Reported by: KELLY PHILLIPS ERB Have you ever been on the receiving end of an aggressive sales call? Each year, thousands of people fall victim to so-called boiler room schemes. The US Securities and Exchange Commission defines boiler room schemes as large-scale operations designed to lure in as many people into an investment scam as […]
Reported by: Sam Tobin The former chief executive of an Austrian bank who faces charges in the United States in relation to a bribery and money laundering conspiracy involving Brazilian construction company Odebrecht asked a London court on Wednesday to refuse to extradite him. Peter Weinzierl – former chief executive of Meinl Bank, later renamed […]
Reported by: Joshua Fineman 98-year old billionaire Charlie Munger, a long time critic of crypto, called digital currencies a combination of delusion and fraud in the wake of the blowup of exchange FTX. “You are seeing a lot of delusion,” Munger, vice chairman of Berkshire Hathaway (NYSE:BRK.B), said in a CNBC interview.“Partly fraud and partly delusion. That’s […]
Reported by: Anna Baydakova Alex Bornyakov, deputy minister of digital transformation of Ukraine, took to Twitter Monday night to officially deny a conspiracy theory around the country’s crypto fundraising effort. “A fundraising crypto foundation @_AidForUkraine used @FTX_Official to convert crypto donations into fiat in March. Ukraine’s gov never invested any funds into FTX. The whole […]
Reported by: KATANGA JOHNSON The Bahamian police said they’re working with the Bahamas Securities Commission to investigate whether there was any criminal misconduct in the collapse of the crypto exchange FTX. “In light of the collapse of FTX globally and the provisional liquidation of FTX Digital Markets Ltd., a team of financial investigators from the […]
Reported by: STEVE MOLLMAN The FTX downfall is not so much a Lehman moment as an Enron one. So says former Treasury Secretary Larry Summers about the once-heralded cryptocurrency exchange that todaydeclared bankruptcy and announced the resignation of founder and CEO Sam Bankman-Fried after a sudden and dramatic collapse this week. “A lot of people have […]
Reported by: MATTHEW KARNITSCHNIG Iran is preparing to hand the Kremlin the blueprints for its most effective weapon against the West: the underground financial network it relies on to evade sanctions. While American sanctions have taken a toll on Iran’s economic output, Tehran’s shadow financial network has ensured the economy continues to fire, if not […]
Reported by: Dave Michaels A top technology executive at the healthcare company Viatris Inc. was charged with sharing illicit stock tips that netted millions of dollars for a friend who traded on them, according to the Justice Department. Ramkumar Rayapureddy, the global chief information officer at Viatris, shared undisclosed information about a regulatory drug approval, his employer’s financial […]
Reported by: Lydia Beyoud, Yueqi Yang, and Olga Kharif US regulators are investigating whether beleaguered crypto-exchange FTX.com mishandled customer funds, and they’re looking into the firm’s relationships with other parts of Sam Bankman-Fried’s crypto empire. The inquiries by the Securities and Exchange Commission and the Commodity Futures Trading Commission relate to the liquidity crisis that […]
Reported by: Donal Griffin, Amelia Pollard and Nishant Kumar Over almost three decades in the City of London, the aggressive trading strategies of Glen Point Capital co-founder Neil Phillips made him few friends even as they burnished his reputation as a hard-charging trader. Those sharp elbows have now drawn the attention of the US Department […]
Financial Crime News Briefs 