Article: Oracle unit partners with Everest to bring blockchain to banks worldwide

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Oracle unit partners with Everest to bring blockchain to banks worldwide

Gertrude Chavez-Dreyfuss, 14 July 2021

NEW YORK (Reuters) – Oracle Financial Services Software Ltd, a unit of Oracle Corp, has teamed up with financial technology provider Everest to bring blockchain to banks worldwide to enhance their product offerings, Everest Chief Executive and co-founder Bob Reid said.

Oracle Financial’s software is used in retail and corporate banking as well as the insurance sector.

Everest, whose blockchain technology enables a wide range of financial services, said it recently worked with the Asian Development Bank on the Central Bank of Samoa’s regulatory compliance platform. Everest is also a licensed custodian of cryptocurrencies. Continue reading “Article: Oracle unit partners with Everest to bring blockchain to banks worldwide”

Article: London Couple’s Cash Trail Led Crime Agency to Azeri Laundromat

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London Couple’s Cash Trail Led Crime Agency to Azeri Laundromat

Jonathan Browning, 14 July 2021

When U.K. authorities began investigating wealth belonging to a politically-connected Azerbaijani family, their suspicions were triggered by a raft of “brass plate” companies that funneled more than double the amount of the couple’s stated income.

Almost 14 million pounds ($19.3 million) was routed into British bank accounts controlled by Suleyman Javadov, the son of a former deputy energy minister, and his wife. Among the 21 companies that moved their wealth was Rovers Production and Tourism Ltd., which chartered a private jet to fly female models to the Spanish party island of Ibiza. Another firm’s accounts were managed by an individual who appeared to be a dentist living in Belgium. Continue reading “Article: London Couple’s Cash Trail Led Crime Agency to Azeri Laundromat”

Article: A financial fairytale: how one man fooled the global elite

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A financial fairytale: how one man fooled the global elite

David Smith , 14 July 2021

The place was Dubai. The star was Tina Turner. “As the American pop legend belted out Simply the Best,” write authors Simon Clark and Will Louch, “guests sipped vintage champagne served from an ice bar that was melting slowly into the Arabian sand on the beach, fire dancers performed and cigar rollers flown in from Cuba handed out their aromatic wares.”

The host of the party was Arif Naqvi, founder of Abraaj, a private equity fund that managed nearly $14bn and had stakes in a hundred companies. Its investors were treated to oratory from Bill Clinton, the former US president, and dinner with Buzz Aldrin, the second man on the moon. Arif’s promise to give capitalism a conscience seduced western governments and billionaire Bill Gates. Continue reading “Article: A financial fairytale: how one man fooled the global elite”

Article: Foreign national paid for private planes that took runaway Texas Democrats to Washington

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Foreign national paid for private planes that took runaway Texas Democrats to Washington

WorldTribune, 14 July 2021

Election integrity would seem to be a bi-partisan joke. Even in Texas.

“If they (Democrats) felt like walking out was representing their districts, I was not going to force them to vote on a piece of legislation that was offensive to their district.”

That’s how freshman Republican House Speaker Dade Phelan responded to questions surrounding the Texas Democrats’ latest attempt to delay passage of a voter integrity bill by flying to Washington D.C., the Corpus Christi Caller Times reports. Continue reading “Article: Foreign national paid for private planes that took runaway Texas Democrats to Washington”

Article: British Police Seize $250 Million Of Cryptocurrency In International Money Laundering Crackdown

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British Police Seize $250 Million Of Cryptocurrency In International Money Laundering Crackdown

Robert Hart, 13 July 2021

British police have confiscated around $250 million worth of cryptocurrency as part of an ongoing money laundering investigation, London’s Metropolitan Police announced Tuesday, marking one of the largest crypto seizures in the world and breaking a record the force set last month.

The seizure, which follows a $160 million crypto haul the force made three weeks ago, is part of an ongoing investigation into international money laundering by the force’s Economic Crime Command. Continue reading “Article: British Police Seize $250 Million Of Cryptocurrency In International Money Laundering Crackdown”

Article: Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says

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Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says

Ethan Wu, 13 July 2021

Allegations of currency-trade manipulation are bubbling up into a potential class-action suit against several big banks, according to a report from the Financial Times.

Two high-powered legal teams are jostling to bring a collective action against the banks in London courts, pursuing a US-style class-action strategy that could lead to huge payouts. Under a 2015 UK law, class-action suits can be pursued if there are suspected violations of competition law in play, according to the FT. Continue reading “Article: Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says”

Article: London Money Laundering Raid Nets Almost $250 Million in Bitcoin

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London Money Laundering Raid Nets Almost $250 Million in Bitcoin

Patricia Claus, 13 July 2021

London’s Metropolitan police seized nearly £180 million ($248,993,100) of bitcoin on Saturday as part of a money laundering investigation.

The seizure, announced on Tuesday, is only the latest in a string of such raids, including the confiscation of £114 million ($157,567,950) of the cryptocurrency last month. Police spokesmen told the press that criminal organizations were using cryptocurrency, including bitcoin, as a way to launder their ill-gotten takings. Continue reading “Article: London Money Laundering Raid Nets Almost $250 Million in Bitcoin”

Article: AMC Stock: Hot Topics On The Planet Of The Apes

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AMC Stock: Hot Topics On The Planet Of The Apes

BERNARD ZAMBONIN AND DANIEL MARTINS, 13 July 2021

Apes have been accumulating some losses lately, as AMC stock (AMC) – Get Report moves progressively lower in July. Share price has dropped by almost 20% drop in the last five days alone, possibly suggesting that short sellers remain firmly positioned against the movie theater stock.

Today, Wall Street Memes presents some of the main topics of discussion among the most fervent apes regarding AMC stock. Continue reading “Article: AMC Stock: Hot Topics On The Planet Of The Apes”

Article: JP Morgan warns hedge funds to expect intraday margin calls

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JP Morgan warns hedge funds to expect intraday margin calls

Nell Mackenzie, 13 July 2021

JP Morgan is warning hedge fund clients that it will demand they post more cash at any time during the day if their trades lose value.

The biggest US bank by assets called clients of its prime brokerage division in the aftermath of the collapse of Archegos Capital Management, according to three people familiar with the matter. JP Morgan told the hedge funds and family offices that they would have to post more collateral on their single-name equity swap positions if they lost value intraday.

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Article: Three Sued Over Blockchain Firm Trading

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Three Sued Over Blockchain Firm Trading

Matthew Heller, 12 July 2021

The controlling shareholder of Long Blockchain has been charged with tipping off his broker about the company’s pivot to blockchain technology before it was publicly announced.

The U.S. Securities and Exchange Commission said Eric Watson, a New Zealand national, engaged in an insider trading scheme with Oliver Barret-Lindsay, his friend and broker, and stock promoter Gannon Giguiere, that allegedly resulted in Giguiere making a profit of $162,500 on Long Blockchain shares.

According to the SEC, Watson tipped off Lindsay in December 2017 that the company formerly known as Long Island Tea would be switching from making iced tea and lemonade to providing blockchain technology and Lindsay passed the tip on Giguiere. Continue reading “Article: Three Sued Over Blockchain Firm Trading”

Article: NAB and CBA exposed over PNG money laundering

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NAB and CBA exposed over PNG money laundering

Angus Grigg, 12 July 2021

The largest lender in the Pacific, BSP Financial Group, has been ordered to remove senior managers following breaches of anti-money laundering laws in Papua New Guinea, putting further pressure on Commonwealth Bank of Australia and National Australia Bank to cut ties with the troubled institution.

BSP, which listed on the ASX in May and trades as the Bank of South Pacific, was found by the PNG regulator to have committed dozens of violations of anti-money laundering laws, running to thousands of individual breaches. Continue reading “Article: NAB and CBA exposed over PNG money laundering”

Article: UK faces severe money laundering threats

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UK faces severe money laundering threats

LLB EDITOR , 12 July 2021

Leading UK RegTech specialist SmartSearch has warned the UK could be left behind in the fight against money laundering and financial fraud, if it fails to coordinate with the new agency being formed by the EU.

It has emerged that the European Commission will launch the Anti-Money Laundering Authority (AMLA) as part of a raft of measures contained in its action plan, set to be revealed on July 20. Continue reading “Article: UK faces severe money laundering threats”

Article: For democracy, it’s a time of swimming against the tide

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For democracy, it’s a time of swimming against the tide

Tim Sullivan, 12 July 2021

The old Nicaraguan revolutionary, with his receding hairline and the goatee that he had finally let turn grey, spoke calmly into the camera as police swarmed toward his house, hidden behind a high wall in a leafy Managua neighborhood. Surveillance drones, he said, were watching overhead.

Decades earlier, Hugo Torres had been a revered guerrilla in the fight against right-wing dictator Anastasio Somoza. In 1974, he’d taken a group of top officials hostage, then traded them for the release of imprisoned comrades. Among those prisoners was Daniel Ortega, a Marxist bank robber who would become Nicaragua’s elected president and later its authoritarian ruler. Continue reading “Article: For democracy, it’s a time of swimming against the tide”

Article: Ten Long Island Residents Charged in Nationwide Identity Fraud Scheme

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Ten Long Island Residents Charged in Nationwide Identity Fraud Scheme

Law Firm Newswire, 12 July 2021

Thirteen people and three corporations were charged on a 108-count indictment in relation to a nationwide synthetic identity fraud scheme that netted over $1 million from financial institutions. Authorities believe the defendants also amassed a credit limit of hundreds of millions of dollars across the United States.

The scam’s alleged mastermind was Adam D. Arena, 43, of Corona, California. He is facing multiple counts of grand larceny and money laundering, among other charges. The other defendants, including ten residents of Suffolk County, Long Island, were charged with grand larceny. Three corporations were charged with money laundering. Continue reading “Article: Ten Long Island Residents Charged in Nationwide Identity Fraud Scheme”

Article: The ‘king of fraud’ who commanded an army of millions

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The ‘king of fraud’ who commanded an army of millions

Joel Khalili, 11 July 2021

Earlier this year, the self-described “king of fraud” stood trial in a federal court in Brooklyn, New York. Aleksandr Zhukov was said to have defrauded the advertising industry of upwards of $7 million dollars, in what has been described as one of the most sophisticated ad fraud campaigns to date.

Although he pled not guilty, unlike his co-conspirators, Zhukov was ultimately convicted of four charges related to wire fraud and money laundering, and now awaits sentencing. Continue reading “Article: The ‘king of fraud’ who commanded an army of millions”

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