Reported by Crystal Kim, author of Axios Crypto A jury found Avraham “Avi” Eisenberg guilty on all three counts of fraud and manipulation in a $110 million crypto trade scheme using the Mango Markets platform. Why it matters: The case was the first known test for a jury to decide whether existing U.S. laws governing fraud and […]
Reported by Chris Prentice The U.S. Securities and Exchange Commission is scrutinizing whether investment advisers and other firms have strong enough policies to ensure nonpublic information is not misused to gain an illegal edge in trading, a top official told Reuters. The SEC is looking to crack down on ineffective policies and procedures as part […]
Reported by Adam Liptak The Supreme Court seemed ready on Monday to limit the reach of a federal statute that makes it a crime for state and local officials, along with institutions that receive federal money, to accept gifts and payments meant to influence or reward their actions. In a lively argument studded with hypothetical questions about […]
Reported by ASSOCIATED PRESS A former shoemaker pleaded guilty Tuesday to allegations that he ran an illegal gambling operation for the Mafia out of his shop in Brooklyn. Salvatore Rubino, also known as “Sal the Shoemaker,” admitted in court to running card games and operating illegal gambling machines inside his former shoe repair business and […]
Reported by William Bredderman The six-figure gig Sen. Bob Menendez’s wife landed with an Egypt-linked COVID-19 lab, and the millions of dollars of testing business it did in their home state of New Jersey, were “a direct outgrowth” of the sprawling international bribery scheme engulfing the pair, according to court filings by the Department of Justice—filings that […]
Reported by Alistair Gray and Richard Milne Denmark’s tax authority accused trader Sanjay Shah’s hedge fund of masterminding a “meticulously pre-planned” tax fraud on Monday, at the opening of a trial described by an English judge as one of the most complex to hit London’s courts. Lawyers acting for the Danish Customs and Tax Administration (Skat) told […]
Reported by FinCEN WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards. The Notice provides an overview of typologies associated with U.S. passport card […]
Reported by Efe Bravo The Nigerian government is currently working with Interpol and Kenyan authorities to extradite Nadeem Arjarwalla, a Binance executive who was found in Kenya after escaping custody in Nigeria. This operation aims to have Arjarwalla answer charges related to allegations of financial misconduct. Arjarwalla, who initially arrived in Nigeria in February, faced accusations that the cryptocurrency exchange he represented was involved in […]
Reported by Craig Silverman and Peter Elkind Federal authorities are investigating the involvement of Chinese organized crime rings in gift card fraud schemes that have stolen hundreds of millions of dollars or more from American consumers. The U.S. Department of Homeland Security has launched a task force, whose existence has not previously been reported, to combat a […]
Reported by DAVID PLOTINSKY and GIOVANNA M. CINELLI In the absence of overarching regulation in the United States, AI is currently governed by a mix of the federal government, state governments, industry itself, and the courts. These tools, however, are limited and have challenges of their own, including possible conflicts of interest in the case […]
Financial Crime News Briefs 