Reported by TOM MITCHELHILL A GameStop investor who sued Keith Gill, known as Roaring Kitty, over alleged securities fraud, dropped his lawsuit just three days after filing it. Plaintiff Martin Radev dropped the suit after submitting a voluntary motion to dismiss in the United States District Court for the Eastern District of New York. It […]
Reported by Harry Suhartono Six single family office funds linked to a S$3 billion ($2.2 billion) money laundering case in Singapore have received tax incentives from the Monetary Authority of Singapore. The tax benefits were withdrawn starting from the financial year the owners of these family office funds or their spouses were charged or convicted, […]
Reported by Selena Kuznikov Morgan Freeman shared a note giving thanks to his fans Friday morning, expressing gratitude for users’ efforts calling out unauthorized AI imitations of the actor’s recognizable voice. The celebrated 87-year-old actor has become legend for his narration in films such as “March of the Penguins,” “The Shawshank Redemption” and “Million Dollar Baby.” […]
Reported by Lydia Beyoud Silvergate, the California lender done in by the collapse of crypto exchange FTX, agreed to pay $63 million to settle state and federal probes on Monday. The Federal Reserve announced the penalties against the bank, owned by Silvergate Capital Corp. The Fed portion of the fine is $43 million, and the California Department of Financial Protection […]
Reported by Joe Miller and Stephen Gandel Drug traffickers chose to launder money through Citigroup because they believed the bank was “more favourable”, with less robust fraud controls, according to senior US law enforcement officials. In an indictment unsealed last week, US prosecutors detailed how two California residents, who allegedly worked with the notorious Sinaloa cartel, deposited […]
Reported by Reuters Austrian regulators fined Raiffeisen Bank International (RBIV.VI) for lapses in its money laundering controls, the country’s Financial Market Authority said on Friday, imposing a record fine of just over 2 million euros ($2.1 million). The penalty, the biggest ever to be awarded by regulators in Austria, was handed out after failings were found in […]
Reported by Anna Lamche A Panamanian court has acquitted all 28 people charged with money laundering in connection with the Panama Papers scandal, concluding a trial that began in April. The secret financial documents were leaked in 2016, revealing how some of the world’s richest and most powerful people use tax havens to hide their […]
Reported by Joe Miller in New York and James Kynge In January 2021, US Drug Enforcement Administration agents watched a man drop off a large white bag with “Happy Birthday” written on the side at an office complex in Downey, California. It contained $226,000 in cash. Three months later they witnessed the same man leave a Fruity […]
Reported by Jodi Vittori and Lakshmi Kumar Summary Sovereign wealth funds (SWFs) have existed for more than a century, typically as state-sponsored financial institutions to manage a country’s budgetary surplus, accrue profit, and protect a country’s wealth for future generations. Yet, for economies of the Organisation of Economic Co-operation and Development (OECD), SWFs only burst into public […]
Reported by Dave Michaels It is a safe harbor executives have enjoyed for 25 years to protect against insider-trading charges: commit to sell slices of their portfolio in the future, regardless of market events. The strategy helps company insiders show they aren’t trading on secrets unknown to investors. But jurors on Friday didn’t buy that […]
Financial Crime News Briefs 