All articles tagged with #forfeiture
The U.S. Department of Justice has filed a civil forfeiture complaint against over $225 million in cryptocurrency linked to laundering proceeds from cryptocurrency investment scams, highlighting ongoing efforts to combat crypto-related fraud and protect victims, with the largest seizure in U.S. Secret Service history.
The U.S. government has seized over $225.3 million in cryptocurrency linked to a large-scale confidence scam, marking the largest such seizure in U.S. history, as part of an investigation into elaborate crypto investment fraud schemes that caused billions in losses globally.
BAFTA has introduced a new rule allowing it to strip future winners of their awards if they are convicted of serious crimes or proven dishonesty, starting in 2025. This decision follows the conviction of former BBC News host Huw Edwards for child pornography offenses. The rule will apply to competitive awards, while honorary awards can already be revoked. BAFTA chair Sara Putt emphasized the complexity of the issue and noted that the criteria will not be applied retrospectively.
A federal judge has ordered former Baltimore City State's Attorney Marilyn Mosby to forfeit her Florida condo after being found guilty of perjury and mortgage fraud. Mosby, who rented out the condo for additional income, must forfeit 90% of the proceeds to the federal government. The judge ruled that Mosby obtained the mortgage through a false gift letter, funneling $5,000 to her husband's account. Her sentencing began Thursday morning.
A federal judge has ordered Sam Bankman-Fried to repay over $11 billion for defrauding customers and investors in his failed crypto exchange FTX, a sum that experts believe will financially incapacitate him for life. Unlike restitution, the money from forfeiture goes to the government, and it's uncertain how much Bankman-Fried is currently worth. The government could pursue him for money and assets indefinitely, and determining compensation for victims could be a lengthy process, as seen in previous white-collar crime cases.
Former BP CEO Bernard Looney will forfeit £32.4 million ($44.9 million) in bonuses and share awards due to "serious misconduct." The decision comes after an internal investigation found that Looney had violated the company's code of conduct.
The U.S. Department of Justice has filed a document stating that the two luxury jets purchased by former FTX CEO Sam Bankman-Fried are subject to forfeiture due to charges brought against him. The government argues that the aircraft were purchased with fraudulent funds, while FTX claims the loans used for the purchases were not documented. Bankman-Fried is currently standing trial for multiple charges related to the fall of FTX, with the prosecution portraying him as deliberately deceiving customers and investors, while his defense argues he is a young entrepreneur whose plans didn't work out.
Two fishermen who cheated in an Ohio fishing tournament by stuffing fish with lead weights and fillets have been sentenced to ten-day jail terms and forfeiture of a $100,000 boat. They also agreed to three-year suspensions of their fishing licenses and must pay a $2,500 fine. Half the fine will be waived if they each make a $1,250 donation to a nonprofit organization that promotes fishing with children. The men were investigated for cheating in a different walleye tournament earlier in the year, but there was not enough evidence to charge them.
Two fishermen who cheated in an Ohio fishing tournament by stuffing fish with lead weights and fillets have been sentenced to ten-day jail terms and forfeiture of a $100,000 boat. They pleaded guilty to cheating and unlawful ownership of wild animals and agreed to three-year suspensions of their fishing licenses. They will also serve a year and a half on probation and pay a $2,500 fine. Half the fine will be waived if they each make a $1,250 donation to a nonprofit organization that promotes fishing with children.
Former NBCUniversal CEO Jeff Shell forfeited $43 million in compensation for 2022 after being fired for cause due to an investigation for "inappropriate conduct" and "sexual harassment" of an employee. He will only receive his accrued but unpaid base salary, vested employee benefits, and reimbursement for any unreimbursed business expenses. Shell's compensation for last year included $2.5 million in base pay and a $7.5 million cash bonus. The forfeited compensation includes unvested stock and option awards valued at $10.8 million and unvested stock awards granted in previous years.
The US Supreme Court is hearing arguments in a case involving a 94-year-old woman whose condominium was seized by Hennepin County for failure to pay property taxes. The case raises questions about the way at least a dozen states handle the sale of homes to pay off overdue taxes. The woman's lawyer argues that keeping the excess from the sale is unconstitutional, while the county argues that it doesn't make a profit and that homeowners have ways to avoid forfeiture. This is the first time the Supreme Court has directly considered whether a property tax forfeiture can be considered a taking under the Constitution.
The SEC is considering the forfeiture of future home games as a punishment for field storming incidents, following a committee formed by Commissioner Greg Sankey to prevent further incidents. The league currently fines schools for field storming, but the committee believes that this is not enough to prevent such incidents. The committee will present their ideas to the other 11 athletic directors before they meet for Spring meetings, but it is unlikely that the forfeiture of games will make it past a talking point.