Charlene Lensburg | FinTelegram News

Author: Charlene Lensburg

October 9, 2024

The End of The Google Era: US Government Threatens Google with Break-Up Over Search Monopoly!

In August 2024, Judge Amit Mehta ruled that Google had illegally maintained a monopoly in the online search market. Following this landmark decision, the U.S. Department of Justice (DOJ) is considering asking the court to force Google to sell off parts of its business. This could potentially lead to the first major corporate breakup in four decades. Google, however, warns of significant consequences for businesses and consumers.

October 2, 2024

Starling Bank Slammed with £29M Fine for ‘Shockingly Lax’ AML Controls, Exposing UK Financial System to Criminals!

The UK neobank Starling Bank has been fined £29 million by the UK FCA for opening accounts for high-risk customers and failing to screen against full sanctions lists. Its rapid expansion outpaced its compliance measures, leaving significant gaps in its AML framework. Starling grew from approximately 43,000 customers in 2017 to 3.6 million in 2023. However, measures to tackle financial crime did not keep pace with its growth.

October 1, 2024

Accounting Fraud: SEC Charges Chartered Accountants with Facilitating a Massive Securities Fraud Scheme!

The U.S. Securities and Exchange Commission (SEC) has taken decisive action against Olayinka Oyebola and his PCAOB-registered accounting firm, Olayinka Oyebola & Co., for their alleged role in a massive securities fraud scheme. The SEC's complaint accuses Oyebola and his firm of aiding and abetting fraud perpetrated by Mmobuosi Odogwu Banye and three U.S. companies under his control, collectively known as the Tingo entities.

October 1, 2024

EC Prioritizes Pre-IPO Fraud Enforcement: $120 Million Scheme in New York Latest Case in Series of Actions!

The U.S. SEC charged John LoPinto, Robert Wilkos, and Laren Pisciotti with fraud in a scheme involving investments in pre-IPO private companies. The SEC also charged several companies owned and/or controlled by the defendants. The SEC alleges that between Oct. 2019 and Dec. 2022, the scheme raise

September 30, 2024

Crypto Compliance: DeFi Scheme Mango Markets to Destroy All MNGO Tokens Following SEC Settlement!

The U.S. SEC has charged the Solana-based decentralized finance (DeFi) platform Mango Markets with securities violations. As part of the settlement, the scheme will collectively pay nearly $700,000 in penalties. The scheme operators have also agreed to destroy all MNGO tokens, remove MNGO from trading platforms, and cease any attempts to promote or offer MNGO for trading.

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September 30, 2024

U.S. CFTC Charges Fake Commodity Trading Platform with Fraud and Misappropriation Targeting Asian Americans!

The U.S. CFTC filed a civil enforcement action against Aipu Limited, Qian Bai, and Lan Bai, together with Fidefx Investments Limited and Chao Li. The complaint alleges that Bai and Lan Bai, as controlling persons of Aipu, with Fidefx and Li, fraudulently solicited and misappropriated at least $3.6 million from at least 32 customers as part of a fraudulent investment scheme.

September 27, 2024

Plaintiffs Lawyers of FTX Clients Lawyers Settle Feud With FTX Estate!

FTX was a major U.S. crypto exchange that collapsed in November 2022 amid allegations of fraud and misuse of customer funds. Plaintiffs' lawyers in the FTX litigation in Miami federal court have reached a deal with lawyers for the bankrupt company, resolving a fight that erupted earlier this year over who owns the right to sue on behalf of customers of the crypto exchange.

September 24, 2024

FIU Colombia Suspended from Egmont Group After Pegasus Spyware Revelations by President Petro!

Due to recent actions involving FIU Colombia and the unauthorized disclosure of information, the Egmont Group Heads of FIU have suspended FIU Colombia’s access to the Egmont Secure Web (ESW). Colombia’s removal from the Egmont Group’s secure data-sharing platform following President Gustavo Petro’s public revelations on spyware procurement poses a significant challenge to its financial crime detection infrastructure.

September 24, 2024

Coinbase and its Fight Against the SEC Continues with A Small Win!

The U.S. SEC filed a lawsuit against Coinbase, one of the largest crypto exchanges in the U.S., in June 2023. The core issue of this lawsuit revolves around whether certain crypto assets traded on Coinbase's platform should be classified as securities. On Monday, members of a Third Circuit panel pressed the regulator on its brief denial of crypto exchange Coinbase's request for rulemaking around digital assets.

September 23, 2024

SEC Whistleblower Program: A Billion-Dollar Business with Transparency Concerns!

The U. S. Securities and Exchange Commission (SEC) Whistleblower Program is undeniably effective and lucrative, but recent criticisms from two SEC Commissioners over the lack of transparency in awards raise significant concerns. With nearly $2 billion already paid out, it's time for the SEC to address these transparency challenges to ensure that the program maintains its integrity.

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September 23, 2024

Harassment? SEC Seeks Court Order to Compel Elon Musk’s Testimony in Twitter Acquisition Probe!

The SEC has requested a court order to compel Elon Musk to testify about his $44 billion Twitter acquisition, investigating potential securities law violations. Musk’s legal team claims the SEC is harassing him, but the agency insists new evidence necessitates further questioning. This case highlights the growing scrutiny on executives’ use of social media to communicate material information.

September 20, 2024

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.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

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Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.