Written by FinCrime

Fort Worth Company Accused of Selling $191 Million of Fraudulent Cattle Contracts in Ponzi Scheme

Reported by SETH MOREHEAD Fort Worth-based Agridime LLC has been put into receivership by a successful complaint from the Securities and Exchange Commission (SEC). The SEC obtained a temporary restraining order, an asset freeze, the appointment of a receiver, and other emergency relief against Agridime on December 14, alleging an ongoing $191 million Ponzi scheme raised from more than 2,100 investors in […]

Written by FinCrime

Man pleads guilty in stock fraud case involving $100 million New Jersey deli

Reported by Dan Mangan A North Carolina ex-convict pleaded guilty to securities fraud in connection with conspiring to manipulate the stock of a company that once had a market capitalization of as high as $100 million despite owning just one, small money-losing deli in southern New Jersey. Disgraced former stockbroker James Patten also admitted on Wednesday in Camden, New Jersey, federal court to conspiring […]

Written by FinCrime

BNP Paribas caught up in French money laundering investigation – Le Monde

Reported by Reuters French prosecutors have opened an investigation into alleged “aggravated money laundering” related to transfers made by a Cypriot brokerage firm that worked with BNP Paribas’ custodian unit, French daily Le Monde reported on Tuesday. The preliminary probe is focused on transfers worth several hundreds of millions of euros and dollars made by […]

Written by FinCrime

An iPhone Thief Explains How He Steals Your Passcode and Bank Account

Reported by Joanna Stern Thieves are stealing iPhones, passcodes and thousands of dollars from their victims’ bank accounts. WSJ’s Joanna Stern sat down with a convicted thief in a high-security prison to find how—and how you can protect yourself. Watch full video: https://www.wsj.com/video/series/joanna-stern-personal-technology/an-iphone-thief-explains-how-he-steals-your-passcode-and-bank-account/C37B4009-E548-4459-8D0A-22B7400C3FEA

Written by FinCrime

No Oversight: Inside a Boom-Time Start-Up Fraud and Its Unraveling

Reported by Erin Griffith After Manish Lachwani founded the Silicon Valley software start-up HeadSpin in 2015, he inflated the company’s revenue numbers by nearly fourfold and falsely claimed that firms including Apple and American Express were customers. He showed a profit where there were losses. He used HeadSpin’s cash to make risky trades on tech stocks. And […]

Written by FinCrime

The 16 Best Books of 2023

Reported by KATE KNIBBS This was a year for unwieldy, searching, big-swing books. Doorstoppers and sagas rose to the moment, providing insight into an increasingly inscrutable world even when they couldn’t provide comfort. As always, this is an idiosyncratic, incomplete, and subjective list, the result of one person’s avid but disorganized reading schedule. But these […]

Written by FinCrime

SEC allegedly concerned about money laundering via in-kind creates in a spot BTC ETF

Reported by Lockridge Okoth Amid ongoing spot Bitcoin exchange-traded funds (ETFs) race, the US Securities and Exchange Commission (SEC) has been engaging with the institutional players in the race for approvals. By and large, the plain message has reportedly been that the ETFs do cash creates or wait, according to ETF specialist with Bloomberg Intelligence, […]

Written by FinCrime

Accused Hezbollah financier Nazem Ahmad’s ‘right-hand man’ extradited to US

Reported by Tariq Tahir An accountant alleged to have acted as right-hand man to accused Hezbollah financier Nazem Ahmad has been extradited to the US. Sundar Nagarajan, 56, was arrested in London at the behest of the American authorities this year on suspicion of fraud and money-laundering offences. The Indian citizen was detained by the Met Police’s National Extradition […]