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”
London Money Laundering Raid Nets Almost $250 Million in Bitcoin
Patricia Claus, 13 July 2021
London’s Metropolitan police seized nearly £180 million ($248,993,100) of bitcoin on Saturday as part of a money laundering investigation.
The seizure, announced on Tuesday, is only the latest in a string of such raids, including the confiscation of £114 million ($157,567,950) of the cryptocurrency last month. Police spokesmen told the press that criminal organizations were using cryptocurrency, including bitcoin, as a way to launder their ill-gotten takings. Continue reading “Article: London Money Laundering Raid Nets Almost $250 Million in Bitcoin”
London Capital & Finance spent £70m of bondholders’ cash on firm with two fraudsters
Jim Armitage, 21 May 2021
Bosses at the collapsed investment firm London Capital & Finance invested £70 million of bondholders’ money with a hotel property firm where two senior players now have fraud convictions.
Prime Resort Development was one of the biggest recipients of LCF loans, but administrators to the bust lender say its assets in Cornwall, Cape Verde and the Dominican Republic, are only worth up to £15 million. One of Prime’s main players, Paul Seakens, was convicted last week over a carbon credit “boiler room” scheme that defrauded vulnerable investors out of £36 million. He is due to be sentenced on 28 May.
The other, Terrence Mitchell, was sentenced in December 2018 to two years’ jail for fraud and six months for “carrying on regulated activities” at collapsed savings scheme Anglo Wealth. Continue reading “Article: London Capital & Finance spent £70m of bondholders’ cash on firm with two fraudsters”
Millions vanish into crypto world in high-yield bond scam
Michael Roddan and Jonathan Shapiro, 08 March 2021
Sophisticated British criminals exploited vulnerabilities in Australia’s search engine and cryptocurrency infrastructure to dupe small investors, lured by the promise of high-yield funds badged by some of the finance world’s most trusted brands.
The complex scheme involved stolen identities and fraudulent prospectuses that claimed to represent high-yield investment funds run by global managers Citibank, Nomura, and IFM Investors. It has ensnared millions from unsuspecting victims who sought better returns as interest rates collapsed during the COVID-19 crisis. Continue reading “Article: Millions vanish into crypto world in high-yield bond scam”
Boston pension fund accuses big banks of manipulating U.S. securities
Boston Business Journal, 24 July 2015
The city of Boston’s pension fund has sued more than 20 of the world’s largest financial companies, claiming they conspired to alter the prices of U.S. Treasury securities they sold to the fund and other investors across the country.
The lawsuit, which was filed in New York federal court on Thursday, targets Merrill Lynch, Goldman Sachs, Morgan Stanley, and Citigroup Global Markets, among other dealers of the securities.
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Financial Finger-Pointing Turns to Regulators
Louise Story, Gretchen Morgenson
New York Times, 22 November 2011
In the whodunit of the financial crisis, Wall Street executives have pointed the blame at all kinds of parties — consumers who lied on their mortgage applications, investors who demanded access to risky mortgage bonds, and policy makers who kept interest rates low and failed to predict a housing market collapse.
But a new defense has been mounted by a bank executive: my regulator told me to do it.
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January 12, 2007
Ms. Nancy M. Moms Securities and Exchange Commission 100F Street, NE Washington D. C., 20549-1090
As a follow-up to my previous memo regarding this proposal to eliminate the tick test/ price test, I would like to further emphasize the concerns the public has with regards to the regulations of market making activities as they pertain to this proposed and all other short sale regulations.
Continue reading “Letter: To SEC from Dave Patch on Tick Test”
NASD Charges Pennsylvania’s Scott W. Ryan, Ryan & Company with Impermissible Short Selling Scheme for Hedge Fund Clients
13 June 2005
NASD announced today that it has charged Scott W. Ryan of Bryn Mawr, PA, and Ryan & Company, LP (RYCO) of West Conshohocken, PA, with engaging in a long-term, widespread scheme of impermissible short selling activity on behalf of three hedge fund clients.
Read full release.