Reported by KATYA SCHWENK (Summary version featured below) The recent wildfires in Los Angeles, the most destructive in the city’s history, have devastated thousands of homes and displaced over 100,000 residents. While natural factors like high winds and prolonged drought played a role, unchecked urban development in high-risk wildfire zones significantly exacerbated the disaster. Despite […]

Reported by James Reddick A California man has sued three banks for alleged “willful blindness” in allowing criminals to open accounts used to steal nearly $1 million from him in a cryptocurrency investment scam.   According to his attorneys, the plaintiff, Ken Liem, was approached by a man on LinkedIn in June 2023 about opportunities to […]

Reported by ERIK UEBELACKER Federal prosecutors for the Department of Justice asked the Second Circuit on Wednesday to reinstate the convictions of a former Fox media executive and an Argentine-based sports marketing group, who were found guilty at trial in 2023 of a sprawling bribery scheme involving international soccer. Hernan Lopez, the former CEO of […]

Reported by Jacques Semmelman In the aftermath of the overthrow of the Assad government on December 8, 2024, the United States has eased (but has not lifted) its longstanding economic sanctions program against Syria.  On January 6, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued Syria General License 24 (“GL24“), titled “Authorizing Transactions with […]

Reported by ERR Under an agreement signed on Tuesday, the United States will allocate $50 million (€48.2 million) to Estonia from the fine imposed on Danske Bank for money laundering. The funds from the fine will be directed toward strengthening the prevention, detection and investigation of financial crimes, including money laundering, cybercrime and the financing […]

Reported by Patricia Cohen (Summary version featured below.) The article examines the effectiveness of sanctions imposed on Russia following its invasion of Ukraine in 2022, particularly as President-elect Donald J. Trump prepares to take office. Despite the extensive scope of these sanctions, which have targeted Russian banks, businesses, and individuals, questions persist about their impact […]

Reported by Hindenburg Research Hindenburg Research’s report on Carvana, titled “Carvana: A Father-Son Accounting Grift For The Ages,” raises serious concerns about the company’s financial practices and insider activities. The report alleges that Carvana’s recent financial improvements are superficial, driven by accounting manipulations and lax underwriting standards, rather than genuine business growth. This facade has […]

Reported by Derek Brown, Utah Attorney General The Utah Department of Commerce’s Division of Consumer Protections, represented by the Utah Attorney General’s Office, announced today the release of previously redacted information related to its most recent complaint filed against TikTok Inc. (TikTok). The previously redacted allegations include details from TikTok’s internal investigation, what the company […]

Reported by White and Case LLP The linked article provides an overview of the U.S. Securities and Exchange Commission’s (SEC) enforcement efforts in 2024, highlighting its activities under outgoing Chair Gary Gensler. Enforcement actions dropped 26% from the previous year, with 583 cases filed. However, financial penalties reached a record $8.2 billion, largely due to […]

Reported by Ron Shevlin The New Director Should Remake the CFPB The bureau—which one industry insider (who, not surprisingly, prefers to go unnamed) calls the Center For Punishing Banks—needs a complete overhaul. The root of the CFPB’s ineffectiveness is that it believes that the way to fix the banking industry’s problems is to regulate. To […]