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Swiss Regulator Seizes $15 Million from Private Bank Mirabaud Connected to a Vast Money Laundering and Tax Evasion Case!
Swiss regulator FINMA has seized $15 million from Geneva-based private bank Mirabaud & Cie for serious breaches of financial market law and money-laundering obligations. The bank failed to conduct proper due diligence on a deceased businessman accused of tax evasion, managing up to $1.7 billion in assets linked to him. Despite Mirabaud’s efforts to keep the case private, a Swiss court has now made it public.
Latest Updates
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Does Sam Bankman-Fried’s Appeal Stand a Chance?
Sam Bankman-Fried’s legal team has filed an appeal to overturn his 25-year sentence, arguing that his trial was tainted by bias. The appeal claims that crucial evidence, including the solvency of FTX, was withheld from the jury. However, legal experts are skeptical about the chances of success, given the high bar for overturning such convictions. Lesson to be learned: bankruptcies are dangerous for all concerned.
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Wanted: Connectum Voluntarily Restricts Business After FCA Audits and Vanished Into Thin Air!
Connectum, once a key player in facilitating payments for cybercrime organizations, has seemingly vanished after voluntarily restricting its business operations following FCA audits. The payment institution, now controlled by Cambodian PEP Sokha Heng, stopped offering services as of May 22, 2024, and its email address is no longer functional—raising concerns about the company’s current status. Connectum is wanted by fund recovery organization EFRI for victim compensation payments.
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Global Law Enforcement Action Dismantles Ghost Platform Used by Organized Cybercrime!
In a coordinated international crackdown, authorities have dismantled the Ghost encrypted communication platform, which criminal organizations had used for activities including drug trafficking, money laundering, and violent crime. Over 50 arrests were made globally, and drugs, cash, and encrypted devices were significantly seized. Europol led the operation, which involved law enforcement from nine countries.
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Cyprus Real Estate Firm Partners with Notorious CryptoProcessing for Crypto Payments! And Some Background!
Anything is possible in Cyprus. Especially when it comes to cyber finance and illegal gambling and financial platforms. Cyprus was the global hub for illegal and fraudulent binary options. Providers of crypto services have also found a home there. The island is also home to the Dream Hill real estate company, which now offers the purchase of apartments via cryptocurrencies. The partner for this is CryptoProcessing. Here is the most important thing in Telegram style.
Payment Processors
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Starscream Casinos: Offshore Casino Operator, Potential Regulatory Evasion, Payment Facilitators, and More Cyprus Connections!
Online casinos are easily transferable digital assets. The transfer of Gammix Ltd's casinos to offshore operator Starscream Ltd raises serious questions about the continued illegal gambling activities in Europe. Despite massive penalties from the Dutch regulator KSA, Gammix appears to have simply shifted its operations offshore, where it continues to flout regulatory oversight facilitated by regulated payment processors.
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Cybercrime Alert to Payment Processors: Warning Against Acceptance of Anonymous Domain app-paymentgw.pgws2b.com
The FinTelegram research team has identified a suspicious domain https://app-paymentgw.pgws2b.com currently deployed by several anonymously operated online casinos of Liernin Enterprises, including Malina Casino, Talismania, SlotUna, and others. This domain has been flagged due to its association with activities that potentially violate financial regulations and legal standards for online gambling.
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Report on Cazimbo Casino: The Role of Payment Processors in Facilitating Illegal Online Casinos!
Another day, another exposed illegal online casino facilitated via Cyprus. Payment processors play a crucial role in sustaining this underground economy. FinTelegram's research repeatedly reveals that without these facilitating payment processors, many illegal online schemes, particularly in the gambling sector, would not thrive. Currently, we are focusing on the brands of the collapsed Rabidi Group that continue to operate anonymously and unauthorized. Here is our report on Cazimbo.
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The Rabidi Case: The Mysterious Actions of Beneficial Owner Denys Butko and Other Connections
The case of the Rabidi Group is a prime example of the opacity of the online casino sector. Rabidi, once a significant player in the online gambling industry with a Curacao license, has recently come under scrutiny after the group's sudden disappearance following its bankruptcy in June 2023. Following FinTelegram reports, Denys Butko, the alleged beneficial owner recently deleted his LinkedIn profile.
Cybercrime Court Cases
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Vietnam Death Row Tycoon Faces Money Laundering Trial Following Her Death Sentence in $27B Fraud!
Disgraced Vietnamese real estate tycoon Truong My Lan and 33 associates are facing fresh money laundering charges in a month-long trial after orchestrating one of the largest fraud schemes in Vietnam’s history, with over 36,000 victims impacted. The ongoing anti-corruption drive has targeted high-profile individuals across sectors, with Lan’s case being a centerpiece of this effort.
Regulatory Updates
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SEC Charges DeFi Platform Rari Capital and Founders for Misleading Investors and Acting as Unregistered Brokers
The SEC’s case against the crypto DeFi firm Rari Capital is a clear warning that DeFi platforms offering unregistered securities and misleading investors will face regulatory consequences, regardless of their claims of autonomy or decentralization. Rari Capital offered two investment products, which functioned like crypto asset investment funds, allowing investors to deposit crypto assets in lending pools.
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CFTC Targets Polymarket and Offshore Crypto Betting Platforms Amid U.S. Presidential Election!
The CFTC’s crackdown on Polymarket and other offshore crypto platforms signals a new phase of enforcement in the prediction market space, where the intersection of derivatives and elections raises complex compliance challenges. With over $930 million in bets placed on Polymarket’s "2024 Presidential Election Winner" market, regulators are taking notice.
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U.S. DOJ and SEC Charge Former CEO and CFO With Fraud and Misleading Auditors!
SEC and DOJ cracked down on fraudulent financial reporting at the tech company Kubient. The company's top executives were misleading investors about revenue, which was central to raising millions. Former CEO Paul Roberts faces up to 20 years for orchestrating this scheme. Kubient is a digital advertising technology whose shares were publicly traded on the Nasdaq between August 2020 and November 2023 under the ticker “KBNT.”
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