financial-crime5.085 min read
"UK Bank Standard Chartered Accused of Terrorist Financing"
1 year ago•Source: BBC.com
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2.55 min•1 year ago
"Vietnamese Tycoon Sentenced to Death in Multi-Billion Dollar Fraud Case"
Vietnamese real-estate tycoon Truong My Lan has been sentenced to death for her involvement in a $12.5 billion fraud case, which has raised concerns about corruption and its impact on Vietnam's economy and investment climate. The case is part of a broader anti-corruption campaign led by Communist Party Secretary Nguyen Phu Trong, which has led to the resignation of two Vietnamese presidents and has caused foreign investors to be cautious. The crackdown has affected market sentiment and bureaucratic processes, with the country's benchmark VN-Index experiencing significant fluctuations.
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Hedge fund trader extradited from UAE to Denmark in cum-ex tax fraud case
Financial Times•2 years ago
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CEO Convicted in Transnational Crypto Futures Scheme
Originally Published 2 years ago — by Department of Justice
The former CEO of an investment firm, Peter Kambolin, pleaded guilty to a fraudulent "cherry-picking" scheme in which he misappropriated profitable trades for himself and caused losses to his investors. Kambolin, who marketed his firm as offering algorithmic trading strategies involving futures contracts, engaged in the scheme between January 2019 and November 2021. He allocated profits and losses from futures trades to benefit his own accounts unfairly, while misrepresenting the trading strategies to clients. Kambolin used the scheme's proceeds for personal expenses and transferred funds to foreign bank accounts. He faces a maximum penalty of five years in prison.
"FTX CEO Sam Bankman-Fried Faces Trial for Alleged Massive Fraud"
Originally Published 2 years ago — by Financial Times
Prosecutors have accused Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, of committing "fraud on a massive scale." The allegations against Bankman-Fried, who is known for his involvement in the crypto industry, have not been fully disclosed, but they suggest serious wrongdoing.
Podcaster's Ponzi Scheme: Millions Vanished, SEC Claims
Originally Published 2 years ago — by CNBC
The U.S. Securities and Exchange Commission (SEC) has accused an Ohio podcast host, Matt Motil, of running an $11 million Ponzi scheme that defrauded over 50 investors. Motil, who presented himself as the "Cash Flow King," promised to teach investors how to succeed in real estate investing but allegedly used false claims and forged documents to deceive them. The SEC alleges that Motil issued "promissory notes" collateralized by property, misleading investors about their seniority. He targeted a diverse range of investors and profited from the scheme with his wife. Motil filed for bankruptcy but has evaded the SEC's subpoenas. This case highlights the increased scrutiny of smaller-scale scammers by federal regulators.
Switzerland Takes Action Against Money Laundering with New Laws
Originally Published 2 years ago — by Financial Times
Switzerland has announced new measures to combat money laundering, including stricter regulations and increased financial transparency. The move comes as part of the country's efforts to strengthen its reputation as a global financial center and address concerns about illicit financial activities.
"Amazon Manager Receives 16-Year Sentence for $10M Theft"
Originally Published 2 years ago — by MarketWatch
Former Amazon operations manager, Kayricka Wortham, has been sentenced to 16 years in federal prison for leading a phony-invoice scam that cost the company nearly $10 million. Wortham directed the stolen cash into accounts she and her co-conspirators controlled, using it to purchase luxury vehicles and a million-dollar home.