Category: Enforcement Actions

AU / Banks to pay $4.7 billion in compensation to customers (AMP, ANZ, CBA, Macquarie, NAB and Westpac)

Posted on By 4am Research No Comments on AU / Banks to pay $4.7 billion in compensation to customers (AMP, ANZ, CBA, Macquarie, NAB and Westpac)

ASIC has announced six of Australia’s largest banking and financial services institutions have paid or offered to pay a total of $4.7 billion in compensation to customers who suffered loss or detriment because of fees for no service misconduct or non-compliant advice. AMP, ANZ, CBA, Macquarie, NAB and Westpac all undertook the review and remediation programs to compensate affected customer as a result of two major ASIC reviews. ASIC commenced the reviews to look into the extent of failure by the institutions to deliver ongoing advice services to financial advice customers who were paying fees to receive those services and how effectively the institutions supervised their financial advisers to identify and deal with “non-compliant advice”.

_enforcement, All Regions, banks, corporate corruption, Enforcement Actions, enforcement archive, Finance, regulatory compliance, Regulatory News, x.brokernews

Former Ohio House speaker convicted in $60M bribery scheme

Posted on By 4am Research No Comments on Former Ohio House speaker convicted in $60M bribery scheme

COLUMBUS, Ohio (AP) — Former state House Speaker Larry Householder and former Ohio Republican Party Chair Matt Borges were convicted Thursday in a $60 million bribery scheme that federal prosecutors have called the largest corruption case in state history.

A jury in Cincinnati found the two guilty of conspiracy to participate in a racketeering enterprise involving bribery and money laundering, after about 9 1/2 half hours of deliberations over two days.

U.S. Attorney Kenneth Parker said the government’s prosecution team showed that “Householder sold the Statehouse, and thus he ultimately betrayed the people of the great state of Ohio he was elected to serve.” He called Borges “a willing co-conspirator.”

_enforcement, All Regions, corporate corruption, Corruption, Enforcement Actions, enforcement archive, government corruption, reg-enforcement, Region Americas, Region US & Canada

Ex-Goldman Sachs banker Roger Ng gets 10-year sentence for fraud

Posted on By 4am Research No Comments on Ex-Goldman Sachs banker Roger Ng gets 10-year sentence for fraud

A former Goldman Sachs banker was sentenced Thursday to 10 years in prison for his role in looting a Malaysian sovereign wealth fund of billions of dollars used to finance lavish parties, a superyacht, premium real estate and even the 2013 film “The Wolf of Wall Street.” Roger Ng was convicted last April by a U.S. District Court jury in Brooklyn, but he continues to deny charges that he conspired to launder money and violated two anti-bribery laws. Prosecutors said Ng and his co-conspirators helped the Malaysian fund, known as 1MDB, to raise $6.5 billion through bond sales — only to participate in a scheme that siphoned off more than two-thirds of the money, some of which went to pay bribes and kickbacks.

_enforcement, banks, corporate corruption, Corruption, Economy, Enforcement Actions, enforcement archive, government corruption, reg-enforcement, Region Americas, Region US & Canada

US applies sanctions over Iran shadow banking, drone network

Posted on By 4am Research No Comments on US applies sanctions over Iran shadow banking, drone network

WASHINGTON (AP) — The United States on Thursday announced more sanctions against people and firms associated with Iran and with what it said was an illicit banking network used to conceal transactions.

The U.S. said it placed the penalties on 39 firms linked to a shadow banking system that helped to obfuscate financial activity between sanctioned Iranian firms and their foreign buyers, namely for petrochemicals produced in Iran.

The Treasury Department said the companies — from Hong Kong to the United Arab Emirates — made up a “significant ‘shadow banking’ network” that gave cover to sanctioned Iranian entities to disguise petrochemical sales with foreign customers.

_enforcement, All Regions, banks, corporate corruption, Corruption, Economy, Enforcement Actions, enforcement archive, government corruption, International Conflict, reg-enforcement, Region Americas, Region Middle East, Region US & Canada

Top crypto exchange bans dollar and euro transfers for Russians

Posted on By CorruptionLedger No Comments on Top crypto exchange bans dollar and euro transfers for Russians

The company attributed the decision to the latest round of Western sanctions against Russia, saying that transactions in dollars and euros will be unavailable to any individuals residing in Russia regardless of nationality.  

The exchange also banned users based in the EU from making transfers in Russian rubles via the platform, according to media reports. When trying to make a transaction in rubles, the platform prompts users to select a ‘local currency’ for P2P.

“In order to continue using Binance P2P, users can choose other available fiat currencies,” a representative of the exchange told Forbes Russia. 

_enforcement, All Regions, banks, cryptocurrency, Economy, International Conflict, reg-enforcement, Region Asias, Region Europe, Sanctions, war, x.RT

EU-RU / 4 bankers accused of helping Putin launder $50M via Switzerland

Posted on By 4am Research No Comments on EU-RU / 4 bankers accused of helping Putin launder $50M via Switzerland

A cellist is accused of helping Vladimir Putin channel $50 million into Swiss accounts. 4 bankers are also accused of not having checked the real source of the money. Putin is believed by some to have accrued vast wealth during his time as Russian leader. Four bankers have been accused of helping Vladimir Putin’s cellist…

more “EU-RU / 4 bankers accused of helping Putin launder $50M via Switzerland” »

_enforcement, All Regions, banks, Corruption, Enforcement Actions, enforcement archive, reg-enforcement, Region Asias, Region Europe, Sanctions

CEO of Major Defense Contractor Frank Rafaraci Charged with Bribery

Posted on By 4am Research No Comments on CEO of Major Defense Contractor Frank Rafaraci Charged with Bribery

The chief executive officer (CEO) of Company 1, a multi-national corporation headquartered in Malta and with operations in the United Kingdom, United Arab Emirates, Singapore, and the United States was charged with bribery in an indictment returned on September 30, 2019.

_enforcement, All Regions, Corruption, Enforcement Actions, enforcement archive, Region Asias, Region Europe, Region Middle East, Region US & Canada, x.doj

Former Goldman Sachs Investment Banker Sentenced in $2.7B Bribery and Money Laundering Scheme

Posted on By 4am Research No Comments on Former Goldman Sachs Investment Banker Sentenced in $2.7B Bribery and Money Laundering Scheme

A former managing director of The Goldman Sachs Group Inc. (Goldman Sachs) was sentenced today to 10 years in prison for his role in a multibillion-dollar bribery and money laundering scheme involving Malaysia’s state-owned investment and development fund, 1Malaysia Development Berhad (1MDB).

“Today, Roger Ng was sentenced for his role in a massive and egregious bribery and money laundering scheme involving the bribery of high-level foreign officials in Malaysia and the United Arab Emirates and theft of billions of dollars meant to benefit the Malaysian people,” said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division. “The Justice Department remains firmly committed to holding accountable individuals who engage in corruption, undermine the rule of law, and abuse our financial system to launder their illicit funds.  This sentence sends a strong message to criminals around the world:  if you violate our laws, we will bring you to justice.”

_enforcement, All Regions, banks, corporate corruption, Corruption, Economy, Enforcement Actions, enforcement archive, Finance, government corruption, Region Americas, Region Asias, Region US & Canada, x.doj

ASIC launches legal action against business lenders

Posted on By 4am Research No Comments on ASIC launches legal action against business lenders

  ASIC has launched court proceedings against two business lending specialists, Green County Pty Ltd and Max Funding Pty Ltd, alleging they issued personal loans without being licensed and without undertaking proper inquiries. ASIC has alleged Green County and Max Funding did not make reasonable inquiries about the purpose of loans, which led to Green…

more “ASIC launches legal action against business lenders” »

_enforcement, All Regions, banks, corporate corruption, Corruption, Economy, enforcement archive, Finance, Region Oceania, Regulatory News, x.brokernews

US issues warrant for $25m aeroplane owned by Russian Rosneft: Boeing 737-7JU

Posted on By 4am Research No Comments on US issues warrant for $25m aeroplane owned by Russian Rosneft: Boeing 737-7JU

The United States government has requested and obtained a warrant to seize a Russian aircraft valued at $25m, according to a statement released on Wednesday.

The US-made plane, a Boeing 737-7JU, is accused of travelling from a foreign country to Russia, in violation of US law and sanctions implemented after Moscow’s 2022 invasion of Ukraine.

The plane was last in the US in 2014, according to the statement from the US Attorney’s Office for New York’s Eastern District. But the US alleges the plane has flown in and out of Russia “at least seven times, in violation of federal law”.

_enforcement, Enforcement Actions, enforcement archive, reg-enforcement