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U.S. corporate crisis bailouts may prove bonanza for insider trading, new study warns

White-collar crime prosecutors and defense attorneys are likely to be busy following a massive economic stimulus package from the U.S. Congress aimed at mitigating the fallout from the coronavirus, according to a new academic study of insider trading. The research, from scholars at the University of Pennsylvania’s Wharton School, Stanford… Read More

EU Won’t Stop Member States From Seizing Assets of Accused

European Union regulations don’t prevent countries from confiscating assets from someone charged with civil offenses or not yet convicted of a crime, the EU’s highest court ruled Thursday. The question before the five-judge panel of the European Court of Justice was whether Bulgaria was allowed to confiscate assets from Tsvetan… Read More

London Bankers Avoid Jail Time in First German Cum-Ex Trial

Two former London investment bankers were convicted of tax evasion at Germany’s first trial over so-called Cum-Ex trades in a landmark ruling that could lead to hundreds more cases. The bankers, Martin Shields and Nicholas Diable, were able to avoid jail by cooperating with prosecutors. The Bonn court gave both… Read More

16th March 2020

Trouble in paradise: Family, feuds and fraud in Jersey

The recent, turbulent history of the Dick family reads like a Netflix reboot of Bleak House. For this is the tale of an unending court case involving the recent sale of a fabulous mansion in one of Britain’s better known tax havens, home to a man whose rags-to-riches life could… Read More

13th March 2020

Record £11.6m UK gambling fine meted out to Betway

The online betting firm Betway will pay a record £11.6m settlement for accepting stolen money from high-spending “VIP” customers, some of whom were displaying clear signs of gambling addiction. The Gambling Commission, which has been under fire for being too weak, said its investigation showed that Betway had… Read More

12th March 2020

Bankers in Tax Scandal Trial Fear ‘Financial Annihilation’

The two former investment bankers standing trial in Germany over their role in controversial dividend-tax deals have sought to avoid jail time by cooperating with authorities. Now the pair face another threat: a massive, 207 million euros ($233 million) tax bill slapped on them by the Federal Tax Office. Martin… Read More

12th March 2020

Investors Sue Deutsche Bank’s Board Members Over Compliance Lapses: FT

US shareholders are suing current and former Deutsche Bank board members for what they describe as an “unprecedented litany of wrongdoing” by the lender’s leadership, including its failure to prevent financial crime, the Financial Times reported Wednesday. The lawsuit, filed to New York’s Supreme Court, names Deutsche CEO Christian… Read More

6th March 2020

Malta tax advisors named in Spanish money laundering probe

Spanish authorities have charged football agent Abdilgafar Fali Ramadani and his associates with money laundering as part of an ongoing police operation, dubbed Lanigan. The police raids took place last Tuesday upon Ramadani’s arrival in Spain. The charges stem from reports published by the European Investigative Collaborations (EIC) network during… Read More

6th March 2020

Albania offers amnesty to curb shadow economy, revive growth

Albania’s government plans to offer an amnesty to businesses that have failed to disclose funds or made illegal gains for a fee, in an effort to formalise and revive the economy, open firms’ access to capital markets, and plug a budget shortfall. Business association Konfindustria estimated on Tuesday that Albania’s… Read More

26th February 2020

A Private Bank That Survived the Nazis May Be Broken by German Tax Scandal

M.M. Warburg & Co.’s headquarters exudes the aura of a fortress that has withstood the tumultuous twists of German history for centuries. The ornate sandstone structure survived the bombs that rained down on Hamburg starting in 1941. One shell hit the roof but bounced off a metal beam, limiting… Read More

21st February 2020

Mexico Investigating Ex-President Enrique Peña Nieto

Mexican law-enforcement officers are investigating former President Enrique Peña Nieto as part of the country’s highest-profile corruption case in years, a senior Mexican judicial official said. The probe into the former leader is part of a broad case against Emilio Lozoya, the former head of state-run oil company Petróleos Mexicanos. Read More

21st February 2020

Former Danish social worker convicted of massive fraud

A former employee of Denmark’s social services was sentenced to six and half years in prison on Tuesday for embezzling millions in funds, meant for people in need, over decades. Britta Nielsen, 65, was accused of diverting 117 million Danish kroner (15.7 million euros) between 1993 and 2018 from the… Read More

21st February 2020

Swiss prosecutors charge Al-Khelaifi in FIFA bribery case

AP – Paris Saint-Germain president Nasser al-Khelaifi was charged Thursday by Swiss federal prosecutors in connection with a wider bribery investigation linked to FIFA and World Cup television rights. The office of Switzerland’s attorney general filed an indictment charging Al-Khelaifi with inciting former FIFA secretary general Jerome Valcke… Read More

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