Reported by Anthony Lin, Senior Legal Editor Here are the key takeaways from the day’s testimony: Former Archegos head trader William Tomita said Hwang lied to Archegos’ biggest counterparties on a March 25, 2021, call. Hwang told the banks that his family office’s core positions were fairly liquid, with average daily volumes in the $2 […]
A bill pending in the Senate would authorize fund companies to delay redemption requests if they suspect the investor is being exploited. Reported by Kenneth Corbin A coalition of prominent financial trade groups is calling on lawmakers to advance legislation that would enable asset managers to intervene when they suspect an elderly client is being […]
Reported by Mustafa Mulla The Nigerian Federal Inland Revenue Service (FIRS) has withdrawn tax allegations against two top Binance executives, Tigran Gambaryan and Nadeem Anjarwalla. However, the charges are now solely directed at Binance, raising questions about the next steps for the cryptocurrency giant. This dismissal of charges follows intense international pressure, including a letter […]
Reported by Robert Lemos, Contributing Writer Over the past two years, researchers at UK-based fraud-defense firm Netcraft used a chatbot based on Open AI’s ChatGPT to respond to scams and convince cybercriminals to part with sensitive information: specifically, banks account numbers at more than 600 financial institutions spanning 73 different countries that are used to […]
Reported by Chanyaporn Chanjaroen and Joyce Koh Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to people familiar with the matter. Private bankers at several institutions are also receiving additional training to […]
Reported by Geoff White Cutting edge technology is fast becoming the handmaiden of organised crime, helping some of the world’s most dangerous crooks to move and hide ill-gotten gains. This situation will only get worse, unless governments and the technology industry can find common ground. As financial digitisation has accelerated, the first stage of the […]
Reported by Rachael Kennedy In 2023 alone, global fraud incurred a staggering cost of $485 billion, as reported by the Nasdaq-Verafin Global Financial Crime Report. This growing challenge is becoming increasingly acute for market participants, particularly with the advent of real-time payments, and can incur significant reputational damage in addition to financial cost. Fraudsters are constantly […]
Reported by Anthony Lin Senior Legal Editor Here are the key takeaways from the testimony: Giselle Tropper, head of capital markets financing at UBS, described how the bank hedged Archegos’ swap orders. Some of this testimony was explanatory for the jury’s benefit. But it also backs up the prosecution’s contention that Hwang knew he could […]
Reported by Nika Shakhnazarova A self-proclaimed “Nigerian scammer” proudly took credit for the failed attempt to auction off Elvis Presley’s iconic Graceland mansion, which left his granddaughter Riley Keough “traumatized,” according to a report. The ownership of the sprawling Memphis property was thrust into doubt earlier this month after a mysterious company named Naussany Investments and Private […]
Reported by Chris Dolmetsch and Bob Van Voris Newly promoted to equities Delta One head at Credit Suisse Group AG in February 2021, Josh Lukeman said he only became familiar with Archegos Capital Management that month. Six weeks later, on March 26, 2021, he got a 7:50 a.m. text message asking him to jump on a call. The subject was […]
