Reported by Katherine Doherty and Edward Ludlow Nasdaq Inc. is throwing its weight behind technology that protects against financial crime as the demand to stop sophisticated, bad actors rises, according to Chief Executive Officer Adena Friedman. “We are investing in the technology in a very significant way,” Friedman said Wednesday at the Consumer Technology Associationconference in Las […]
Reported by Jim Wyss In the tropical paradise of Saint Kitts and Nevis, it isn’t the visitors to its golden shores and pristine beaches who sustain the economy. It’s those buying its navy blue passports. For as little as $100,000,foreigners can secure citizenship in certain Caribbean nations that promise tax breaks and visa-free travel to Europe. In […]
Reported by CHRIS MORRIS The Washington Consumer Protection Coalition, a consumer action group, is accusing Starbucks of exploiting customers via its gift card and app payments, forcing them to enter a spending cycle where they will never be able to fully spend the remaining balance of prepaid amounts. “Starbucks rigs its payment platform so consumers […]
Reported by The Economist Brazilians have long been early adopters of fintech. In 2017, EY, an accounting firm, found that two-fifths of Brazilians regularly used online banking, one of the highest rates worldwide. In 2020 44% of customers had a digital-only account, compared with less than 20% in the United States and Canada, according to […]
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 […]
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 […]
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
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 […]
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 […]
Reported by the Commodity Futures Trading Commission The Commodity Futures Trading Commission today issued an order simultaneously filing and settling misappropriation-based fraud charges against Freepoint Commodities LLC, a commodities merchant in Stamford, Connecticut. The fraudulent and deceptive conduct spanned from 2012 to 2018 and involved unlawful misconduct designed to obtain material non-public information from a […]
Financial Crime News Briefs 