Monday, July 26, 2021

News

Ex-CEO of social media startup admits to defrauding investors using forged documents

The former chief executive of a social media startup that pitched itself as a Facebook for small businesses has pleaded guilty to swindling investors using forged documents claiming a “Shark Tank” investor was a backer and that e-commerce platform...

Deutsche Bank accused of enabling fraudulent investments scheme

Deutsche Bank AG is accused of turning a blind eye to a years-long Ponzi scheme that involved fraudulent investments in Florida, expanding the growing list of legal and compliance headaches for Chief Executive Officer Christian Sewing. Liquidators of two now-bankrupt Cayman Islands investment...

Former Richardson Mayor and developer husband convicted for bribery and tax evasion

Former Richardson Mayor Laura Maczka, now Laura Jordan, and her developer husband Mark Jordan, were found guilty Friday, July 23 of bribery and tax evasion. The federal jury found them not guilty on conspiracy to commit wire fraud and honest...

FirstEnergy agrees $230m settlement for role in Ohio bribery case

The energy giant at the center of a $60 million bribery scheme in Ohio admitted Thursday to new details of its role in the conspiracy as part of a deal with federal prosecutors, including how it used dark money...

Former Georgia insurance commissioner Jim Beck convicted in $2.5m embezzlement case

It took less than two hours Thursday for jurors to decide that Georgia’s suspended insurance commissioner was indeed a “fraudster” and not an innovator, as they convicted Jim Beck on 37 criminal counts relating to more than $2.5 million...

US DoJ probes commodity trader Freepoint over alleged bribe payments

The U.S. Justice Department is investigating Connecticut-based trading house Freepoint Commodities over whether payments to employees of Brazil’s state-run oil company broke U.S. laws, two sources with knowledge of the matter told Reuters this week. The criminal probe, which is...

El Salvador orders arrest of ex-President Sanchez Ceren in corruption probe

El Salvador has ordered the arrest of former president Salvador Sanchez Ceren and nine top officials from a past administration as part of a money laundering and corruption probe, the Attorney General's office said on Thursday. The office said Sanchez...

Reserve Bank of New Zealand fines TSB $3.85m for money-laundering failures

TSB has agreed to pay $3.85 million in penalties after acknowledging it failed to comply with rules designed to prevent the bank being used for money-laundering. TSB and the Reserve Bank, which polices anti-money laundering (AML) rules, presented the settlement...

Italy probes Lombard International Assurance over allegations of tax evasion, money laundering

Milan prosecutors are investigating Lombard International Assurance (LIA), a Luxembourg-based insurer owned by U.S. fund Blackstone (BX.N), due to allegations of tax evasion and money laundering, two judicial sources said. Newspaper Sole 24 Ore had reported the investigation on Wednesday and...

Westpac accuses Forum and Papas of stealing $340 million through fraudulent transactions

Westpac alleges colourful soccer identity Bill Papas and his company Forum Finance orchestrated more than 100 allegedly fraudulent transactions that siphoned off over $340 million from the bank during a near three-year period. The details of the extent of Mr...

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