Article: Why Crime Could Kill Crypto

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Why Crime Could Kill Crypto

Justin Lahart and Telis Demos, 18 June 2021

The strongest argument against cryptocurrencies used to be that they had yet to show they were much good for anything. Now the strongest argument against them may be that they have become far too good at one thing: enabling crime.

Not long after the first of the private digital currencies, bitcoin, launched in 2009, crooks recognized its appeal. While law enforcement is proving increasingly adept at tracking bitcoin transactions and at times seizing ill-gotten money, the ability to make digital payments without financial intermediaries has facilitated activities such as the selling of illegal goods and services online and money laundering. In a 2019 paper, researchers Sean Foley, Jonathan Karlsen and Tālis Putniņš estimated that 46% of bitcoin transactions conducted between January 2009 and April 2017 were for illegal activity. Continue reading “Article: Why Crime Could Kill Crypto”

Article: Stop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion

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Stop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion

GILES KYSER , 18 June 2021

The U.S. public health system is part of our country’s center of gravity: a critical sustaining element of our society and a comparative advantage that sets us apart from—and supports—other parts of the world. But our system is not without its challenges. We witnessed during the COVID-19 pandemic how a vulnerable healthcare system exposes our communities to a cascading set of problems, highlighting just how important it is to strengthen our public health infrastructure. Continue reading “Article: Stop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion”

Article: Pharr Family Pharmacy owner, six others indicted in $110 million health care fraud scheme

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Pharr Family Pharmacy owner, six others indicted in $110 million health care fraud scheme

KRGV Digital, 18 June 2021

A compound pharmacy owner, three marketers, a referring physician and two clinic office staff members were charged for their alleged role in a multimillion-dollar health care fraud and kickback scheme Friday.

Among those charged was John Ageudo Rodriguez, 51, owner of Pharr Family Pharmacy; Mohammad Imtiaz Chowdhury, 40, his father – Dr. Tajul Shams Chowdhury, 71, – and Alex Flores Jr., 51, all of McAllen; Hector DeLaCruz, Jr., 50, of Edinburg; Araceli Gaona, 35, of Mission; and Erika Hernandez Salinas, 38, of Donna, were also charged in the indictment. Continue reading “Article: Pharr Family Pharmacy owner, six others indicted in $110 million health care fraud scheme”

Article: The real cost of money laundering is not only monetary

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The real cost of money laundering is not only monetary

David Lindsay, 18 June 2021

Money laundering can often be seen as a somewhat nebulous, victimless crime that doesn’t affect the everyday person. But Financial Intelligence Analysis Unit Guidance and Outreach Manager Dr Clara Borg Bonaci tells David Lindsay about how money laundering not only deprives government coffers of funds that could be used for the betterment of society, it also feeds serious predicate crimes such as the trafficking of drugs and arms, human smuggling and child sexual exploitation – ‘horribly destructive crimes that have an immense social cost’

Money laundering is often seen as a victimless crime that doesn’t necessarily affect the average person on the street. What are the ramifications of such practices on a wider scale? What are the hidden predicate crimes and what are their effects on the economy at large?

The truth is that the fight against money laundering and the funding of terrorism can be highly regulatory and involves the implementation of numerous laws, which makes it easier for us, and the entities we supervise, to sometimes forget or be disconnected from why we are actually doing it.

In its simplest form, money laundering is the process of placing funds that have been generated illegally into the financial system in such a way that they are disconnected from the criminal activity, so that even the identity of the person who conducted that crime is obfuscated and the funds cannot be immediately connected to the person or the crime.

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Article: Douglas Todd: Sam Cooper’s exposé of corruption in Canada tops bestseller list

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Douglas Todd: Sam Cooper’s exposé of corruption in Canada tops bestseller list

Douglas Todd, 18 June 2021

It’s not every day a reporter who has worked for The Vancouver Sun and The Province writes a book that hits No. 1 in sales on Amazon.ca and continues to hover near the top.

But that is what dogged journalist Sam Cooper has achieved with his thrilling and deeply disturbing exposé of what he rightly calls the “mind-blowing” connections among organized crime, casinos, the Chinese Communist Party, real estate, money laundering, offshore billionaires and Canadian politicians. Continue reading “Article: Douglas Todd: Sam Cooper’s exposé of corruption in Canada tops bestseller list”

Article: Kailua man receives over 24 years in prison for drug trafficking and money laundering

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Kailua man receives over 24 years in prison for drug trafficking and money laundering

Department of Justice, 17 June 2021

HONOLULU – United States District Judge Derrick K. Watson sentenced Justin K. Wilcox, aka Justin Kaanoi, aka Ali’i, 39, of Kailua, Hawaii, today to concurrent imprisonment terms of 295 months and 240 months for his roles in conspiracies to distribute methamphetamine and cocaine and commit money laundering, respectively. Wilcox previously pled guilty on August 5, 2019, to conspiracy to distribute and possess, with intent to distribute, 50 grams or more of methamphetamine and 500 grams or more of cocaine and conspiracy to commit money laundering. Wilcox also received with five- and three-year concurrent terms of supervised release to follow imprisonment.

Judith A. Philips, Acting U.S. Attorney for the District of Hawaii, stated that according to court documents and information presented in court, Wilcox was the Oahu leader and organizer of the drug conspiracy which operated in Hawaii and involved more than five members with drugs supplied by a Las Vegas, Nevada source. The sentencing court found Wilcox responsible for the possession and distribution of 3,880 grams of pure methamphetamine, or “ice,” and 1,393 grams of cocaine. Continue reading “Article: Kailua man receives over 24 years in prison for drug trafficking and money laundering”

Article: Senate Agriculture Committee to Hold Hearing on Potential Cattle Market Manipulation

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Senate Agriculture Committee to Hold Hearing on Potential Cattle Market Manipulation

Jody Heemstra, 17 June 2021

The Senate Agriculture Committee has agreed to hold a hearing June 23, 2021, to examine the cattle market, including potential manipulation by meatpackers.

“South Dakota cattle producers are some of the hardest working people I know, and they have faced significant hardships that are jeopardizing their ability to stay in business,” said South Dakota Senator and longtime Senate Ag Committee member John Thune. “I’m glad to see that the Senate Agriculture Committee agreed to my request and is holding a hearing on this important issue next week. We need to hold the highly concentrated meatpacking industry accountable to both the producers who supply them and the consumers who depend on them, and this hearing marks significant progress. While this hearing is a step in the right direction, Justice Department leaders shouldn’t take their foot of the gas. They should continue their investigation, and I will continue urging the Senate Judiciary Committee to hold a hearing as soon as possible, too.” Continue reading “Article: Senate Agriculture Committee to Hold Hearing on Potential Cattle Market Manipulation”

Article: China’s Price Controls Won’t Crash a Booming Metals Market

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China’s Price Controls Won’t Crash a Booming Metals Market

David Fickling, 17 June 2021

China’s government is on a campaign to rein in prices for industrial metals. If it wants the plan to work, it needs to address the cause, not the symptoms.

State-owned companies have been ordered to control their risks and limit exposure to overseas commodities markets, people with knowledge of the matter told Bloomberg News this week. Government stockpiles of copper, aluminum and zinc will also soon be released to fabricators and manufacturers, a measure that could be expected to reduce prices. Continue reading “Article: China’s Price Controls Won’t Crash a Booming Metals Market”

Article: Seniors Lost $1 Billion to Cybercrime in 2020: FBI

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Seniors Lost $1 Billion to Cybercrime in 2020: FBI

Nancy Bilyeau, 17 June 2021

People over 60 were the special targets of COVID-19-related Internet schemes and financial fraud in 2020, with 28 percent of the total fraud losses sustained by seniors, according to the FBI.

These Internet fraud schemes reaped approximately $1 billion in losses purely from seniors in 2020, the FBI said in a report released Tuesday.

“This represents an increase of approximately $300 million in losses reported in 2020 versus what was reported by victims over 60 in 2019,” said the report. Continue reading “Article: Seniors Lost $1 Billion to Cybercrime in 2020: FBI”

Article: Itau (ITUB) and Other Global Banks Sued for Rate Rigging

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Itau (ITUB) and Other Global Banks Sued for Rate Rigging

Zacks Equity Research , 17 June 2021

Major banks might need to pump up their legal reserves, as five of them are on the radar of the Exporters’ association, AEB, and Brazil’s anti-trust watchdog, Administrative Council for Economic Defense (CADE). Reportedly, Brazil’s biggest exporters, such as Vale SA and Suzano SA, are appealing in a lawsuit for 19 billion reais ($3.77 billion) from ItauUnibanco Holding SA ITUB, Banco Santander Brasil SA BSBR, HSBC Holdings plc HSBC, Citigroup C and BNP Paribas BNPQY on grounds of alleged manipulation of the Brazilian Real (R$).

This news was first reported by Valor Economico, a Brazilian newspaper and Reuters had reviewed the court documents. Continue reading “Article: Itau (ITUB) and Other Global Banks Sued for Rate Rigging”

Article: Senate Agriculture Committee to Hold Hearing on Potential Cattle Market Manipulation

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Senate Agriculture Committee to Hold Hearing on Potential Cattle Market Manipulation

Jody Heemstra, 17 June 2021

The Senate Agriculture Committee has agreed to hold a hearing June 23, 2021, to examine the cattle market, including potential manipulation by meatpackers.

“South Dakota cattle producers are some of the hardest working people I know, and they have faced significant hardships that are jeopardizing their ability to stay in business,” said South Dakota Senator and longtime Senate Ag Committee member John Thune. “I’m glad to see that the Senate Agriculture Committee agreed to my request and is holding a hearing on this important issue next week. We need to hold the highly concentrated meatpacking industry accountable to both the producers who supply them and the consumers who depend on them, and this hearing marks significant progress. While this hearing is a step in the right direction, Justice Department leaders shouldn’t take their foot of the gas. They should continue their investigation, and I will continue urging the Senate Judiciary Committee to hold a hearing as soon as possible, too.” Continue reading “Article: Senate Agriculture Committee to Hold Hearing on Potential Cattle Market Manipulation”

Article: MindGeek Execs and Owners — Along With Visa and Colbeck Capital — Hit With U.S. Lawsuit

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MindGeek Execs and Owners — Along With Visa and Colbeck Capital — Hit With U.S. Lawsuit

Michelle Celarier, 17 June 2021

Thirty-four women who claim they are victims of Pornhub filed a federal racketeering lawsuit against the company’s secretive Canadian parent, MindGeek; its owners and executives; Visa, which processes payments for the porn site; and hedge fund Colbeck Capital, which underwrote a debt financing for the company.

“MindGeek is a classic criminal enterprise run, according to those who know it best, ‘just like the Sopranos,’” according to the complaint, written by Mike Bowe, partner at Brown Rudnick, who is representing the plaintiffs in the case. Continue reading “Article: MindGeek Execs and Owners — Along With Visa and Colbeck Capital — Hit With U.S. Lawsuit”

Article: ITUB Stock: A Story of Reddit, Warren Buffett and Currency Manipulation Allegations

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ITUB Stock: A Story of Reddit, Warren Buffett and Currency Manipulation Allegations

Brenden Rearick, 16 June 2021

You’ve got to hand it to r/WallStreetBets: They’ve gotten very robust in their stock selection process as compared to the GameStop (NYSE:GME) era. The message board, which has grown significantly in the first half of the year, is picking mortgage REITs and private prisons as some of the latest meme stocks. It should not be a surprise then that the retail investor group is looking to follow whales to new frontiers, like they are doing today with Itaú Unibanco Holdings (NYSE:ITUB) stock. Continue reading “Article: ITUB Stock: A Story of Reddit, Warren Buffett and Currency Manipulation Allegations”

Article: New Castle man sentenced in drug trafficking case

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New Castle man sentenced in drug trafficking case

WKBN Staff, 16 June 2021

NEW CASTLE, Pa. (WKBN) – A man from New Castle was sentenced in federal court this week on drug trafficking and money laundering charges.

Wesley Cox, also known as Michael Deshawn Carter, 39, was sentenced to 15 and a half years in prison and five years of supervised release. Continue reading “Article: New Castle man sentenced in drug trafficking case”