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”
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”
Texas deputies seize nearly $1-million discovered during traffic stop
Joe Villasana, 24 June 2021
ANAHUAC, Texas (KWTX) – Antwone Smith, 35, of South Carolina, is in custody in East Texas after deputies with the Chambers County Sheriff’s Office discovered nearly $1-million in cash in a pickup during a traffic stop on Interstate 10 in an area east of Houston.
Smith was taken into custody and jailed on a charge of money laundering greater than $300,000. Continue reading “Article: Texas deputies seize nearly $1-million discovered during traffic stop”
AWS Head of Payments: Fraud, Credit Decisioning Drive Move To The Cloud
PYMNTS, 15 June 2021
In an interview with PYMNTS, Mark Smith, head of payments for financial services at Amazon Web Services (AWS), said that “COVID has changed the conversation we’ve been having with payment customers, and it’s accelerated the trends we’ve been seeing over the past few years.”
Much of that changing conversation has to do with a pivot in consumer behavior, he said, which has spurred AWS’ own customers to migrate to cloud applications. “We all recognize that payments transactions are ‘bursty,’” Smith told PYMNTS. “We see a lot of this during the holidays and with seasonal shifts. But we weren’t ready for this kind of panic-buying, all done online.” One reason is to enhance card processing, as firms on the merchant processing side — which are focused on eCommerce — need to scale up and down as necessary based on those aforementioned shifts in consumer behavior, and as more transactions move online. Continue reading “Article: AWS Head of Payments: Fraud, Credit Decisioning Drive Move To The Cloud”
Five More Plead Guilty to Conspiring to Stage Automobile Accidents in Order to Defraud Insurance and Trucking Companies
Department of Justice, 25 May 2021
NEW ORLEANS, LOUISIANA – United States Attorney Duane A. Evans announced that LOIS RUSSELL (“RUSSELL”), age 61 of Gibson, Louisiana, TANYA GIVENS (“GIVENS”), age 43, of Gibson, Louisiana; HENRY RANDLE (“RANDLE”), age 64, of Gibson, Louisiana; JOHN DIGGS (“J. DIGGS”), age 60, of Thibodaux, Louisiana; and DAKOTA DIGGS (“D. DIGGS”), age 25, of Ft. Smith, Arkansas, entered a plea of guilty today to Conspiracy to Commit Mail Fraud, in violation of Title 18, United States Code, Section 371, arising out of staged automobile accidents with tractor-trailers occurring in New Orleans.
According to today’s guilty plea, on March 27, 2017, RUSSELL, GIVENS, and J. DIGGS conspired with passenger James “Curtis” Williams (“Williams”) to stage an accident with a tractor-trailer at the intersection of Chef Menteur Highway and Downman Road. Damien Labeaud (“Labeaud”) and Roderick Hickman (“Hickman”), who have already pleaded guilty to staging other accidents, also participated in this accident. Hickman, while driving RUSSELL’s car, intentionally struck the 18-wheeler and then fled the scene with Labeaud. RUSSELL advised NOPD that she was the driver and she, along with GIVENS and J. DIGGS, made claims for personal injuries. In total, the victim trucking and insurance companies paid out $272,500.00 for these fraudulent claims. Continue reading “Article: Five More Plead Guilty to Conspiring to Stage Automobile Accidents in Order to Defraud Insurance and Trucking Companies”
Macon Utilities customers outraged at spike in natural gas prices from February storms
Michael Steward, 24 May 2021
MACON — A winter storm that pushed several states into crisis, pushed a Missouri county into one of their own. The February polar vortex that collapsed Texas’ power grid and water systems led to a historic increase in natural gas prices.
Macon Utilities, a Missouri company, said they were monitoring the weather, but didn’t anticipate the severity of the storm.
“We were watching the weather with the polar vortex that was happening and we had received alerts that the temperatures were going to be cold,” Stephanie Wilson, General Manager of Macon Utilities, said. “To the severity of wells freezing… because of the temperature — that was not known.” Continue reading “Article: Macon Utilities customers outraged at spike in natural gas prices from February storms”
Senators Call For Investigation Into Packer Market Manipulation
wnax, 21 May 2021
Senators Mike Rounds of South Dakota and Tina Smith of Minnesota are asking Attorney General Merrick Garland to examine whether the control large meatpackers have over the beef processing market violates U.S. antitrust laws and principles of fair competition. They wrote a letter to the AG this week and are inviting all members of Congress to join them. This isn’t the first investigation on this issue, but Rounds says both producers and consumers are at the center of this examination.
Two similar DOJ investigations are still underway with no results. However, Senator Rounds says they have evidence those are moving forward and are calling for action from the AG’s office if there is proof of wrongdoing. He thinks there is a better chance of getting some action under this AG and administration. Continue reading “Article: Senators Call For Investigation Into Packer Market Manipulation”
Government omits financial scams from Online Safety Bill
FHope William-Smith, 12 May 2021
It comes after the Work and Pensions Committee (WPC) called on the government to legislate against online investment fraud in March after it pledged its Online Safety Bill last December.
The WPC’s report recommended the introduction of a regulatory framework for financial promotions to create parity between traditional media such as newspapers and TV, and new media including social media and paid-for advertising.
The Online Safety Bill was given the green light yesterday (11 May) in the Queen’s Speech; despite the parliamentary focus on rebuilding the nation in the wake of the Covid-19 pandemic, the soaring number of financial scams harnessing coronavirus to their benefit will remain largely unchecked.
Opening the parliamentary year, the Queen said the government “will lead the way in ensuring internet safety for all” while looking to retain “the benefits of a free, open and secure internet”.
WPC chair and MP Stephen Timms has said the government had been “repeatedly told by countless consumer groups and public bodies” about the financial and emotional harm caused by “online free-for-alls”.
“The government has so far failed to act,” he said. “Every day that goes by without proper regulation of online adverts gives scammers a free pass to prey on people on the internet.”
Timms said ministers had to work to ensure the Online Safety Bill would “live up to its name” and clearly lay out how it will cover scams before it was presented to the House of Commons.
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Three New York men arrested, accused of pulling off $30 million international bank heist
David K. Li, 23 April 2021
Three Brooklyn men were arrested and accused of stealing more than $30 million in cash and other valuables from safe deposit boxes in banks across Europe, federal authorities said.
A grand jury indictment charged Val Cooper, 56, Alex Levin, 52, and Garri Smith, 49, with money laundering conspiracy and violations of the Travel Act after a string of alleged thefts between March 2015 and October 2019 at banks in Ukraine, Russia, North Macedonia, Moldova, Latvia, Uzbekistan, Azerbaijan and France. Continue reading “Article: Three New York men arrested, accused of pulling off $30 million international bank heist”
Cayman Fund Seeks To Revive $2B Claim Over Madoff Losses
Richard Crump, 20 April 2021
A Cayman Islands investment fund urged the highest court for overseas British territories on Tuesday to revive its breach of contract claim against Bank of Bermuda and an HSBC subsidiary for $2 billion in damages as the result of losses from Bernie Madoff’s massive Ponzi scheme.
Primeo Fund said the Judicial Committee of the Privy Council, which sits in London, should overturn a decision by the Court of Appeal of the Cayman Islands that the fund’s claims are barred by the reflective loss principle. That rule prevents shareholders from bringing a claim for personal losses arising from a breach of duty or contract owed to the company they have invested in. Continue reading “Article: Cayman Fund Seeks To Revive $2B Claim Over Madoff Losses”
The Reddit revolt: GameStop and the impact of social media on institutional investors
Annabel Smith, 13 April 2021
The Reddit revolution in the US has drawn attention to the potential power that a growing force of retail investors can wield in stock markets when equipped by social media.
Amateur investors have increasingly engaged with retail platforms in the last year, partly due to the pandemic leaving them idol at home, but also due to the newfound onslaught of information through social media and access to the market through retail brokerages and platforms such as Robinhood. Continue reading “Article: The Reddit revolt: GameStop and the impact of social media on institutional investors”
What the FBI wants you to know about elder fraud schemes following arrest of ‘Real Housewives’ star
Erin Coulehan, 31 March 2021
EL PASO, Texas (KTSM) — It might look like the women from Bravo’s “Real Housewives” franchises have it all, but a recent arrest of one star is shedding light on criminal schemes across the country.
The FBI El Paso is warning Borderland residents to beware of elder fraud that targets people over the age of 60 to give their money to scammers seeking to defraud the elderly population.
On Tuesday, “Real Housewife of Salt Lake City” star Jen Shah and her first assistant, Stuart Smith, were arrested and indicted for defrauding elder and tech-illiterate adults using telemarketing schemes, like disrupting and annoying robocalls that many cellphone users regularly receive. Continue reading “Article: What the FBI wants you to know about elder fraud schemes following arrest of ‘Real Housewives’ star”
Senator Ossoff Drops a Bombshell: “The 12 or 13 Largest Banks” Got the Trillions from the Fed’s Repo Loans Last Year
Pam Martens and Russ Martens: March 3, 2021 ~ Wall Street on Parade
“Nearly all the money went to too-big-to-fail institutions. For example, in one emergency lending program, the Fed put out $9 trillion and over two-thirds of the money went to just three institutions: Citigroup, Morgan Stanley and Merrill Lynch.
“Those loans were made available at rock bottom interest rates – in many cases under 1 percent.”
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