Tag #Financial Crime

Showing 25 to 36 of 213 results

smh.com.au

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Jul 31, 04:12

Sydney Police Bust $16.9 Million Fraud Syndicate

Two alleged ringleaders of a $16.9 million fraud and money laundering syndicate that used stolen personal information to obtain loans for non-existent luxury cars were arrested in Sydney, leading to the seizure of $4 million in assets and further asset freezes totaling $38 million.

Sydney Police Bust $16.9 Million Fraud Syndicate

Two alleged ringleaders of a $16.9 million fraud and money laundering syndicate that used stolen personal information to obtain loans for non-existent luxury cars were arrested in Sydney, leading to the seizure of $4 million in assets and further asset freezes totaling $38 million.

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How did the alleged syndicate use stolen personal information, and what types of financial institutions were targeted in the scheme?

The syndicate targeted automotive, business, and home loan companies, demonstrating a sophisticated and wide-ranging operation. Police allege the fraud involved the use of stolen personal information to obtain loans for non-existent luxury cars. The NSW Crime Commission's actions, including asset freezes totaling $38 million, highlight the significant scale of the alleged criminal activity.

smh.com.au

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Jul 29, 10:15

Perth Businessman on Trial for Alleged \$36.5 Million Investment Fraud

Chris Marco and Linda Marissen are on trial in Western Australia's Supreme Court, accused of defrauding clients of \$36.5 million between 2011 and 2018 through a purported overseas investment scheme; the defence argues Marco genuinely believed in the scheme's legitimacy.

Perth Businessman on Trial for Alleged \$36.5 Million Investment Fraud

Chris Marco and Linda Marissen are on trial in Western Australia's Supreme Court, accused of defrauding clients of \$36.5 million between 2011 and 2018 through a purported overseas investment scheme; the defence argues Marco genuinely believed in the scheme's legitimacy.

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How does the relatively small number of clients participating in the case affect the prosecution's narrative and the overall strength of its evidence?

The defence's core argument rests on the assertion that Marco's actions, while resulting in financial losses for some, did not constitute fraud due to his purported belief in the legitimacy of the investments. This contrasts with the prosecution's claim that no investments actually existed. The significant disparity between the number of clients (150+) and those participating in the case (7) is highlighted by the defence as evidence of client satisfaction.

dailymail.co.uk

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Jul 28, 04:11

British Tourists Lose Millions to Common Travel Scams

Research reveals that 32 percent of British tourists face overpriced taxi rides abroad, losing \£17 on average, while 20 percent fall for fake goods scams, losing \£17.39. Restaurant overcharging (18 percent) leads to average losses of \£22.58, fake websites (12 percent) cost \£113.30, and phishing ...

British Tourists Lose Millions to Common Travel Scams

Research reveals that 32 percent of British tourists face overpriced taxi rides abroad, losing \£17 on average, while 20 percent fall for fake goods scams, losing \£17.39. Restaurant overcharging (18 percent) leads to average losses of \£22.58, fake websites (12 percent) cost \£113.30, and phishing ...

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How do the financial losses from different types of tourist scams vary, and what are the contributing factors?

The prevalence of these scams highlights the vulnerability of tourists to deceptive practices in unfamiliar environments. The high percentage of those affected by overpriced taxis (32 percent) and fake goods (20 percent) suggests a systemic issue needing consumer awareness campaigns and stricter regulations in tourist areas. Losses, while seemingly small individually, accumulate significantly across the millions of tourists traveling annually.

npr.org

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Jul 26, 04:14

Wyden's Epstein Investigation Uncovers \$1 Billion in Suspicious Transactions

Senator Ron Wyden's investigation into Jeffrey Epstein's finances revealed over \$1 billion in suspicious transactions, involving 4,700 wire transfers at one bank, raising concerns about complicity from banks and government agencies.

Wyden's Epstein Investigation Uncovers \$1 Billion in Suspicious Transactions

Senator Ron Wyden's investigation into Jeffrey Epstein's finances revealed over \$1 billion in suspicious transactions, involving 4,700 wire transfers at one bank, raising concerns about complicity from banks and government agencies.

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How did Senator Wyden's investigation access and utilize suspicious activity reports (SARs) to trace Epstein's financial dealings?

The investigation revealed a complex money trail involving Epstein's finances, highlighting potential financial crimes beyond funding sex trafficking. The findings raise concerns about complicity from banks and government agencies in overlooking suspicious activities.

bbc.com

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Jul 26, 01:12

Accountant Jailed for £2.4 Million Gambling-Fueled Embezzlement

A 40-year-old accountant, Jemma Lewis, stole over £2.4 million from five companies between 2018 and 2023 to fund her gambling addiction, resulting in a five-year prison sentence and significant financial and emotional distress for colleagues and the companies.

Accountant Jailed for £2.4 Million Gambling-Fueled Embezzlement

A 40-year-old accountant, Jemma Lewis, stole over £2.4 million from five companies between 2018 and 2023 to fund her gambling addiction, resulting in a five-year prison sentence and significant financial and emotional distress for colleagues and the companies.

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What are the immediate consequences of Jemma Lewis's embezzlement, and how does it impact the involved companies and their employees?

Jemma Lewis, a 40-year-old accountant, was sentenced to five years in prison for stealing over £2.4 million from five companies to fuel her gambling addiction. Her actions caused significant financial and emotional distress to colleagues, including a director forced to leave his job and an employee unable to access her pension.

dw.com

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Jul 25, 01:14

Cum-Cum Tax Schemes Cost Governments Over €140 Billion

Tax schemes known as "cum-ex" and "cum-cum" have cost Germany an estimated €29 billion between 2000 and 2020, with global losses exceeding €140 billion, due to a legal loophole that allows financial institutions to claim multiple tax refunds on dividend payments.

Cum-Cum Tax Schemes Cost Governments Over €140 Billion

Tax schemes known as "cum-ex" and "cum-cum" have cost Germany an estimated €29 billion between 2000 and 2020, with global losses exceeding €140 billion, due to a legal loophole that allows financial institutions to claim multiple tax refunds on dividend payments.

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How do "cum-cum" tax schemes exploit legal loopholes, and what specific legislative changes are proposed to address them?

The core issue is a legal loophole enabling "cum-cum" transactions, where the lending of shares for short periods around dividend payments allows for fraudulent tax reclaims. This loophole exists because share lending isn't taxed, unlike in countries where such transactions are impossible due to taxation of share lending. Experts advocate for closing this gap through legislative changes.

smh.com.au

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Jul 31, 10:20

AUSTRAC Sues Mounties for Money Laundering, Exposing NSW Government Inaction

AUSTRAC is suing Mounties, NSW's most profitable club, for serious and systemic non-compliance with anti-money laundering laws, highlighting the migration of illicit funds from casinos to pubs and clubs following a NSW Crime Commission report. The NSW government's slow response to implementing cashl...

AUSTRAC Sues Mounties for Money Laundering, Exposing NSW Government Inaction

AUSTRAC is suing Mounties, NSW's most profitable club, for serious and systemic non-compliance with anti-money laundering laws, highlighting the migration of illicit funds from casinos to pubs and clubs following a NSW Crime Commission report. The NSW government's slow response to implementing cashl...

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What are the immediate consequences of AUSTRAC's legal action against Mounties, and how does this impact the broader effort to combat money laundering in NSW?

AUSTRAC, Australia's financial crime watchdog, has filed a lawsuit against Mounties, NSW's most profitable club, for significant anti-money laundering violations. This follows similar actions against casinos and bookmakers, indicating a shift of illicit activities from casinos to pubs and clubs. The case highlights the ongoing challenge of regulating money laundering in the gambling sector.

pda.rostov.kp.ru

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Jul 28, 13:17

Russian Criminal Group Defrauds Elderly of 20 Million Rubles Using Cryptocurrency

A 23-year-old man from Azov, Russia, led a criminal group that defrauded elderly people of 20 million rubles using a multi-level scheme involving couriers, security personnel, and cryptocurrency exchangers to launder the money, resulting in multiple criminal charges.

Russian Criminal Group Defrauds Elderly of 20 Million Rubles Using Cryptocurrency

A 23-year-old man from Azov, Russia, led a criminal group that defrauded elderly people of 20 million rubles using a multi-level scheme involving couriers, security personnel, and cryptocurrency exchangers to launder the money, resulting in multiple criminal charges.

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What was the total amount stolen, and what methods were employed by the criminal organization to launder the proceeds?

A 23-year-old man from Azov, Russia, orchestrated a multi-level criminal scheme that defrauded elderly people of approximately 20 million rubles (about $260,000 USD) in just a few months. The scheme involved teams of couriers collecting money, observers ensuring operational safety, and cryptocurrency exchangers laundering the funds.

pda.ural.kp.ru

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Jul 27, 10:11

Ural Scammers Steal 15 Million Rubles from Elderly Victims

Scammers stole 15,193,000 rubles from Ural residents in one week, primarily targeting the elderly with deceptive phone calls; two cases involved an 81-year-old losing 2.5 million rubles and an 82-year-old losing 759,000 rubles (8,260 euros).

Ural Scammers Steal 15 Million Rubles from Elderly Victims

Scammers stole 15,193,000 rubles from Ural residents in one week, primarily targeting the elderly with deceptive phone calls; two cases involved an 81-year-old losing 2.5 million rubles and an 82-year-old losing 759,000 rubles (8,260 euros).

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What are the immediate consequences of this surge in elderly-targeted financial scams in the Ural region?

In one week, scammers stole 15,193,000 rubles from residents of the Ural region, primarily targeting elderly individuals through deceptive phone calls. Two cases involved an 81-year-old woman tricked into handing over 2.5 million rubles and an 82-year-old woman who lost 759,000 rubles (8,260 euros).

dw.com

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Jul 26, 01:12

Kazakh Charity Head Sentenced for €7 Million Embezzlement

A Kazakhstani court sentenced Perizat Kayrat, head of the Biz Birgemiz Qazaqstan 2030 charity, and her mother to 10 and 7 years in prison for embezzling approximately €7 million in donations intended for children with disabilities, Palestinian humanitarian aid, and flood victims in Kazakhstan.

Kazakh Charity Head Sentenced for €7 Million Embezzlement

A Kazakhstani court sentenced Perizat Kayrat, head of the Biz Birgemiz Qazaqstan 2030 charity, and her mother to 10 and 7 years in prison for embezzling approximately €7 million in donations intended for children with disabilities, Palestinian humanitarian aid, and flood victims in Kazakhstan.

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How did the investigation into Perizat Kayrat's activities begin, and what specific evidence led to her conviction?

The case highlights a critical issue of accountability within Kazakhstan's charitable sector. Kayrat's lavish lifestyle, documented on Instagram, contrasted sharply with allegations of aid not reaching those in need, prompting an investigation by the Financial Monitoring Agency. The embezzlement involved both private donations and funds from Kazakh banks and businesses.

dailymail.co.uk

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Jul 26, 13:12

£1.2 Million VAT Fraudster Jailed After Lavish Spending Spree

Nicholas Adams, 49, of Whitchurch, was sentenced to two years in prison for a £1.2 million VAT fraud spanning January 2022 to August 2023, using the funds for a lavish lifestyle including a £19,000 birthday party and luxury stays in London and Dubai.

£1.2 Million VAT Fraudster Jailed After Lavish Spending Spree

Nicholas Adams, 49, of Whitchurch, was sentenced to two years in prison for a £1.2 million VAT fraud spanning January 2022 to August 2023, using the funds for a lavish lifestyle including a £19,000 birthday party and luxury stays in London and Dubai.

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What was the total amount of VAT fraudulently claimed by Nicholas Adams, and what specific actions did he take to spend the money?

Nicholas Adams, 49, was jailed for two years for a £1.2 million VAT fraud. He used the illicit funds for a lavish lifestyle, including a £19,000 birthday party and luxury stays at The Savoy and Atlantis hotels. The fraud involved bogus tax returns over 19 months, generating £373,706 for Adams before HMRC intervened.

bbc.com

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Jul 25, 01:13

£6m Elderly Investor Scam Results in Jail Sentences

Six individuals were jailed for a £6 million investment scam targeting over 150 elderly victims, mostly between 60 and 90 years old, using high-pressure sales tactics, forged documents, and impersonation; over £2 million was recovered.

£6m Elderly Investor Scam Results in Jail Sentences

Six individuals were jailed for a £6 million investment scam targeting over 150 elderly victims, mostly between 60 and 90 years old, using high-pressure sales tactics, forged documents, and impersonation; over £2 million was recovered.

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How did the perpetrators launder the money obtained through the scam?

The scam involved high-pressure sales tactics, forged documents, and impersonation, exploiting victims aged 60-90. Losses ranged up to £250,000 per victim, with many losing life savings. The fraudsters used multiple shell companies and offshore accounts to launder the stolen funds.

Showing 25 to 36 of 213 results