Regulation […]
Reported by Craig Silverman and Peter Elkind Christy Browne was in a panic. The man on the phone said he was from the FBI. He warned her that drug traffickers had obtained her Social Security number and were using it to launder money. He said the FBI needed money to catch them. “They told me […]
Reported by PAOLO CONFINO JPMorgan Chase CEO Jamie Dimon is done talking about Bitcoin—again. In a CNBC interview from Davos, a visibly amused Dimon declared he was swearing off opining about the crypto currency. When asked about the new Bitcoin ETF the Securities and Exchange Commission approved last week, Dimon interrupted CNBC host Andrew Ross Sorkin, also of The […]
Reported by HELEN PARTZ Major stablecoin firm Tether has responded to a United Nations (UN) report highlighting the alleged involvement of its Tether USDT $1.00 stablecoin in illicit activity. On Jan. 15, the Southeast Asia and the Pacific division of the UN Office for Drugs and Crime (UNODC) issued a report on the use of cryptocurrencies in […]
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