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CLSAP NZ hit with $770,000 fine for anti-money-laundering law breaches over $50m in transactions

A New Zealand derivatives trading firm and subsidiary of a Hong Kong company has been fined $770,000 for breaching anti-money-laundering laws over nearly $50 million of suspicious transactions. CLSA Premium New Zealand Limited (CLSAP NZ) admitted it was out of line with the Anti-Money Laundering and Countering… Read More

UK: Ex-adviser Richard Faithfull jailed after laundering money for organised crime group

A former investment adviser has been sentenced to five years and ten months in prison for money laundering as part of an organised crime group. Richard Faithfull was convicted of laundering £2.5m as part of a trans-national crime group over a period of at least 12 months. He was also disqualified from being a… Read More

Swiss court finds German trader guilty in fraud case

Switzerland’s Federal Criminal Court has sentenced a German woman, who was at the helm of a trading company, to 45 months behind bars in a hefty fraud case. The 71-year-old woman, a former director of the Lucerne-based trading company Fera, was accused of obtaining loans from banks by producing fictitious… Read More
31st August 2021
The U.S. Securities and Exchange Commission will monitor decentralized finance transactions, after contracting with the blockchain cybersecurity firm AnChain.AI, which confirmed the agreement over social media last week. Legal experts suggest this and other recent moves preview increased regulation of the decentralized finance space. The San Jose, California-based analytics… Read More
25th August 2021
With U.S. sanctions spooking key oil buyers and depriving its government of cash, Venezuela last year inked a deal with a little-known local company to swap crude for food, Reuters has learned. That agreement saw state oil company PDVSA, beginning in December 2020, deliver more than 6 million barrels of… Read More
23rd August 2021
A Utah man who touted a revolutionary new smartphone for several years but failed to produce one, has been charged by the US Attorney’s office in Utah with securities fraud. a new filing shows. Chad Leon Sayers solicited approximately 300 investors to invest $10 million in Saygus, promising “imminent billion-dollar… Read More
11th August 2021
BitMEX, one of the world’s largest virtual currency derivatives exchanges, has agreed to pay up to $100 million to settle U.S. charges of unlawfully accepting customer funds to trade cryptocurrencies when it was not registered to do so as well as failure to conduct customer due diligence. The U.S. Commodity… Read More
10th August 2021
The Serious Fraud Office (SFO) has launched an investigation into entrepreneur Gavin Woodhouse, whose business dealings were revealed by an undercover investigation by the Guardian and ITV News. The UK’s anti-corruption agency said it was investigating “suspected fraud and money laundering in relation to … Woodhouse and individuals… Read More
2nd August 2021
A new spate of lawsuits suggests that despite legislation and prosecutions by foreign governments, alleged investment fraud remains a lucrative business in Israel, with local law enforcement doing little to crack down on suspected online scammers. Among the recent lawsuits — filed in Israel by alleged victims from countries including… Read More
27th July 2021
A former U.K.-based trader for Glencore Plc (GLEN.L) pleaded guilty on Monday over what U.S. prosecutors called his role in a scheme to bribe officials in Nigeria in exchange for favorable contracts from that country’s state-owned oil company. Anthony Stimler admitted to conspiring to both violate the Foreign Corrupt… Read More
26th July 2021
The renegade trading platform, Robinhood, which was central to the GameStop shares frenzy earlier this year, faces a US$35mn fine from New York financial regulators. The company’s crypto division was issued with a wrist slap in 2020, following the red flagging of several “matters… Read More
20th July 2021
By Thomas Rowley, openDemocracy, 20 July 2021 openDemocracy – The UK’s Financial Conduct Authority (FCA) has been urged to investigate the listing of Belarusian sovereign bonds on the London Stock Exchange, openDemocracy reports today. In a letter written by the Belarusian Coordination Council and seen by openDemocracy, the opposition… Read More
13th July 2021
When President Biden signed Executive Order (E.O.) 14024 in April, there were likely more than a few eyebrows raised within the compliance community. For one, the order, which authorized the imposition of sanctions on Russian interests for “specified harmful foreign activities”, marked a departure from the previous administration’s response to the alleged… Read More