Reported by Jesus Jiménez In her role as an operations manager at an Amazon warehouse in Georgia, Kayricka Wortham had the authority to approve new vendors and their invoices. But during her time there, federal prosecutors said, she used that power in another endeavor: Running a scheme by which $9.4 million was stolen from the […]
Reported by Keith Blackman In the span of 24 hours, the Securities and Exchange Commission opened fire against two cryptocurrency giants. On June 5, it fileda wide-ranging, 13-count complaint against Binance—the world’s largest cryptocurrency exchange—along with its founder Changpeng Zhao. The SEC alleged that Binance failed to register as a securities exchange, conducted unregistered securities offerings, […]
Reported by André Beganski Anti-money laundering (AML) rules are not a panacea for dealing with tax cheats and criminals who try to cover their tracks with crypto—but they’re a logical place to start, according to a paper published by the International Monetary Fund (IMF) on Wednesday. The paper was authored by members of the IMF’s Fiscal Affairs […]
Reported by finews.com There has been a turn of events in the case which would have seen the first Swiss company to be held accountable in court. The ex-CEO of Falcon Private Bank and the bank were acquitted in a ruling issued Monday, according to «AWP». The Appeals Chamber stated that it was not possible to […]
Reported by Benjamin Chou, President, Personable Traditional methods of investigating financial fraud rely on manual verification and human analysis. Unfortunately, these methods often fall short when dealing with today’s increasingly complex and sophisticated fraud schemes. These shortcomings make it imperative to explore the transformative potential of artificial intelligence and machine learning for revolutionizing financial fraud […]
Reported by Harry Cassin The trustee for bankrupt crypto giant FTX Group filed a civil complaint last week against former FTX general counsel and chief compliance officer Daniel Friedberg, alleging he acted as a “fixer” who helped divert billions to FTX insiders, paid off whistleblowers and their lawyers, and collected a $3 million bonus and […]
Reported by Michael Wines The former speaker of the Ohio House of Representatives was given the maximum 20-year prison sentence on Thursday for his central role in what prosecutors said was perhaps the biggest public corruption scandal in the state’s history. The former speaker, Larry L. Householder, was convicted in March of racketeering and bribery […]
Reported by Pedro Solimano Crypto exchange Kraken must provide a wide variety of information about its users to the Internal Revenue Service (IRS), according to a ruling in theU.S. District Court of Northern California yesterday. According to a Friday court filing, the company will need to produce full documentation for any Kraken user that bought, sold, or traded […]
Reported by Valentine Hilaire Panama expects international financial-crime watchdog FATF to remove it this October from a watch list for nations deemed to be doing too little to fight money laundering, the country’s deputy finance minister said, adding that other intergovernmental groups might follow suit. The Central American nation urgently needs to exit the watch […]
Reported by John Yoon A California man was sentenced on Monday to more than six years in prison for running an $8.75 million Ponzi scheme that hinged on a nonexistent factory that was supposed to create green energy out of cow manure, federal prosecutors said. For five years, Raymond Holcomb Brewer falsely claimed to be […]
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