Reported by Albert Torres After the Oct. 7 attacks on Israel by Iran-backed Hamas, the Biden administration proudly touted its retaliatory crackdown on Iran’s oil revenue. Since 2023, however, Iran has made billions of dollars from its oil industry, using U.S. services and evading U.S. sanctions. And it’s not alone. The methods used to avoid detection and […]
Reported by Daniel Flatley and Jack Farchy The US and UK imposed new restrictions on trading Russian aluminum, copper and nickel that will reverberate across global metal markets, in the latest bid to curb President Vladimir Putin’s ability to fund his war machine. The rules prohibit delivery of new supplies from Russia to the London Metal Exchange […]
Reported by U.S. Attorney’s Office, Central District of California LOS ANGELES – A Japanese-language translator was charged today via federal criminal complaint with unlawfully transferring more than $16 million from a Major League Baseball (MLB) player’s bank account – without the player’s knowledge or permission – to pay off his own substantial gambling debts incurred with […]
Reported by CHARLIE CAMPBELL It’s Southeast Asia’s biggest ever fraud, amounting to $12.5 billion and embroiling some of Vietnam’s top bankers and officials. And on Thursday, a Ho Chi Minh City court reached its verdict: a death sentence for Truong My Lan, a highflying 67-year-old businesswoman who began life hawking cosmetics from a market stall […]
Reported by Sridhar Natarajan Morgan Stanley shares fell the most in five months after a report that a cadre of US regulators are scrutinizing the firm’s efforts to prevent potential money laundering by wealthy clients. The Securities and Exchange Commission, the Office of the Comptroller of the Currency and other Treasury Department offices are digging into […]
Reported by Pjotr Sauer Two Russian oligarchs have won a surprise victory against EU sanctions over Moscow’s war against Ukraine but remain under punitive measures for the time being. The European court of justice ruled that the European Council had not presented enough evidence to establish that Petr Aven and Mikhail Fridman were involved in […]
Reported by Kristen E. Larson & Kaley Schafer In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness, compliance with applicable laws, and third party oversight. BaaS refers to arrangements in which banks integrate their […]
Reported by David Wharton and Nathan Fenno For all its complexities, all its twists and turns, the gambling scandal that has engulfed Dodgers star Shohei Ohtani raises a simple question. In this era of DraftKings and FanDuel, when so many people across the nation can place wagers with a few taps on the phone, why would anyone […]
Reported by Darby Sparks A lawsuit against the Bank of Utah alleging they aided in a multimillion dollar Ponzi scheme has added a new name to the list. The suit claims Vice President and Senior Trust Officer Jodi Buckner was directly responsible for aiding Stephen Swensen in his theft by not reporting her suspicions of fraud. A […]
Reported by Chidirim Ndeche Binance’s operation in Africa’s biggest cryptocurrency market is under intense scrutiny, with Nigerian authorities accusing the crypto giant and a host of other exchanges of infractions including currency manipulation and facilitating transfers of illicit funds. With one Binance executive in custody in Nigeria, and a second having fled the country after having been detained, […]
Financial Crime News Briefs 