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FinTelegram

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.

FinTelegram

September 22, 2024

Nearly €75 Million of Fiat Heir’s Inheritance Seized Amid Tax Evasion Probe!

Italian authorities have seized nearly €75 million in assets from the estate of Fiat legend Gianni Agnelli, as part of an ongoing investigation into tax evasion. The probe alleges that Agnelli’s wife, Marella Caracciolo, falsely claimed Swiss residency to avoid Italian inheritance taxes, despite evidence showing she lived in Italy from 2010. The seizure is part of an ongoing investigation into alleged tax fraud and fraud against the State.

FinTelegram

September 20, 2024

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.

FinTelegram

September 19, 2024

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.

FinTelegram

September 16, 2024

A Dutch Case: Money Laundering Charges Against Former Jumbo CEO Frits van Eerd!

Frits van Eerd, the former CEO of Dutch supermarket chain Jumbo, is facing serious legal troubles. He is being prosecuted for corruption, forgery, and potentially money laundering charges. The case stems from a 2022 investigation that led to raids on Van Eerd's properties, where authorities discovered €448,000 in cash stashed in various locations, including a refrigerator. Van Eerd stepped down as Jumbo's CEO in September 2022.

FinTelegram

September 13, 2024

Operation Niflheim: Brazilian Law Enforcement Targets $9.7 Billion Crypto Money Laundering Scheme!

Brazilian Federal Police have dismantled a major crypto-based money laundering operation, dubbed Operation Niflheim, targeting groups involved in laundering over $9 billion since 2021. The operation led to the issuance of eight arrest warrants and 19 search and seizure orders. The scheme used cryptocurrencies to funnel illicit funds from activities like drug trafficking abroad.

FinTelegram

September 9, 2024

Charges: Russian Media Outlet RT Allegedly Orchestrated Massive Pro-Trump Influence Campaign in the U.S.

RT, formerly known as Russia Today, is a Russian state-funded news outlet. Last week, the U.S. Department of Justice (DOJ) announced that it had indicted two RT employees for secretly funding and directing a U.S.-based media company to influence American public opinion, marking a significant case in the ongoing battle against foreign propaganda campaigns. In 2017, RT was required to register as a foreign agent in the U.S.

September 6, 2024

Two Nigerian Nationals Sentenced for $5M Business Email Compromise Scam

Two Nigerian nationals have been sentenced in the U.S. for orchestrating a BEC scheme that defrauded U.S. companies out of more than $5 million. Franklin Ifeanyichukwu Okwonna, 34, received five years and three months in prison and was ordered to pay nearly $5 million in restitution. His co-conspirator, Ebuka Raphael Umeti, 35, was sentenced to 10 years and ordered to pay the same amount in restitution.

FinTelegram

September 4, 2024

Breaking: CFTC Fines Uniswap Labs for Illegal Digital Asset Trading!

The U.S. CFTC has issued an order against Uniswap Labs, a Delaware-based company operating in New York, for offering illegal digital asset derivatives trading. The CFTC found that Uniswap Labs provided leveraged or margined retail commodity transactions in digital assets via a decentralized digital asset trading protocol and has been ordered to pay a moderate $175,000 civil monetary penalty.

FinTelegram

August 28, 2024

SEC Freezes Assets of Brothers Behind $60 Million Crypto Ponzi Scheme!

It is no secret to FinTelegram readers that the AI-enriched crypto segment is the new playground for scammers, Ponzi operators, and other cybercrime activists. The SEC has obtained emergency asset freezes against Jonathan Adam and his brother Tanner Adam for allegedly running a $60 million Ponzi scheme through their entities, GCZ Global LLC and Triten Financial Group LLC.

FinTelegram

August 28, 2024

Icahn Enterprises Shares Hit 20-Year Low Amid SEC Settlement and Short-Seller Attack

Icahn Enterprises' stock dropped to a 21-year low following the announcement that shareholder dilution is forthcoming. This adds to the sell-off that's been underway over the last couple of months. SEC charges over undisclosed collateral pledges. Due to a report by short-seller Hindenburg Research, the company of former corporate raider and shareholder activist Carl Icahn became the target of short sellers and regulators.

FinTelegram

August 11, 2024

Crypto Fraud: The Never-Ending Extradition Case Around Terralabs Founder Do Kwon!

It seems to be a never-ending story about Terraform Labs founder and former crypto mogul Do Kwon and his extradition from Montenegro. On August 8, 2024, a Montenegrin Supreme Court ruling postponed Do Kwon's extradition to South Korea. The court decided to wait for further clarifications from the Supreme State Prosecutor's Office regarding the legal conditions for extradition.

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.

Fintech

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.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.