Tan – Financial Treason & Crime

Karen Tan, 07 June 2021

You might not have heard of it before, or even know what it is, but “cuckoo Smurfing” is a sneaky way organised criminals engage in money laundering, by exploiting the legitimate bank accounts of individuals and businesses in Australia.

It is used to move illegal funds into Australia and disguise profits from criminal activities. The key targets appear to be Australian expatriates and exporters, international students studying in Australia, international investors and migrants wishing to settle in Australia.

When Australia’s financial crime regulator, AUSTRAC, released its new financial crime guide last week (3 June 2021), it warned businesses and consumers about the “cuckoo Smurfing” method, and described it as a “sinister practice with an endearing name.” Continue reading “Article: Financial crime regulator warns about the world of ‘cuckoo Smurfing’”

06/03/202106/04/2021

Article: Jefferies Blocks Short Sells in GameStop, AMC, MicroVision

Article - Media, Publications

Jefferies Blocks Short Sells in GameStop, AMC, MicroVision

Luke McGrath and Gillian Tan, 03 June 2021

Jefferies told clients Wednesday its prime brokerage arm will no longer allow the execution of short sells in GameStop Corp., AMC Entertainment Holdings Inc. and MicroVision Inc., according to a memo seen by Bloomberg News.

“Until further notice, Jefferies Prime Brokerage will no longer offer custody on naked options in GME, AMC and MVIS,” the memo noted. The firm will no longer allow the execution of short sells of those securities, the memo continued, noting that other stocks may be added to that list. Continue reading “Article: Jefferies Blocks Short Sells in GameStop, AMC, MicroVision”

05/25/202105/25/2021

Article: No closure yet for BW scandal

Article - Media, Publications

No closure yet for BW scandal

Raul J. Palabrica , 25 May 2021

Finally, after more than two decades, a trial court has rendered a decision on a scandal that almost caused the collapse of the Philippine stock market in 1999.

The court found Johnny Yap, then president of Solar Securities Inc., a stockbroker, guilty of stock manipulation of the shares of BW Resources Corp., a listed gaming company, and sentenced him to 14 years in prison and to pay a fine of P1 million.

The evidence presented showed that Yap engaged in the sale and purchase of BW stocks 142 times through parties with common owners. Continue reading “Article: No closure yet for BW scandal”

05/06/202105/08/2021

Article: A $953 Million Singapore Fund Ensnared by Alleged Fraud

Article - Media, Publications

A $953 Million Singapore Fund Ensnared by Alleged Fraud

David Ramli, Yoolim Lee, Chanyaporn Chanjaroen and Alfred Cang, 06 May 2021

Technology startup investor Vickers Venture Partners has been caught up in the allegedly fraudulent nickel trading scheme of a Singaporean businessman and his Envy Global Trading, prompting a review by the city-state’s monetary authority.

Vickers would be the highest-profile investor yet to have fallen victim to the suspected $740 million swindle, which Singaporean authorities have said could be the biggest investment fraud the financial hub has ever seen. The alleged mastermind, Ng Yu Zhi, has been charged with a range of suspected crimes from faking the purchase and sale of nickel to falsifying transfers from Citibank and account statements that showed millions in funds. Continue reading “Article: A $953 Million Singapore Fund Ensnared by Alleged Fraud”

03/27/202103/29/2021

Article: Goldman Sold $10.5 Billion of Stocks in Block-Trade Spree

Article - Media, Publications

Goldman Sold $10.5 Billion of Stocks in Block-Trade Spree

Bei Hu, Gillian Tan and Drew Singer, 27 March 2021

(Bloomberg) — Goldman Sachs Group Inc. liquidated $10.5 billion worth of stocks in block trades on Friday, part of an extraordinary spree of selling that erased $35 billion from the values of bellwether stocks ranging from Chinese technology giants to U.S. media conglomerates.

The Wall Street bank sold $6.6 billion worth of shares of Baidu Inc., Tencent Music Entertainment Group and Vipshop Holdings Ltd. before the market opened in the U.S, according to an email to clients seen by Bloomberg News.

That move was followed by the sale of $3.9 billion of shares in ViacomCBS Inc., Discovery Inc., Farfetch Ltd., iQiyi Inc. and GSX Techedu Inc., the email said.

More of the unregistered stock offerings were said to be managed by Morgan Stanley, according to people familiar with the matter, on behalf of one or more undisclosed shareholders. Some of the trades exceeded $1 billion in individual companies, calculations based on Bloomberg data show. Continue reading “Article: Goldman Sold $10.5 Billion of Stocks in Block-Trade Spree”