All articles tagged with #financial scandal
Hugh Croskery, founder of the collapsed SSL investment firm in Jamaica, was seen leaving a police operation related to an investigation into alleged fraud involving over US$30 million and 200 client accounts. Croskery denies involvement, and authorities are conducting coordinated searches at multiple premises, with plans to question him further. This marks the first major law enforcement action in the case in over a year.
In 2021, Singapore-based staff at Chen Zhi's family office discovered millions had been stolen, leading to legal battles and revealing extensive banking operations. Chen, a Chinese-born businessman accused of criminal activities, built a global empire and gained Singaporean tax benefits, but his operations faced scrutiny after internal disputes and asset misappropriation by former executive David Wong. The case highlights the complexities of wealth management and legal challenges faced by high-net-worth individuals involved in criminal allegations.
Fiserv, once a Wall Street fintech darling led by Frank Bisignano, has seen its stock plummet 44% after poor quarterly results and revelations of long-standing problems, raising questions about management under Bisignano, who has since resigned and sold significant shares. The company's reputation and financial stability are now in question as it faces lawsuits and struggles to recover, with new leadership attempting to overhaul its culture and operations.
First Brands has been formally accused of 'massive fraud' by lenders, highlighting a significant financial scandal. The article is behind a paywall, offering various subscription options for full access to Financial Times journalism.
Tom Hayes, a former trader convicted and later acquitted of Libor rigging, has filed a $400 million lawsuit against UBS, alleging the bank maliciously framed him and misled prosecutors to shield its senior management, seeking damages for the destruction of his career and reputation.
Prince Andrew is reportedly in discussions with King Charles about leaving The Royal Lodge amid ongoing scandals, including sexual abuse allegations and recent financial scrutiny linked to his dealings with a businessman involved in pension mis-selling, which has raised questions about his financial situation and future residence.
A Times investigation reveals that JPMorgan had a long and complex relationship with Jeffrey Epstein, enabling his sex-trafficking operation and profiting from him, despite knowing his criminal activities, with the bank now expressing regret for this association.
JPMorgan Chase has agreed to pay $330 million to Malaysia to settle claims related to the 1MDB financial scandal, marking a significant resolution in the ongoing investigation into the fund's misappropriation.
A conservative media-backed financial scheme involving Brant Frost IV's First Liberty Building and Loan, which promoted high-return investment products to fund conservative causes, has collapsed amid allegations of fraud, marking a significant blow to conservative media and its financial ventures.
Monsignor Jamie Gigantiello, a New York City priest, was demoted after an investigation revealed unauthorized financial transfers and mismanagement at his church, following the filming of a controversial Sabrina Carpenter music video. The inquiry uncovered $1.9 million in unauthorized transfers to accounts linked to a former aide of Mayor Eric Adams, prompting the diocese to appoint Bishop Witold Mroziewski as the new administrator. The investigation also led to the removal of a deacon for inappropriate conduct, and federal investigators are now involved.
Former president Donald Trump's Truth Social's stock price has plummeted, with shares of Trump Media & Technology Group (TMTG) falling nearly nine percent in a single day and almost 25 percent in the last five days. Despite major losses and a dubious financial outlook, Trump remains committed to using Truth Social. Analysts have long predicted this outcome, citing a lack of revenue growth and dubbing TMTG shares as "grossly overvalued." The company's financial troubles are compounded by a $23 million insider-trading scheme, allegations of reliance on emergency loans from a Russian-American businessman under criminal investigation, and calls for a congressional investigation into the merger. With TMTG's market capitalization far exceeding its revenues, investors are advised to steer clear of the company.
Chinese authorities have accused Evergrande, one of China's largest real estate developers, of inflating its revenues by $80 billion, marking a significant financial scandal.
Julius Baer, a Swiss private bank, faced a significant setback as its plans to expand in Asia were derailed by a financial scandal involving a former employee. The bank's reputation took a hit as it became embroiled in legal issues and faced scrutiny over its compliance and risk management practices, leading to a decline in its stock value and investor confidence.
Princess Charlene and Prince Albert of Monaco put on a united front for the second day of Saint Devote celebrations amidst a financial scandal involving detailed allegations of extravagant spending and separate bank accounts. The couple, along with their children, participated in the traditional ceremony, attempting to move past the tumultuous week. The scandal, revealed by their former accountant, Claude Palmero, includes claims of Princess Charlene overspending her allowance and Prince Albert maintaining a separate bank account to support his former mistress and love children.
Japanese prosecutors have made their first arrest in a financial scandal involving the ruling party, with former vice-education minister Yoshitaka Ikeda being accused of failing to report cash received from fundraising events. The scandal, which has led to a slump in Prime Minister Fumio Kishida's popularity, involves LDP politicians allegedly failing to report around ¥600m in funds, potentially violating campaign and election laws. Kishida, facing dismal approval ratings, has pledged to strengthen fundraising regulations, but speculation is growing about his future and the potential for an internal power struggle within the LDP.