Category: Financial Crime

France’s Sapin II Law was created in 2016 to address corporate corruption and implement antibribery measures. The legislation took effect in 2017, marking a significant shift in the country’s regulatory compliance landscape. The law, which tracks closely with similar laws in the US, UK, and other EU countries, requires large companies [1] to implement a robust compliance program, including anti-corruption…

Verdicts are expected Saturday for a cardinal and nine other defendants in the most complicated financial trial in the Vatican’s modern history: a case featuring a Hollywood-worthy cast of characters, unseemly revelations about the Holy See and questions about Pope Francis’s own role in the deals. After 2½ years of hearings, here’s a brief snapshot of the trial and its…

A U.S. federal court jury has decided that Google’s Android app store has been protected by anti-competitive barriers that have damaged smartphone consumers and software developers, dealing a blow to a major pillar of a technology empire. The unanimous verdict reached Monday came after just three hours of deliberation following a four-week trial revolving around a lucrative payment system within…

Britain has issued more than 120 financial penalties to offshore companies that have failed to comply with transparency legislation designed to uncover illicit wealth hidden in the UK property market. The Register of Overseas Entities was created after Russia’s invasion of Ukraine to help the UK government crack down on oligarchs and other kleptocrats. Individuals that own British property through…

Mercer Financial Advice has been ordered by the Federal Court to pay a $12 million penalty for breaching fee disclosure obligations and for wrongly charging fees to customers, ASIC has reported. “This is a significant penalty for a financial advice provider,” said Sarah Court (pictured above), ASIC deputy chair. “Mercer failed in its obligation to provide fee disclosure statements to…

WASHINGTON: US inspectors announced fines against China-based firms Thursday, as part of a broader effort to hold US-listed Chinese companies up to American auditing standards amid simmering geopolitical tensions. These included PwC affiliates in Hong Kong and China, alongside a Chinese audit company. The $7.9 million in penalties unveiled by the Public Company Accounting Oversight Board (PCAOB) represent some of the…

  As China’s embattled shadow banking giant Zhongzhi Enterprise Group faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about US$56 billion (S$74.9 billion). More than three quarters of investor cash would be lost, with just 100 billion yuan (S$18.7 billion) being recovered from debt of as much as 460 billion…

An Ontario justice has thrown out a proposed $200-million class action lawsuit against legal software provider Dye & Durham Ltd. DND-T over price hikes and broken promises by the Toronto software company. Ontario Superior Court Justice Edward Morgan last month dismissed the action brought by real estate law firms and D&D clients Burford Law Professional Corp. and Tais Davis. D&D…

With Russian tanks and troops descending on Ukraine in early 2022, Cyprus became a hotbed of financial activity. The island country has long been known as an offshore transit point for the fortunes of Russian billionaires, and as sanctions loomed over many of them last year, Cyprus financial services firms fielded a series of urgent demands to transfer funds and…

BEIJING: A Chinese man wanted for allegedly embezzling millions of yuan (hundreds of thousands of dollars) from his company and then fleeing to Morocco was extraditedback to China on Saturday, the Ministry of Public Security said. The man, a financial executive at the company, used passwords for its bank accounts to transfer money to his personal account, the ministry said…

In September, a class action lawsuit (Mannacio v. Discover Financial Services, et al., No. 23-cv-06788 (N.D. Ill.)) was filed against Discover Financial Services (“Discover”) alleging Discover and certain current and/or former executives violated the Securities Exchange Act of 1934. Specifically, the class action complaint alleged that the defendants made false and/or misleading statements and/or failed to disclose that: (i) Discover…

Thomas Flohr, owner of luxury airline VistaJet, must fight a claim that he defrauded a Guernsey investment partnership two decades ago after London’s High Court refused to dismiss the case.  Flohr, who denies the allegations, had tried to have the case thrown out on technical grounds related to the circumstances of the case, in which a previously dissolved partnership was…

FTX founder Sam Bankman-Fried was convicted of fraud and money laundering by a New York jury in a landmark criminal verdict that is likely to condemn the former crypto tycoon to decades in prison […] The decision […] was delivered just after 7.40pm on Thursday, following less than five hours of deliberation by the jury’s nine women and three men…

Washington D.C., Nov. 2, 2023 — The Securities and Exchange Commission today charged John Hughes, president and chief compliance officer of registered investment adviser Prophecy Asset Management LP, for his involvement in a multi-year fraud that concealed losses of hundreds of millions of dollars from investors. Prophecy Asset Management advised multiple hedge funds and reported more than $500 million in…

FTX founder Sam Bankman-Fried plans to testify at his fraud trial, his lawyer told a federal judge Wednesday, ending speculation over whether a man who embraced the spotlight during his years atop the cryptocurrency world could remain silent after prosecutors portrayed him as a greedy entrepreneur who stole billions of dollars from customers. Attorney Mark Cohen told Judge Lewis A….

SEOUL – South Korean authorities arrested Kakao’s chief investment officer (CIO) for alleged stock price manipulation in a high-profile takeover battle over K-pop agency SM Entertainment. Bae Jae-hyun was arrested early on Thursday, according to the Seoul Southern District Court which issued the warrant. Internet giant Kakao won a controlling stake in SM after an intense bidding war with Hybe,…