Article: Kroger closed grocery stores rather than give workers a $4 raise. Now it’s padding shareholders’ pockets with a $1 billion stock-buyback scheme.

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Kroger closed grocery stores rather than give workers a $4 raise. Now it’s padding shareholders’ pockets with a $1 billion stock-buyback scheme.

Paul Constant , 16 July 2021

Back in February, I wrote about the national grocery chain Kroger’s announcement that it was closing low-performing stores in Seattle and Long Beach, California, after the two cities passed laws requiring grocery stores to pay their front-line workers additional $4-per-hour “hero pay” during the pandemic.

“Giant corporations love to use splashy intimidation tactics like this to create fear-inducing headlines, which help to peel support away from worker protections,” I wrote then, adding, “But make no mistake: Even though Kroger’s press releases suggested that the grocery business relies on ‘razor-thin’ profit margins, Kroger has been making a ridiculous amount of money during the pandemic.” Continue reading “Article: Kroger closed grocery stores rather than give workers a $4 raise. Now it’s padding shareholders’ pockets with a $1 billion stock-buyback scheme.”

Article: Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)

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Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)

Thomas Yeung, 16 July 2021

When Keith “Roaring Kitty” Gill announced he was buying GameStop (NYSE:GME) shares and options on Reddit’s r/WallStreetBets, regulators might have considered his outrageous claims as parody — speech protected by First Amendment rights. Who could take $20 calls on GME seriously when the stock was trading at $5?

Since then, other social media forums have blurred the lines between satire and intentional deception. This week, shares in SCWorks (NASDAQ:WORX) doubled after traders on Discord and Twitter banded together to push prices higher. MINM, DTSS and an alphabet soup of other small-cap stocks have followed the same path Continue reading “Article: Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)”

Article: Dominican National Pleads Guilty to Fentanyl Conspiracy

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Dominican National Pleads Guilty to Fentanyl Conspiracy

Department of Justice, 16 July 2021

BOSTON – A Dominican national previously residing in Lawrence pleaded guilty yesterday to fentanyl distribution charges.

Luis Aybar-Guerrero, 24, pleaded guilty to one count of conspiring to distribute and to possess with intent to distribute 40 grams or more of fentanyl and one count of possession with intent to distribute 40 grams or more of fentanyl. U.S. District Court Judge Richard G. Stearns scheduled sentencing for Nov. 18, 2021. In August 2020, Aybar-Guerrero was indicted along with co-conspirator Guillermo Aybar-Guerrero. Continue reading “Article: Dominican National Pleads Guilty to Fentanyl Conspiracy”

Article: Neo-Nazi’s Bitcoin History Suggests Russian Darknet Link

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Neo-Nazi’s Bitcoin History Suggests Russian Darknet Link

Michael Edison Hayden and Megan Squire, 15 July 2021

Hatewatch identified Anglin’s transactions through software that specializes in analyzing cryptocurrency transactions. Hatewatch believes based upon our reading of that software that in 2016 Anglin paid money to a Russian darknet site that traffics in hacked personal data, drugs, ransomware, stolen credit cards and money laundering. Hatewatch could not determine exactly why Anglin transferred currency to the apparent darknet site highlighted through the software. He did not respond to an email requesting comment on the findings published in this story, but he did deny them in a neo-Nazi forum he operates.

“This is totally fake. I don’t even know what any of this is about. I never bought any Russian darknet drugs lol,” Anglin told other forum users in a comment on July 16. “I have never used bitcoin for anything other than website stuff.” You can read Anglin’s complete response to this analysis by clicking here. Continue reading “Article: Neo-Nazi’s Bitcoin History Suggests Russian Darknet Link”

Article: HONG KONG WATCHDOGS ARREST CULPRITS FOR MONEY LAUNDERING

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HONG KONG WATCHDOGS ARREST CULPRITS FOR MONEY LAUNDERING

ANDREW SMITH, 15 July 2021

Intro: Four men and a mastermind running a money-laundering syndicate in the city have been arrested by the Hong Kong Police. The officials have dismantled the operation of the gang that used cryptocurrency to process HK$1.2 billion for illegal funds.

Four men along with the local mastermind of the money laundering syndicate have been arrested by the Hong Kong Police. The customs officials have confirmed that they had dismantled the money laundering syndicate that used cryptocurrency to process HK$1.2 billion ($155 million) in illegal funds. Continue reading “Article: HONG KONG WATCHDOGS ARREST CULPRITS FOR MONEY LAUNDERING”

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

Kiuyan Wong, 15 July 2021

Hong Kong authorities arrested four men for a suspected money-laundering syndicate involving HK$1.2 billion ($155 million) with virtual currency.

Operation “Coin Breaker” was launched on July 8, and the men aged between 24 and 33 have been arrested, according to a statement from Hong Kong Customs. The men opened various local bank accounts and made transactions through a virtual currency exchange trading platform, the statement said. The suspicious funds were processed via bank remittances and virtual currency from February 2020 through this May, according to officials. Continue reading “Article: British Police Seize $250 Million Of Cryptocurrency In International Money Laundering Crackdown”

Article: U.K. Fraud Unit Finds Bribe Network Behind World’s Cobalt Hub

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U.K. Fraud Unit Finds Bribe Network Behind World’s Cobalt Hub

Michael Kavanagh, 15 July 2021

U.K. prosecutors have told Swiss authorities they have proof of an alleged money-laundering ring spanning from Africa to Europe that paid almost $380 million in cash bribes to authorities in the Democratic Republic of Congo.

Companies repeatedly bribed officials to further their business interests in the mineral-rich nation, according to the Swiss court judgment that cited information from U.K. prosecutors. Congo is Africa’s biggest producer of copper and supplies about 70% of the world’s cobalt, a critical input for the batteries that power electric vehicles. Continue reading “Article: U.K. Fraud Unit Finds Bribe Network Behind World’s Cobalt Hub”

Article: Robinhood Gets Ready for the Meme Stock World It Created

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Robinhood Gets Ready for the Meme Stock World It Created

Annie Massa, 14 July 2021

Hi all, it’s Annie from Bloomberg’s investing team. Soon, Robinhood Markets Inc. will go public. The debut—which could happen in the coming weeks—will see Robinhood entrust its share price to the same retail investors who have been using its app to roil markets.

The free stock trading app has been around for eight eventful years. During the pandemic, Robinhood traders congregated on Reddit message boards and drove wild swings in the price of companies like GameStop Corp. and AMC Entertainment Holdings Inc. Then, when Robinhood put limits on customer purchases of those stocks, the startup incurred social media wrath, along with some lawsuits. Continue reading “Article: Robinhood Gets Ready for the Meme Stock World It Created”

Article: Architect of the Century’s Biggest Tax Scheme Arrested in Switzerland

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Architect of the Century’s Biggest Tax Scheme Arrested in Switzerland

ISOBEL VAN HAGEN, 14 July 2021

A German tax attorney, and the mastermind behind the so-called biggest tax scandal of the century, was arrested by Swiss authorities last week on an extradition warrant. An expert told the OCCRP on Tuesday that like all others involved in the multi-billion affair, Hanno Berger too will say he never broke any law.

Berger is believed to have helped organize and promote share deals that exploited a loophole in German law used by some 900 financial institutions and individuals across Europe. The scheme became known as Cum-Ex and has cost treasuries across the continent some 55 billion euro (US$65 billion). Continue reading “Article: Architect of the Century’s Biggest Tax Scheme Arrested in Switzerland”

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”