Ex-CEO of social media startup admits duping investors by claiming company had ‘Shark Tank’ backing
Lukas I. Alpert, 22 July 2021
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 Shopify wanted to buy the company.
Glen Zinszer, 51, of Liverpool, N.Y., also admitted he had instructed employees of his now-defunct company, Brazzlebox, to create fake user accounts, including for several high-profile people, to make it look to investors like the platform was performing better than it was, federal prosecutors said. Continue reading “Article: Ex-CEO of social media startup admits duping investors by claiming company had ‘Shark Tank’ backing”
View: Is Brussels taking dirty money seriously?
Andreas Dehio and Dr Kerstin Wilhelm, 22 July 2021
Preventing and combating money laundering and terrorist financing has been on the EU’s agenda for more than 30 years. The legal and regulatory framework has been strengthened steadily. But now the European Commission has taken an ambitious step towards beating financial crime by overhauling the current EU anti-money laundering and countering terrorism financing rules.
The legislative proposals that were presented on 20 July will allow the EU to close any loopholes in the current rules where member states apply them differently, and bolster enforcement of the existing framework. Continue reading “Article: View: Is Brussels taking dirty money seriously?”
The Future Of Wall Street: Fintech 50 2021
JAMES ALBERT, 22 July 2021
Even before the Coronavirus pandemic closed bank branches and emptied Wall Street’s once-boisterous trading floors, the digitization of all things finance was well underway. Stock markets trade almost entirely electronically and many of Wall Street’s most valuable companies now provide data, technology and software to the big banks, private equity firms and hedge funds that execute the day’s big trades. Covid only accelerated the push for firms to digitize their businesses and handle an increasingly distributed workforce.
Behavox, founded by former Goldman Sachs stock analyst and hedge fund portfolio manager Erkin Adylov, has become the go-to solution for banks, hedge funds and PE firms looking to maintain control over their data as their workers trade and communicate digitally. Founded seven years ago by Kyrgyzstan-born Adylov, Behavox’s natural language processing algorithms and data lakes track and store email and voice communications for large banks and hedge funds, helping to protect against issues like market manipulation, insider trading and the stealing of intellectual property. Continue reading “Article: The Future Of Wall Street: Fintech 50 2021”
UK puts Malta on high-risk list for money laundering, terrorist financing
Time of Malta, 22 July 2021
The UK has placed Malta among the list of high-risk countries for money laundering and terrorist financing.
In regulations that came into force on July 13, the UK removed Ghana from its previous list and added, Malta, Haiti, the Philippines and South Sudan.
The other countries currently on the list are: Albania, Barbados, Botswana, Burkina Faso, Cambodia, Cayman Islands, Democratic People’s Republic of Korea, Iran, Jamaica, Mauritius, Morocco, Myanmar, Nicaragua, Pakistan, Panama, Senegal, Syria, Uganda, Yemen, and Zimbabwe. Continue reading “Article: UK puts Malta on high-risk list for money laundering, terrorist financing”
EU Wants To Ban Anonymous Crypto Wallets In An Effort To Counter Money Laundering And Terrorism
Samyuktha Sriram, 21 July 2021
The European Union (EU) has proposed banning anonymous cryptocurrency wallets as part of a new set of amendments to counter money laundering and terrorism.
What Happened: One of the four legislative proposals introduced on Tuesday proposed a revision of the 2015 regulation on the transfer of funds to trace crypto assets.
“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing,” said the Commission in a statement. Continue reading “Article: EU Wants To Ban Anonymous Crypto Wallets In An Effort To Counter Money Laundering And Terrorism”
The playboy trader, the nickel scheme and Singapore’s banks
CHRIS WRIGHT, 21 July 2021
Ng Yu Zhi claimed he had a get-rich-quick scheme for the ages. It was so, so easy, he allegedly told investors. He would buy physical nickel from Poseidon, an Australian Securities Exchange-listed company, at a discount; then he would sell it to a buyer at a profit.
Investors would fund the purchases, and would receive handsome rewards from the resulting profits.
The potential returns: how does 15% a quarter sound? Continue reading “Article: The playboy trader, the nickel scheme and Singapore’s banks”
Gold bars and Miami Heat ring seized as feds raid renowned sports gambler
LISA J. HURIASH, 21 July 2021
Federal agents raided the home of a internationally known sports gambler in Plantation, seizing almost $4.3 million in cash, 61 gold bars, five luxury cars and a Miami Heat championship ring, according to federal court documents.
No criminal charges have been filed in the case of Clarence “Gary” Austin, the former husband of Costa Rican supermodel Lynda Diaz.
According to documents filed in federal court, “Austin’s illegal Internet gambling enterprise has produced in excess of $34 million in illegal proceeds during its operation.” Continue reading “Article: Gold bars and Miami Heat ring seized as feds raid renowned sports gambler”
AMC Stock Surges: Is This The Big Squeeze?
BERNARD ZAMBONIN AND DANIEL MARTINS, 21 July 2021
AMC stock (AMC) – Get Report bulls had a day of relief on Tuesday, as they saw the share price soar about 25% after weeks of painful declines. Following positive developments coming from CEO Adam Aron, momentum quickly shifted to the bullish side.
Could this be the beginning of the MOASS – apes’ long-awaited “mother of all short squeezes”?
Good news from the business
Bullishness on Tuesday may have been triggered by CEO Adam Aron. He announced long-term leases on two of the top five theaters in Los Angeles and added that others are coming soon.
The CEO’s statement supports AMC’s optimism about the reopening of the economy and the expected recovery of the business in 2021.
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Robinhood said it expects to pay a $30 million fine as part of anti-money laundering probe of its crypto business
Matthew Fox, 20 July 2021
Robinhood said it expects to pay a $30 million penalty in relation to an anti-money laundering probe of its cryptocurrency business, according to an amended S-1 filed with the SEC on Monday.
The online trading app said that in July of 2020, the New York Department of Financial Services said Robinhood’s crypto unit had a number of “matters requiring attention,” primarily focused on anti-money laundering and cybersecurity-related issues. Continue reading “Article: Robinhood said it expects to pay a $30 million fine as part of anti-money laundering probe of its crypto business”
Ex-South African Leader Zuma Secures Postponement in Graft Case
S’thembile Cele, 20 July 2021
South Africa’s High Court postponed former South African President Jacob Zuma’s trial on corruption, money laundering and racketeering charges until Aug. 10.
Judge Piet Koen agreed to the delay at a hearing in the eastern town of Pietermaritzburg on Tuesday, after Zuma’s lawyer Dali Mpofu argued that his client should be physically present in court. Proceedings have taken place remotely this week due to security concerns linked to a wave of protests in the region. Continue reading “Article: Ex-South African Leader Zuma Secures Postponement in Graft Case”
Rosen Law Announces Updated Lead Plaintiff Deadline in Securities Class Action Lawsuits on Behalf of Investors Unable to Execute Trades and Who Sold and/or Purchased Certain Securities on the Robinhood Trading Platform on or Around January 28, 2021
The Rosen Law Firm PA, 20 July 2021
Rosen Law Firm, a global investor rights law firm, announces the updated July 27, 2021 lead plaintiff deadline in the class action lawsuits filed on behalf of those who were unable to execute trades, sold, and/or purchased certain securities including American Airlines Group Inc. (NASDAQ: AAL), AMC Entertainment Holdings Inc. (NYSE: AMC), BlackBerry Limited (NYSE: BB), Bed Bath & Beyond Inc. (NASDAQ: BBBY), GameStop Corp. (NYSE: GME), Express (NYSE: EXPR), Koss Corporation (NASDAQ: KOSS), Naked Brand Group (NASDAQ: NAKD), Nokia Corporation (NYSE: NOK), Sundial Growers, Inc. (NASDAQ: SNDL), Tootsie Roll Industries (NYSE: TR), and Trivago NV (NASDAQ: TRVG) (collectively, the “Affected Securities”) on the Robinhood Trading Platform on or around January 28, 2021. The lawsuits variously seek to recover damages for those affected by Robinhood’s alleged market manipulation in violation of Sections 9(a) and 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78i(a) and 78(j)(b), and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission (17 C.F.R. § 240.10b-5)). Continue reading “Article: Rosen Law Announces Updated Lead Plaintiff Deadline in Securities Class Action Lawsuits on Behalf of Investors Unable to Execute Trades and Who Sold and/or Purchased Certain Securities on the Robinhood Trading Platform on or Around January 28, 2021”
AMC Stock: The Big Screen News That Has AMC Theaters Gaining Once Again
Brenden Rearick, 20 July 2021
The last month has been pretty rough on AMC Entertainment (NYSE:AMC). The theater chain erased a great deal of its gains over the last few weeks, thanks to slowing momentum in the world of meme stocks. Investors in this highly volatile investing sect have seemingly turned their attention away from large plays like AMC and sent prices tumbling. But now, the company is closing a deal that can bring it some crucial revenue over the next few years; two theaters in the Los Angeles area will become AMC theaters, with the chain signing a years-long lease on the locations. As a result, AMC stock is gaining once again. Continue reading “Article: AMC Stock: The Big Screen News That Has AMC Theaters Gaining Once Again”
In-Depth: Citadel Connect and Dark Pools Uncovered
MTim Fries, 20 July 2021
Before dark pools, institutional investors had to trade in blocks of shares outside trading hours to avoid upsetting the market. Now, the utility found within dark pools is so high that some market makers have embedded them within their operations. There are certainly some benefits here in terms of increased liquidity, but there’s another side of the coin as well.
Throughout 2021, retail traders have uncovered significant short positions held by hedge funds in a number of stocks. Naked short selling is suspected by many retail traders to be involved. At this point, hedge funds have collectively lost $12 billion—so far. Continue reading “Article: In-Depth: Citadel Connect and Dark Pools Uncovered”
Citi, Barclays Beat Sovereign Bond Manipulation Claims on Appeal
Mike Leonard, 19 July 2021
Citigroup Inc., Barclays Plc, and other top banks got a federal appeals court in Manhattan on Monday to uphold their win against antitrust claims over an alleged scheme to rig the multitrillion-dollar market for bonds backed by foreign governments and multinational institutions.
The U.S. Court of Appeals for the Second Circuit affirmed a pair of rulings by Judge Edgardo Ramos, who previously dismissed allegations that the banks manipulated the $9 trillion to $15 trillion market for “supranational, sub-sovereign, and agency” bonds, or SSA bonds.
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Cannabis Banking Is Happening Despite No Official Legislation In Place
J. Samuel, 19 July 2021
There has been an increase of banks and credits unions that have spoken on working with cannabis businesses. In recent times reports have come out about how these financial institutes have remained stable over the last quarter. This updated info has come from published federal data.
Going back from the last 3 quarters of 2020 those states have been falling consistently. This is partially happening because of overhauled reporting requirements from the Financial Crimes Enforcement Network. As well this is also due to the coronavirus pandemic. Yet things seem to have been sustainable over the most recent two quarters. Continue reading “Article: Cannabis Banking Is Happening Despite No Official Legislation In Place”