Voreacos – Financial Treason & Crime

David Yaffe-Bellany, David Voreacos, and Patricia Hurtado, 11 June 2021

A Malaysian financier and a former member of hiphop trio the Fugees were accused in a new indictment of illegally lobbying the Trump administration to drop an investigation tied to the 1MDB global bribery scandal and remove a Chinese dissident from the U.S.

A federal grand jury on Thursday returned a superseding indictment against Low Taek Jho, also known as Jho Low, and Prakazrel “Pras” Michel, according to a Justice Department statement Friday. Continue reading “Article: Jho Low Mounted Secret Lobbying Campaign Over 1MDB Probe, U.S. Says”

04/27/202104/28/2021

Article: Credit Suisse Pressed by Senator on $200 Million Tax Fraud

Article - Media, Publications

Credit Suisse Pressed by Senator on $200 Million Tax Fraud

David Voreacos, 27 April 2021

Credit Suisse Group AG, already under pressure for losing $5.5 billion in the collapse of Archegos Capital Management, must now answer questions from a powerful U.S. senator about a seven-year-old tax evasion scandal.

Senate Finance Committee Chairman Ron Wyden wrote Tuesday to Credit Suisse and the Justice Department, asking their leaders to explain how the lender’s banking unit could have pleaded guilty in May 2014 to enabling U.S. tax evasion but failed to disclose more than $200 million in accounts held by an American.

Wyden asked Credit Suisse Chief Executive Thomas Gottstein and Attorney General Merrick Garland about the bank’s handling of accounts held by former business professor Dan Horsky. After whistle-blowers told the Justice Department about the accounts in July 2014, Internal Revenue Service agents approached Horsky in 2015. He cooperated with U.S. authorities and pleaded guilty to tax fraud in 2016. Continue reading “Article: Credit Suisse Pressed by Senator on $200 Million Tax Fraud”

09/16/201905/17/2020

Article: JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

Article - Media

JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

By Tom Schoenberg and David Voreacos

Bloomberg

U.S. invokes racketeering law in charging three metals traders
RICO statute is rarely used in cases involving big banks

The head of the bank’s global precious metals desk, Michael Nowak, 45, and two others ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum and palladium, the Justice Department said Monday. Nowak was placed on leave last month, a person familiar with the matter has said. The other traders charged were Gregg Smith, 55 and Christopher Jordan, 47.