Featured Misconduct

Australia: How the banks and AUSTRAC are fighting back against financial crime

Earlier this year in the National Australia Bank’s Docklands headquarters, a fraud officer noticed a suspicious pattern of transactions made by a 70-year-old woman. The officer opened the bank account and saw more than 20 transfers to Coinspot, an Australian cryptocurrency exchange. The customer’s transaction history showed the woman had… Read More

Robinhood Faces Likely AML Settlement, Says U.S. Demanded CEO’s Phone Records

Robinhood Markets Inc., dogged by fines and regulatory scrutiny, revealed several new inquires from state and federal watchdogs as it seeks to sell shares in one of the year’s most anticipated public offerings. Among the fresh disclosures made in its registration statement: U.S. prosecutors demanded access to Chief Executive Officer… Read More

Banks told to clamp down on toxic culture

The world’s leading banking standards-setter has called for a purge on toxic corporate cultures as crisis-hit lenders count the cost for a string of scandals. Carolyn Rogers, secretary general of the Basel Committee on Banking Supervision, said it was time to step up efforts to tackle persistent culture problems after… Read More
2nd June 2021
A former executive at private bank M.M. Warburg on Tuesday became the first banker to be jailed over a multi-year scam to bilk the German state of billions of euros by filing bogus claims for tax rebates on stock dividends. A court in Bonn handed down a sentence of five… Read More
1st June 2021
Exasperation with Credit Suisse following a string of scandals is prompting Switzerland to rethink a system in which top bankers have been largely untouchable. Credit Suisse’s heavy losses from the collapse of family office Archegos and the decimation of billions of client investments backed by insolvent British financier Greensill have… Read More
1st June 2021
In the last 11 years, more than 600,000 people in the United States borrowed roughly $1.05 billion from American Web Loan, an online payday lending service that promises fast and convenient loans to people in dire financial circumstances. The company’s website features video testimonials from customers who say that… Read More
17th May 2021
Hong Kong authorities have frozen nearly HK$500 million of jailed media tycoon Jimmy Lai Chee-ying’s assets in the first such use of new powers granted under the city’s national security law. The government issued a statement on Friday night announcing that the secretary for security had ordered Lai’s shares… Read More
17th May 2021
A Singaporean businessman linked to the alleged fraud of more than $1 billion had more cheating charges brought against him on Monday (May 17). Ng Yu Zhi, 34, had previously been charged with 11 counts of cheating, fraudulent trading and forgery. He was charged on Monday with seven… Read More
12th May 2021
Shell companies sure make strange bedfellows. A New York real estate tax lawyer — who did work for former President Donald Trump decades ago — in 2011 purchased a shell company whose creators later became key investors in a mystery $100 million company that owns just a small… Read More
7th May 2021
The U.K.’s financial regulator handed down its first penalty over the Cum-Ex tax scandal, fining a broker 178,000 pounds ($248,000) for failings regarding its relationship with hedge-fund manager Sanjay Shah. Sapien Capital, which executed more than 6 billion pounds of trades in Danish and Belgian stocks on behalf of… Read More
5th May 2021
Australia’s securities regulator is probing Westpac Banking Corp. on allegations of insider trading, just months after the country’s second-biggest lender paid a record fine to settle breaches of anti-money laundering laws. The allegations relate to Westpac’s role in executing a A$12 billion ($9.3 billion) interest-rate swap transaction with a… Read More
30th April 2021
By Iván Ruíz, Nathan Jaccard and Hugo Alconada Mon, OCCRP, 29 April 2021 OCCRP — For years, Argentinian prosecutors and observers have been puzzled by the behavior of Meinl Bank, an Austrian financial institution that swooped in to buy up millions of dollars of debt accrued by… Read More
15th March 2021
By Holger Roonemaa and Oliver Kund, OCCRP, 12 March 2021 OCCRP — On a warm Monday morning in June 2014, two auditors from Estonia’s financial regulator stepped into the Tallinn office of Danske Bank, armed with a single piece of graph paper handwritten with the names of 18 of… Read More