Article: Money returned to victims of nearly $2 billion Ponzi scheme totals $722 million

Uncategorized

Money returned to victims of nearly $2 billion Ponzi scheme totals $722 million

MARY DIVINE, 15 June 2021

Doug Kelley has been working since 2008 to help organizations and individuals who lost billions in the Twin Cities businessman Tom Petters’ Ponzi scheme, the biggest financial crime in Minnesota history.

The bankruptcy trustee’s search to collect assets linked to Petters’ $1.925 billion scheme spanned 26 countries, including the Cayman Islands, Luxembourg, Germany, Switzerland, the Netherlands and the British Virgin Islands.

Now, after 13 years, he says his work is almost done. Continue reading “Article: Money returned to victims of nearly $2 billion Ponzi scheme totals $722 million”

Article: Groundbreaking research provides insight into operations of Italian mafias across Europe

Article - Media, Publications

Groundbreaking research provides insight into operations of Italian mafias across Europe

Michael Steward, 24 May 2021

A groundbreaking new report by researchers in Essex has provided the first analysis into the expansion of Italian mafias across Europe. The report, published by the University of Essex, highlights how criminal groups embed themselves in countries and operate across borders, and the challenges of policing mafia-type crime.

Using Italy as a starting point, the research focused on seven countries – the UK, Germany, the Netherlands, Belgium, Spain, Romania, and Switzerland. For mafia groups, territories outside Italy are places where they can consolidate certain business or venture into new ones. The report revealed how mafia groups operate very differently in each country. Continue reading “Article: Groundbreaking research provides insight into operations of Italian mafias across Europe”

Article: Regional Report – Netherlands: One of country’s largest banks, ABN Amro, pays nearly $600 million penalty for longstanding AML failings, lax risk ranking, missed reports on suspicious activity

Article - Media, Publications

Regional Report – Netherlands: One of country’s largest banks, ABN Amro, pays nearly $600 million penalty for longstanding AML failings, lax risk ranking, missed reports on suspicious activity

Brian Monroe, 28 April 2021

Dutch authorities have hit the third largest bank in the Netherlands with a penalty of more than a half a billion dollars for longstanding failings in nearly every area of its fincrime compliance program, including lax customer risk scoring, shoddy alert investigations and missed reports of potential suspicious activity.

The Netherlands Public Prosecution Service (NPPS) has settled its probe into Amsterdam-based ABN Amro Bank for 480 million euros, or just less than $583 million, for falling “seriously short” of anti-money laundering (AML) compliance program requirements and being considered “culpable” in aiding criminal groups in cleansing ill-gotten gains. Continue reading “Article: Regional Report – Netherlands: One of country’s largest banks, ABN Amro, pays nearly $600 million penalty for longstanding AML failings, lax risk ranking, missed reports on suspicious activity”

Article: Draghi brushes off Trump accusation of currency manipulation

Article - Media, Publications

Draghi brushes off Trump accusation of currency manipulation

EURACTIV, 19 June 2019

European Central Bank chief Mario Draghi said Tuesday (18 June) that the institution “doesn’t target the exchange rate”, shrugging off an allegation of currency manipulation from US President Donald Trump.

“We have our remit. We have our mandate. Our mandate is price stability” or inflation just below two percent, Draghi told a central banking conference in Sintra, Portugal.

“We are ready to use all the instruments that are necessary to fulfil this mandate, and we don’t target the exchange rate,” he added.

Draghi’s statement that weak economic growth and sluggish inflation could prompt the ECB to slash further rates already at historic lows had earlier sparked Trump’s ire.

“Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA,” Trump said on Twitter.

“They have been getting away with this for years, along with China and others,” he added.
Read Full Article