Category: Financial Crime
Credit Suisse handed $3.9m penalty by MAS for relationship managers’ misconduct
SINGAPORE – The Monetary Authority of Singapore (MAS) has imposed a $3.9 million civil penalty on Credit Suisse for its failure to prevent or detect misconduct by relationship managers (RMs) in its Singapore branch. Credit Suisse paid the penalty to the regulator immediately after it…
Cardinal, other religious leaders convicted of fraud, embezzlement in landmark Vatican court case: Holy See Vatican funds
A cardinal who oversaw the management of Vatican funds from 2011 to 2018 has been convicted of multiple counts of embezzlement and fraud in a landmark corruption case. Cardinal Giovanni Angelo Becciu, once one of the most powerful figures in the Holy See, was sentenced…
Latvia’s ex-central bank chief sentenced to 6 years’ jail for corruption
Latvia’s former central bank governor was sentenced to six years in prison for bribery on Wednesday after a trial over the most prominent of a series of recent financial scandals to hit the Baltic country. Ilmārs Rimšēvičs, head of the Latvian central bank from 2001…
South Korea said to seek fines on HSBC, BNP for naked short selling
SEOUL – South Korea’s financial watchdog has recommended imposing a fine of at least 10 billion won (S$10.24 million) each on HSBC Holdings and BNP Paribas for so-called naked short selling, which is considered illegal in the country, according to two people familiar with the…
Trends in French White Collar 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…
Verdicts imminent in Vatican corruption trial with star defendant: Cardinal Angelo Becciu
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…
Fortnite maker Epic Games wins antitrust case against Google
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…
UK fines 123 offshore companies for transparency law breach
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…
Mercer to pay $12 million penalty for misleading representations and fee disclosure failures
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…
US audit inspectors unveil $7.9mn fines on China-based firms
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…
China investors face tens of billions in losses over shadow bank Zhongzhi Enterprise Group
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…
Canada: Class action against Dye & Durham over price hikes, broken promises dismissed
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…
Cyprus lit up with oligarch transactions after Russia invaded Ukraine -leaks
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…
A Chinese man is extradited from Morocco to face embezzlement charges in Shanghai
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…
Recent Discover Lawsuits Provide Compliance Lessons (Mannacio v. Discover Financial Services, et al., 23-cv-06788)
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…
Guernsey firm alleges fraud by Thomas Flohr before he launched VistaJet, case not dismissed
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…