Jurisdiction | FinTelegram News

Category: Jurisdiction

October 10, 2024

U.S. DOJ Charges 18 Individuals and Entities in Global Crypto Fraud Crackdown!

The U.S. DOJ has charged 18 individuals and entities in an international operation targeting market manipulation and fraud in the crypto industry. The defendants, including market makers and token promoters, are accused of using wash trading and false trading activity to deceive retail investors and artificially inflate crypto prices. This is the first major criminal case of its kind in the crypto market.

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 9, 2024

A Wealthy UK Socialite Accused of Laundering £200 Million in Criminal Cash via Dubai!

The wealthy UK socialite James Stunt, along with four other men, faces accusations of laundering over £200 million in criminal cash through UK-based gold dealers. The prosecution claims that Stunt's company received 70% of the proceeds, with connections to international money launderers in Dubai, pointing to a massive, organized operation between 2014 and 2016.

October 4, 2024

High-Profile Maltese Money Laundering & Corruption Case Continues with Keith Schembri Challenging Forensic Expert’s Impartiality!

Keith Schembri, former Chief of Staff of the Maltese Prime Minister, is accused of money laundering and corruption. His legal team has requested that forensic expert Samuel Sittlington, Police Commissioner Angelo Gafa, and former Deputy Commissioner Alexandra Mamo testify to clarify alleged negotiations for consultancy services during the investigation. The defense calls into question the expert’s independence, further complicating an already contentious trial.

October 3, 2024

Evil Corp: A Comprehensive Report on Russia’s Family-Driven Cybercriminal Organization!

The U.S. Department of Justice and Department of Treasury have taken significant action against Evil Corp, a Russia-based cybercriminal group responsible for developing and distributing malware that has stolen over $100 million from banks and financial institutions across 40 countries. Evil Corp appears to operate as a family enterprise, with multiple family members involved.

October 2, 2024

U.S. DOJ Indicted Russian Hacker and Evil Corp Member Aleksandr Viktorovich Ryzhenkov!

The U.S. DOJ unsealed an indictment charging Russian national Aleksandr Viktorovich Ryzhenkov with using the BitPaymer ransomware variant to attack numerous victims in Texas and throughout the U.S. and hold their sensitive data for ransom. According to the indictment, beginning in at least June 2017, Ryzhenkov allegedly gained unauthorized access to the information stored on victims’ computer networks.

September 25, 2024

Caroline Ellison Sentenced to Two Years for Role in FTX, The ‘Greatest Financial Fraud’ In U.S. History!

Caroline Ellison, 29, a central figure in the scandal around the collapsed U.S. crypto exchange FTX, has been sentenced to two years in prison despite her substantial cooperation with prosecutors. The former FTX CEO Sam Bankman-Fried (SBF) has received a 25-year prison time. Her case emphasizes that even those who assist law enforcement may still face incarceration in cases involving large-scale fraud.

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 22, 2024

Surprising Turn: Elon Musk’s X Backs Down in his Fight Against Brazilian Judge!

Elon Musk’s social network X has reversed its defiance of Brazil’s Supreme Court, complying with orders to remove accounts that threaten the country’s democracy. After weeks of resisting, Musk’s sudden shift marks a significant victory for the Brazilian court and raises questions about how tech giants navigate content regulation worldwide.

September 15, 2024

China Targets Crypto Money Laundering with New Law Revision

The adoption of crypto is evident, not least from the use of cryptocurrencies for illegal activities and money laundering. This is increasingly becoming a problem for the authorities. China's new law revision aims to tackle cryptocurrency-enabled money laundering by introducing stricter provisions and predicate offenses, aligning with global AML standards.

September 12, 2024

Ralph Hamers and ING’s Money Laundering Scandal: A Pending Indictment and Comparisons to Swedbank’s Case

Former ING CEO Ralph Hamers continues to face legal scrutiny for his role in ING's involvement in large-scale money laundering activities. Although the bank settled with Dutch authorities in 2018, paying a €775 million fine, Hamers has yet to be personally charged. Despite a Dutch court's order, prosecutors have yet to formally indict him, raising questions about the pace and priority of anti-money laundering (AML) enforcement in the Netherlands compared to other EU jurisdictions.

September 12, 2024

Swedish Court Sends Ex-CEO of Swedbank to Prison Over Money Laundering Issues!

It's not often that the former CEO of a European bank is sentenced to prison over a money laundering case. But it happened in Sweden as OCCRP reports. Overturning her previous acquittal, a Swedish court sent former Swedbank CEO Birgitte Bonnesen behind bars for 15 months for having made misleading, financially damaging statements about the bank’s poor anti-money laundering operations.

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.