Article: Former Canadian Gaming Minister Tap Dances in Money-laundering Investigation

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Former Canadian Gaming Minister Tap Dances in Money-laundering Investigation

Erik Gibbs, 17 May 2021

As British Columbia (BC), more than a decade later, still tries to get to the bottom of a massive casino money-laundering saga, it seems that there are more questions than answers being raised. The government-led inquiry, dubbed the Cullen Commission, into how hundreds of millions of dollars could have been allegedly laundered right under regulators’ and casino executives’ noses without their knowledge has shed light on a series of failures in the industry. However, it isn’t any closer to wrapping up. It might not be for some time to come, as certain people involved at the highest levels allegedly have a difficult time providing accurate and consistent stories. One of these is Rich Coleman, a former BC gaming minister, who seems to have trouble sticking to his story. Continue reading “Article: Former Canadian Gaming Minister Tap Dances in Money-laundering Investigation”

Article: Next Digital trading halted after Jimmy Lai’s assets frozen

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Next Digital trading halted after Jimmy Lai’s assets frozen

Associated Press, 17 May 2021

Hong Kong – The Hong Kong stock exchange halted trading of Next Digital shares Monday at the media company’s request after authorities froze assets belonging to its founder, Jimmy Lai, who has been a high-profile voice in the the territory’s pro-democracy movement.

Later in the day, the media tycoon and nine other pro-democracy activists pleaded guilty to taking part in an unlawful assembly in 2019. Lai is already serving a 14-month sentence for his role in two other unauthorized assemblies during a period when Hong Kong residents were involved in mass anti-government protests. Continue reading “Article: Next Digital trading halted after Jimmy Lai’s assets frozen”

Article: Crypto Liquidations Top $2.4 Billion in 24 Hours

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Crypto Liquidations Top $2.4 Billion in 24 Hours

Martin Young, 17 May 2021

According to data from ByBit, there has been $2.38 billion in total liquidations over the past 24 hours. Over half of that total, or $1.26 billion, has been from bitcoin positions as the asset has continued its free fall.

The largest day for Bitcoin long position liquidations was on April 17, 2021, a few days after its all-time high when over $9 billion disappeared. April 22 and May 12 also saw large Bitcoin liquidation figures according to derivatives exchanges.

Datamish has revealed that $34 million in longs have been liquidated on BitMEX over the past 24 hours and 417 BTC was liquidated on Bitfinex. Continue reading “Article: Crypto Liquidations Top $2.4 Billion in 24 Hours”

Article: China’s market regulator starts investigation into stock price manipulation amid fund complaints

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China’s market regulator starts investigation into stock price manipulation amid fund complaints

Martin Choi, 17 May 2021

China’s stock market regulator has started an investigation into alleged price manipulation, vowing to crack down on illegal activities to protect the nation’s 180 million mainly retail investors.

The China Securities Regulatory Commission (CSRC) said on Sunday that it was probing trades in Jiangsu Lettall Electronics and ZOY Home Furnishing by related parties, in response to local media reports. “Manipulating the market seriously infringes upon the legitimate interests of investors and disrupts market order,” the CSRC said in a statement on its website. “This form of ‘cancer’ in the market must be eradicated.”

The warning has come at a time when the CSI 300 Index of biggest companies in Shanghai and Shenzhen has lost 11 per cent in value from its mid-February peak. China’s 20 trillion yuan (US$3.07 trillion) mutual fund industry is among the casualties of the current doldrums. Continue reading “Article: China’s market regulator starts investigation into stock price manipulation amid fund complaints”

Article: Victorian Royal Commission into Crown Melbourne begins

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Victorian Royal Commission into Crown Melbourne begins

Peter Lynch, 17 May 2021

The Victorian Royal Commission into the suitability of Crown Resorts to hold a casino licence in Melbourne commenced today.

The commission revealed its first four witnesses as Timothy Bryant and Jason Cremona from the Victorian Commission for Gambling and Liquor Regulation (VCGLR), Dr Murray Lawson, director of Ethics and Risk Culture at accounting firm Deloitte Australia, and Nick Stokes, head of financial crime and money laundering reporting officer at Crown Resorts Limited.

Opening questions for Bryant and Cremona will focus on the VCGLR’s monitoring of the operator, its investigation into the arrests of 19 staff members in China in 2016, as well as junket operations. Continue reading “Article: Victorian Royal Commission into Crown Melbourne begins”

Article: Michael Burry Reveals Massive Tesla Short, Huge Inflationary Bet

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Michael Burry Reveals Massive Tesla Short, Huge Inflationary Bet

TYLER DURDEN, 17 May 2021

Today is the deadline for 13F filings and while we already know what most of the marquee hedge funds have done during the quarter thanks to previously leaked investor letters (with the notable exception of the Soros Family Office which we learned over the weekend bought some $375MM of the Archegos shares liquidated by its prime brokers in late March), one filing was of particular interest, that of Scion Asset Management’s Michael “Big Short” Burry. And boy were there surprises.

First, there is not even a trace of Burry’s previous interest in Gamestop or any other “Reddit” stocks: it’s safe to assume that all profits there were monetized long ago. In fact, a comparison to Burry’s Q4 2020 13F reveals huge turnover, with just 8 of the fund’s legacy 23 positions as of Dec 31 still on Scion’s Books. Continue reading “Article: Michael Burry Reveals Massive Tesla Short, Huge Inflationary Bet”

Article: S&P Settles SEC’s Stale Valuation Charges

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S&P Settles SEC’s Stale
Valuation Charges

Credit Suisse
Alicia McElhaney, 17 May 2021

S&P Dow Jones Indices has settled with the SEC over charges that it published stale valuations of a volatility-related index.

The Securities and Exchange Commission announced Monday that S&P had agreed to pay a $9 million fine without admitting or denying the SEC’s findings.

The regulator’s charges had centered on the S&P 500 VIX Short Term Futures Index ER, a volatility-tracking product that S&P licensed to certain issuers, including Credit Suisse, which used the S&P product for an exchange-traded note that tracked the index. Continue reading “Article: S&P Settles SEC’s Stale Valuation Charges”

Article: Adidas executive allegedly paid family of Zion Williamson and other athletes through laundering money

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Adidas executive allegedly paid family of Zion Williamson and other athletes through laundering money

Ianteasley , 17 May 2021

The Adidas pay scandal is still on-going and new documents released today allege that former Adidas rep, Chris Rivers, paid the family of former Duke star Zion Williamson, as well as other athletes, by laundering money from Adidas through another company that he controlled, per Jason Riley of WDRB.

An example that Riley gave was that Rivers allegedly made payments to an Ashley Furniture credit account that was held by Zion’s step-dad. The attorney of Brian Bowen, former Louisville commit, claims that Rivers used his company “In Your Eye Sports” to transfer thousands of dollars to families of athletes, as well as Williamson’s when he was a high school prospect. Continue reading “Article: Adidas executive allegedly paid family of Zion Williamson and other athletes through laundering money”

Article: Gang boss laundering money for drug cartels handed over to Poland

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Gang boss laundering money for drug cartels handed over to Poland

thefirstnews, 17 May 2021

A Dutch court has agreed to hand over to Poland a gang boss laundering money for Colombian drug cartels.

Shalom Lior A. (name withheld), wanted on a European Arrest Warrant (EAW), was the boss of a gang which had laundered PLN 1.4 billion (EUR 304 million) for Colombian drug cartels.

An investigation into an international organised crime gang laundering money coming from drug trafficking and internet crimes, so-called phishing, has been carried out by a Lower Silesian unit of the Department for Investigations of Organised Crime and Corruption at the National Prosecutor’s Office in Wroclaw (western Poland). Continue reading “Article: Gang boss laundering money for drug cartels handed over to Poland”

Article: Regulator launches investigation into market manipulation, illegal activities

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Regulator launches investigation into market manipulation, illegal activities

Eamonn Sheridan , 16 May 2021

News over the weekend, the China Security Regulatory Commission (CSRC) said it’ll begin that it has started an investigation into the alleged manipulation of stock prices: allegations that at least 18 listed companies had seen price manipulation

Follows media reports of suspected manipulation of stock prices:
CSRC said it has “zero tolerance” for market manipulation will conduct thorough investigations will punish violators severely

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Article: U.K. Probe of Gupta’s GFG a Big Test for Beleaguered SFO

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U.K. Probe of Gupta’s GFG a Big Test for Beleaguered SFO

Ellen Milligan, 16 May 2021

The Serious Fraud Office will start a criminal probe into Sanjeev Gupta’s GFG Alliance just as the beleaguered British prosecutor faces intense criticism for its inability to secure a high-profile conviction.

The SFO has struggled to prosecute individuals after securing settlements with companies. In recent weeks, it dropped its probe into former Airbus SE directors and was dealt a humiliating setback after its trial against two former Serco Group Plc directors fell apart because it failed to disclose evidence.

The investigation into suspected fraud and money laundering in relation to GFG and its financing agreements with Greensill Capital may well be its biggest probe in years and much is riding on it. There’s pressure from lawmakers for the prosecutor to investigate Gupta’s empire and its dealings with Greensill. Continue reading “Article: U.K. Probe of Gupta’s GFG a Big Test for Beleaguered SFO”

Article: China’s Belt and Road Initiative – considering criminal risk

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China’s Belt and Road Initiative – considering criminal risk

Clyde & Co LLP, 16 May 2021

The Global Initiative Against Transnational Organized Crime recently published a research report entitled “China’s New Silk Road: Navigating the organized crime risk” examining the convergence of planned infrastructure and trade route development projects as envisioned within China’s Belt and Road Initiative (BRI) and established trafficking routes for criminal activities such as drugs, illicit environmental commodities and people. The paper argues that the economic benefits across Asia and Africa, for example increased trade, employment opportunities and economic growth are likely to be exploited by criminals and suggests that risks of this nature should also receive appropriate levels of consideration.

This should apply not just to the governments and authorities that are seeking to capitalise on BRI but also to the companies that attempt to benefit from the emergence of new markets and trading opportunities. Continue reading “Article: China’s Belt and Road Initiative – considering criminal risk”

Article: Online safety bill ‘will fail to protect millions from cloned websites and ad scams’

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Online safety bill ‘will fail to protect millions from cloned websites and ad scams’

Hilary Osborne, 15 May 2021

The UK government’s online safety bill will “fail to protect millions” by leaving people at risk of falling victim to cloned websites and adverts paid for by fraudsters, experts warned this week.

The bill, included in Tuesday’s Queen’s speech, will “lead the way in ensuring internet safety for all”, according to the government.However, finance experts said its focus on user-generated content, such as social media posts involving romance scams or fake investment opportunities, left a loophole for criminals.

Debbie Barton, a financial crime prevention expert at the investment firm Quilter, said the bill would have a big impact on protecting investors, particularly young people, from financial harm but there was much further to go. Continue reading “Article: Online safety bill ‘will fail to protect millions from cloned websites and ad scams’”

Article: The Swiss National Bank’s US Stocks: $150 Billion And Counting – OpEd

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The Swiss National Bank’s US Stocks: $150 Billion And Counting – OpEd

MISES, 15 May 2021

This time last year, the Swiss National Bank (SNB) had US stock holdings of $94 billion. The portfolio of Switzerland’s central bank has grown by $56 billion since, reporting ownership of $150 billion worth of US listed stocks as at Q1 2021.

Apple is currently the largest holding, at $8 billion, but the portfolio contains countless smaller publicly traded companies, like GameStop, valued at $25 million at quarter end this year. Continue reading “Article: The Swiss National Bank’s US Stocks: $150 Billion And Counting – OpEd”

Article: The SEC Has Hit Crypto Companies With Almost $2 Billion in Penalties

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The SEC Has Hit Crypto Companies With Almost $2 Billion in Penalties

Emma Newbery , 15 May 2021

It’s hardly surprising that the recent boom in cryptocurrencies has spurred an increase in crypto crime. The Securities and Exchange Commission (SEC), one of the bodies that regulates cryptocurrencies, pursued more crypto cases than ever last year.

As of March, the SEC’s actions had brought in over $1.7 billion in penalties, according to a report from Cornerstone Research. That’s from a total of 94 enforcement actions and trading suspensions it pursued between 2013 and 2020. More than half of those cases were in 2019 and 2020. Continue reading “Article: The SEC Has Hit Crypto Companies With Almost $2 Billion in Penalties”