Article: Investigate ‘trash stocks’ manipulation, investors request finance ministry

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Investigate ‘trash stocks’ manipulation, investors request finance ministry

Dat Nguyen, 16 June 2021

An investors’ association has requested the finance ministry to investigate suspicions that “trash stocks” on the HoSE are being manipulated to several hundred times their actual value. Some of the “trash stocks” are even listed in the VN30 basket which comprises the 30 largest capped stocks on the Ho Chi Minh Stock Exchange (HoSE), the Vietnam Association of Financial Investors (VAFI) said in a statement.

For instance, investors have been asking questions about the surging price of RIC shares of the Royal International Corporation, operator of the largest casino in the northern province of Quang Ninh. Continue reading “Article: Investigate ‘trash stocks’ manipulation, investors request finance ministry”

Article: 2 Indian-Americans among six charged in Silicon Valley insider trading ring

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2 Indian-Americans among six charged in Silicon Valley insider trading ring

The Tribune, 16 June 2021

Two Indian-Americans were among six members of a Silicon Valley trading ring against which the US’ Securities and Exchange Commission has slapped charges for generating nearly USD 1.7 million in illegal profits by trading on the confidential earnings information of two local technology companies.

According to the SEC complaint on Tuesday, Nathaniel Brown, 49, who served as the revenue recognition manager for Infinera Corporation, repeatedly tipped Infinera’s unannounced quarterly earnings and financial performance to his best friend, Benjamin Wylam, 42, from April 2016 until Brown left the company in November 2017. Continue reading “Article: 2 Indian-Americans among six charged in Silicon Valley insider trading ring”

Article: Police seize assets worth over $70 million in money laundering investigation

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Police seize assets worth over $70 million in money laundering investigation

RNZ, 16 June 2021

Police have seized over $70 million – mostly cash – linked to an international pyramid scheme in China and Canada.

The High Court has approved a settlement between Police and Xiaohua (known as Edward) Gong that enables the forfeiture of over $70m.

It is New Zealand’s largest ever forfeiture under the Criminal Proceeds (Recovery) Act 2009. Continue reading “Article: Police seize assets worth over $70 million in money laundering investigation”

Article: Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal

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Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal

Brendon Lau, 16 June 2021

The Commonwealth Bank of Australia (ASX: CBA) share price broke a new record high on Wednesday despite being tainted by a money laundering scandal.

The CBA share price jumped over 1.4% to $104.82 even as the S&P/ASX 200 Index (Index:^AXJO) struggled to hold its head above water. Continue reading “Article: Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal”

Article: Bill Ackman Sent a Text to the CEO of Mastercard. What Happened Next Is a Parable for ESG.

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Bill Ackman Sent a Text to the CEO of Mastercard. What Happened Next Is a Parable for ESG.

Michelle Celarier, 16 June 2021

On a Saturday morning last December, Bill Ackman was scrolling through Twitter when an article in The New York Times caught his eye. “The Children of Pornhub,” by Nicholas Kristof, told how unauthorized sex — and rape and torture — videos were being spread across the internet on a website called Pornhub, one of the most popular in the world.

Ackman, who has four daughters, was outraged when he read how one teenager ended up a Pornhub victim after sending a naked video of herself to a boy she had a crush on. Harassed and humiliated, the young girl attempted suicide. Continue reading “Article: Bill Ackman Sent a Text to the CEO of Mastercard. What Happened Next Is a Parable for ESG.”

Article: Ohio House Expels Ex-Speaker Charged in $60 Million Corruption Scheme

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Ohio House Expels Ex-Speaker Charged in $60 Million Corruption Scheme

Michael Levenson, 16 June 2021

The Ohio House of Representatives voted on Wednesday to expel a powerful Republican lawmaker, nearly a year after he was arrested and charged in a $60 million corruption scheme while serving as House speaker.

The 75-to-21 vote to expel the lawmaker, Larry Householder, came after a vigorous debate among his fellow Republicans who control the Ohio House, some of whom argued that ousting him from office violated his right to due process. Continue reading “Article: Ohio House Expels Ex-Speaker Charged in $60 Million Corruption Scheme”

Article: How trade-based money laundering works and its impact on world finances

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How trade-based money laundering works and its impact on world finances

World Economic Forum , 15 June 2021

Trade-based money laundering and associated tax evasion is big business. Financial losses from these crimes in developing countries totalled $9 trillion between 2008 and 2017. Global trade complexities make tackling this type of money laundering difficult, but not impossible.

Money laundering is big business, so big, that to handle the movement of enormous sums of money, fraudsters are increasingly turning to Trade-Based Money Laundering (TBML). In developing countries, TBML and associated tax evasion contributed to almost $9 trillion in losses between 2008 and 2017. Tackling TBML is complicated by cross-jurisdiction trade, multinational companies, and globalized trade pathways. Continue reading “Article: How trade-based money laundering works and its impact on world finances”

Article: Assets recovered from Tom Petters Ponzi scheme reach $722 million

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Assets recovered from Tom Petters Ponzi scheme reach $722 million

Dana Thiede, 15 June 2021

MINNEAPOLIS — A bankruptcy trustee’s search to recover assets linked to one of the largest financial crimes in Minnesota’s history has netted $722 million.

Doug Kelley says his work to collect assets from Tom Petters’ $1.9 billion Ponzi scheme is nearly done, 13 years after the search began.

Petters, now 63, was indicted in 2008 on multiple counts of mail fraud, wire fraud, money laundering and conspiracy for operating a scheme which spanned 26 countries, including the the Cayman Islands, Germany and Switzerland. Continue reading “Article: Assets recovered from Tom Petters Ponzi scheme reach $722 million”

Article: Deutsche Bank Revamps Controls as New Lapses Threaten Turnaround

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Deutsche Bank Revamps Controls as New Lapses Threaten Turnaround

Steven Arons, 15 June 2021

Deutsche Bank AG revamped the units seeking to detect and prevent financial crimes after a number of recent compliance issues risk undermining progress in Chief Executive Officer Christian Sewing’s turnaround plan.

Chief Administrative Officer Stefan Simon, in a memo to employees Tuesday, announced a reorganization of his business into six units, with the aim of reshaping the bank’s anti financial crime efforts. As part of the changes, Mary Kirwan, a former Credit Suisse Group AG executive, and Jan-Gerrit Iken from Commerzbank AG will join. Continue reading “Article: Deutsche Bank Revamps Controls as New Lapses Threaten Turnaround”

Article: Wildlife trafficking: a new frontier for organised financial crime

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Wildlife trafficking: a new frontier for organised financial crime

JOHN BASQUILL, 15 June 2021

Pressure is growing on financial institutions to toughen their approach to environmental crime, with G7 leaders vowing to crack down on the illicit fund flows supporting wildlife trafficking and campaign groups warning that the activity has morphed from a conservation issue to a financial crime concern.

In a communique issued ahead of June’s annual G7 summit, the finance ministers and central bank governors of Canada, France, Germany, Italy, Japan, the UK and the US jointly sounded the alarm that greater attention is being paid to wildlife trafficking. Continue reading “Article: Wildlife trafficking: a new frontier for organised financial crime”

Article: ECU Group Accuses HSBC of Fraud and Misconduct Made on Its FX Trading Desk

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ECU Group Accuses HSBC of Fraud and Misconduct Made on Its FX Trading Desk

Felipe Erazo, 15 June 2021

A currency manager, ECU Group has accused the multinational investment bank, HSBC of fraud and misconduct within its foreign exchange (forex) trading desk between 2004 and 2006. According to a report published by the Financial Times, quoting a hearing at the UK High Court on Monday, an alleged ‘rotten culture’ between such a period allowed bankers to misuse confidential data.

In fact, the ECU Group claims that HSBC is responsible for having committed fraud related to 52 forex trades it placed with the bank in those years. The allegations were made in the context of a trial that expects to last for at least seven weeks. The banking giant denied all the claims made by the currency manager, the FT said. Continue reading “Article: ECU Group Accuses HSBC of Fraud and Misconduct Made on Its FX Trading Desk”

Article: Is Texas headed toward another blackout? Did the Legislature fix the power grid? Here are answers to your questions about the grid.

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Is Texas headed toward another blackout? Did the Legislature fix the power grid? Here are answers to your questions about the grid.

ERIN DOUGLAS AND MITCHELL FERMAN, 15 June 2021

The Electric Reliability Council of Texas on Monday asked residents to reduce their electricity usage through at least Friday due to “tight” power grid conditions. A number of power plants are inexplicably offline at the same time as the state is experiencing record June demand for electricity. Continue reading “Article: Is Texas headed toward another blackout? Did the Legislature fix the power grid? Here are answers to your questions about the grid.”