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Japan to require crypto exchanges to bolster internal oversight: source

Japan’s financial regulator will require cryptocurrency exchanges to strengthen internal oversight of the so-called “cold wallets” used to store digital money, a source with direct knowledge of the matter told Reuters on Tuesday. The move by the Financial Services Agency (FSA) highlights the difficulties in ensuring security of virtual currencies,… Read More

DOJ charges property firm founder, former executives in Ponzi scheme

U.S. federal prosecutors charged the owner and two former executives of Woodbridge Group of Companies LLC on Thursday with orchestrating a $1.3-billion Ponzi scheme involving 10,000 victims. Robert Shapiro, the owner of the luxury-property company, and former directors of investments Dayne Roseman and Ivan Acevedo were charged in the Southern… Read More

Avenatti charged with embezzlement, fraud, cheating on taxes

AP — Attorney Michael Avenatti has been charged in a 36-count federal indictment alleging he stole millions of dollars from clients, did not pay his taxes, committed bank fraud and lied in bankruptcy proceedings. Avenatti, 48, was indicted late Wednesday by a Southern California grand jury on a raft of… Read More

10th April 2019

Swiss, Brazil intensify efforts to unravel Petrobras affair

Crimefighters in Switzerland and Brazil pledged to intensify cooperation to resolve the sprawling corruption case linked to state oil firm Petrobras in which around 700 million Swiss francs ($701 million) remain frozen in Switzerland. Switzerland has so far returned roughly 365 million Swiss francs ($365.6 million) to Brazil related to… Read More

4th April 2019

By spying on Huawei, U.S. found evidence against the Chinese firm

U.S. authorities gathered information about Huawei Technologies Co Ltd through secret surveillance that they plan to use in a case accusing the Chinese telecom equipment maker of sanctions-busting and bank fraud, prosecutors said on Thursday. Assistant U.S. Attorney Alex Solomon said at a hearing in federal court in Brooklyn that… Read More

4th April 2019

SFO to Publish Guidance for Corporations that Self-Report Wrongdoing

Britain’s Serious Fraud Office will soon outline procedures for corporations that choose to waive their client-attorney privileges when voluntarily disclosing illicit activity, the head of the agency said Wednesday. Speaking at the Royal United Services Institute in London, SFO Director Lisa Osofsky called on companies to work more closely with… Read More

3rd April 2019

Ex-Malaysian Leader’s First 1MDB Trial Begins

After nearly two months of delays, the trial of Najib Razak is set to begin Wednesday on charges that the former Malaysian prime minister took part in a scheme to steal vast sums from a state fund he established a decade ago. The trial, which marks a milestone in a sprawling financial… Read More

2nd April 2019

UK watchdog to investigate handling of London Capital & Finance failure

Britain’s markets watchdog will carry out an independent review of its handling of London Capital & Finance, which went into administration in January with losses of up to 237 million pounds from unregulated “mini bond” investments, it said on Monday. The Financial Conduct Authority (FCA) said its board decided at… Read More

2nd April 2019

Ex-Barclays bankers jailed in Britain for rigging Euribor

Two former Barclays bankers were sentenced on Monday to a total of nine years in jail after they were convicted by a London jury of conspiring to rig the Euribor global interest rate benchmark. Colin Bermingham, 62, a British former cash market expert and senior rate submitter, was sentenced to… Read More

2nd April 2019

India’s fraud investigator arrests ex-chairman of debt-laden IL&FS

India’s Serious Fraud Investigation Office (SFIO) has arrested the former chairman of debt-laden Infrastructure Leasing and Financial Services (IL&FS) in connection with an ongoing investigation into the lender, a government official said on Monday. Hari Sankaran, the former chairman and managing director of IL&FS, was arrested for “abusing his powers… Read More

1st April 2019

UK’s top fraud prosecutor backs U.S.-style plea bargaining deals

The UK’s top fraud prosecutor has thrown her weight behind American-style corporate plea bargains amid criticism that they can allow companies to admit wrongdoing without leading to successful prosecutions of individuals. Lisa Osofsky, an Anglo-American former FBI lawyer now in charge at the Serious Fraud Office (SFO), said the use… Read More

28th March 2019

Wirecard shares soar after law firm clears head office of wrongdoing

Local staff at the Singapore office of Wirecard may have committed crimes but these were not material to the German payment company’s financial position, an investigation by an outside law firm has found. Shares in Wirecard, under pressure since the Financial Times ran the first of a series of investigative… Read More

26th March 2019

NCA Sees Sharp Rise in Scammers Posing as Agency Officers

UK officials are warning of a sharp uptick in crooks posing as law enforcement officials in phone scams that have netted hundreds of thousands of pounds. The fraudsters, who pretend to be officers of the National Crime Agency (NCA) and cite accurate information about the governmental body, have primarily targeted… Read More

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