Tag #Financial Crime

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forbes.com

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Jul 25, 01:14

HYBE Corporation Raided Amid Allegations of Unfair Share Trading

South Korean police raided HYBE Corporation headquarters on July 24, 2025, investigating allegations of unfair share trading by founder Bang Si-Hyuk, who allegedly profited \$291.3 million before HYBE's 2020 IPO. The raid follows months of investigation and a court-issued warrant.

HYBE Corporation Raided Amid Allegations of Unfair Share Trading

South Korean police raided HYBE Corporation headquarters on July 24, 2025, investigating allegations of unfair share trading by founder Bang Si-Hyuk, who allegedly profited \$291.3 million before HYBE's 2020 IPO. The raid follows months of investigation and a court-issued warrant.

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What are the immediate consequences of the HYBE Corporation raid for the South Korean entertainment industry?

On July 24, 2025, South Korean police raided HYBE Corporation headquarters in Seoul, investigating allegations of unfair share trading against founder Bang Si-Hyuk. The investigation centers on claims that Bang misled investors before HYBE's 2020 IPO, allegedly profiting \$291.3 million.

dw.com

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Jul 25, 13:12

German Court Upholds Millions in Fines for "Cum-Ex" Tax Fraud

Germany's top court upheld millions of euros in fines against a bank and two London share traders for their participation in the "cum-ex" tax fraud scheme, confirming a 2020 Bonn court decision and setting a precedent for future cases involving the complex financial scheme.

German Court Upholds Millions in Fines for "Cum-Ex" Tax Fraud

Germany's top court upheld millions of euros in fines against a bank and two London share traders for their participation in the "cum-ex" tax fraud scheme, confirming a 2020 Bonn court decision and setting a precedent for future cases involving the complex financial scheme.

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How did the "cum-ex" scheme operate, and what specific actions led to the billions of euros in losses for European governments?

The "cum-ex" scandal involved complex financial transactions where traders exploited a loophole to claim multiple tax rebates on the same dividend payments. This resulted in billions of euros in losses for European governments, with Germany alone losing billions before closing the loophole in 2012. The case highlights the challenges of prosecuting sophisticated financial crimes.

dailymail.co.uk

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Jul 24, 01:14

Texas Woman Ordered to Pay $1M After Allegedly Stealing $16M from Couples for Rap Career

A Texas woman, Dominique Side, who allegedly stole $16 million from 37 couples seeking surrogacy services to fund her rap career, has been ordered to pay back $1,045,158; an FBI investigation is ongoing.

Texas Woman Ordered to Pay $1M After Allegedly Stealing $16M from Couples for Rap Career

A Texas woman, Dominique Side, who allegedly stole $16 million from 37 couples seeking surrogacy services to fund her rap career, has been ordered to pay back $1,045,158; an FBI investigation is ongoing.

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What systemic issues within the surrogacy industry are highlighted by this case, and how did Side's actions exploit these vulnerabilities?

Side's actions caused significant financial harm to couples who, often due to medical conditions, relied on surrogacy to have children. The misappropriation of funds impacted their ability to cover medical expenses and pay surrogates. The ongoing FBI investigation highlights the systemic issue of fraud within surrogacy services and the vulnerability of clients.

bbc.com

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Jul 18, 01:11

HSBC Trader Acquitted After Nine-Year Legal Battle

A US court overturned the conviction of former HSBC trader Mark Johnson for allegedly manipulating foreign exchange rates in 2017, ending a nine-year legal battle after a law used to prosecute him was overturned; the case involved a $3.5 billion trade for Cairn Energy.

HSBC Trader Acquitted After Nine-Year Legal Battle

A US court overturned the conviction of former HSBC trader Mark Johnson for allegedly manipulating foreign exchange rates in 2017, ending a nine-year legal battle after a law used to prosecute him was overturned; the case involved a $3.5 billion trade for Cairn Energy.

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Peace, Justice, and Strong Institutions

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What are the long-term implications of this case for financial regulations, international legal cooperation, and the practices of financial institutions?

This case exposes potential biases within financial regulations and international legal frameworks. The initial pursuit of charges, possibly influenced by political pressure following revelations about HSBC's past dealings, led to a wrongful conviction. The ruling could prompt reviews of similar cases and a reassessment of industry practices to ensure clarity and prevent future misinterpretations.

dailymail.co.uk

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Jul 17, 04:08

Surge in Advanced-Fee Job Scams Costs Victims £1,420 on Average

Jobseekers are being warned about a surge in advanced-fee job scams, which have increased by 237% since the start of the year, with victims losing an average of £1,420 due to fraudulent job advertisements promising remote work and high pay that require upfront fees.

Surge in Advanced-Fee Job Scams Costs Victims £1,420 on Average

Jobseekers are being warned about a surge in advanced-fee job scams, which have increased by 237% since the start of the year, with victims losing an average of £1,420 due to fraudulent job advertisements promising remote work and high pay that require upfront fees.

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What is the immediate impact of the 237% surge in advanced-fee job scams on job seekers in the UK?

Advanced-fee job scams have surged 237% since the start of the year, with victims losing an average of £1,420. These scams, often originating on social media, involve seemingly simple tasks promising high pay but requiring upfront fees for application processing, training, or DBS checks. This causes significant financial losses for job seekers.

theguardian.com

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Jul 16, 19:15

UK Sends Anti-Corruption Champion to Investigate BVI's Financial Crime Delays

The UK is sending anti-corruption champion Margaret Hodge to the British Virgin Islands to investigate their slow implementation of corporate ownership registers, a key measure in the fight against financial crime, after several UK overseas territories missed a deadline for implementation.

UK Sends Anti-Corruption Champion to Investigate BVI's Financial Crime Delays

The UK is sending anti-corruption champion Margaret Hodge to the British Virgin Islands to investigate their slow implementation of corporate ownership registers, a key measure in the fight against financial crime, after several UK overseas territories missed a deadline for implementation.

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What is the UK government's response to the British Virgin Islands' delay in implementing measures to combat financial crime?

The UK's anti-corruption champion, Margaret Hodge, will visit the British Virgin Islands (BVI) to investigate the slow implementation of corporate ownership registers aimed at combating financial crime. Several British overseas territories missed a deadline for implementing these registers, prompting the UK government to take action. The BVI's slow progress is particularly concerning given its history of involvement in international investigations into alleged wrongdoing.

bbc.com

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Jul 25, 07:13

Four Traders Appeal Libor Convictions Following Supreme Court Ruling

Four traders are appealing their Libor rate-rigging convictions after the UK Supreme Court overturned similar convictions, citing the precedent set by the case of Tom Hayes and Carlo Palombo; the Serious Fraud Office will not seek retrial in those cases.

Four Traders Appeal Libor Convictions Following Supreme Court Ruling

Four traders are appealing their Libor rate-rigging convictions after the UK Supreme Court overturned similar convictions, citing the precedent set by the case of Tom Hayes and Carlo Palombo; the Serious Fraud Office will not seek retrial in those cases.

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What is the immediate impact of the Supreme Court's decision on the four traders appealing their Libor rate-rigging convictions?

Four traders—Jay Merchant, Jonathan Mathew, Philippe Moryoussef, and Christian Bittar—are appealing their rate-rigging convictions following a Supreme Court decision overturning similar convictions for Tom Hayes and Carlo Palombo. Their law firm, Hickman & Rose, announced the appeals, stating their clients intend to pursue acquittal based on the precedent set by the Hayes and Palombo case. The convictions stemmed from a Serious Fraud Office investigation into Libor manipulation.

dailymail.co.uk

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Jul 24, 04:12

Former School Captain Charged with \$2 Million Betting Scam

Former Ashfield Boys High School captain Chao Wang, known as Charlie Lotzke, was arrested in June after allegedly defrauding 13 friends and associates of \$2,092,075 through his fake online betting platform, Lotzkebets, using forged documents and threats; he is facing multiple fraud charges and was ...

Former School Captain Charged with \$2 Million Betting Scam

Former Ashfield Boys High School captain Chao Wang, known as Charlie Lotzke, was arrested in June after allegedly defrauding 13 friends and associates of \$2,092,075 through his fake online betting platform, Lotzkebets, using forged documents and threats; he is facing multiple fraud charges and was ...

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How did Wang's exploitation of personal relationships facilitate his fraudulent scheme, and what role did falsified documents play?

Wang's actions highlight the devastating consequences of financial fraud, particularly when trust is exploited. His elaborate scheme, involving forged documents and threats, targeted friends and acquaintances, causing significant financial and emotional harm. The case underscores the importance of due diligence in online investments and the dangers of unchecked online gambling platforms.

repubblica.it

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Jul 20, 13:11

Italian Port Authority Head Investigated for Money Laundering

Antonio Gurrieri, head of the Eastern Adriatic Port Authority and prospective president, is under investigation in Trieste for money laundering due to large, unexplained payments to his Austrian consulting firm, Mmg, from Asian companies; authorities searched his home and office.

Italian Port Authority Head Investigated for Money Laundering

Antonio Gurrieri, head of the Eastern Adriatic Port Authority and prospective president, is under investigation in Trieste for money laundering due to large, unexplained payments to his Austrian consulting firm, Mmg, from Asian companies; authorities searched his home and office.

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How might this investigation affect the governance and operations of the Eastern Adriatic Port Authority and Alpe Adria?

The investigation stems from a tax audit revealing large, unexplained transactions years ago, raising suspicion of illicit funds. Gurrieri's lawyer claims these were legitimate payments for consulting and training services. Gurrieri, also CEO of Alpe Adria, maintains his innocence and asserts he acted legally.

abcnews.go.com

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Jul 18, 22:16

CaaStle Founder Arrested on $300 Million Fraud Charges

CaaStle founder Christine Hunsicker was arrested Friday on federal fraud charges for allegedly defrauding investors of $300 million by misrepresenting the company's financial performance, leading to CaaStle's Chapter 7 bankruptcy filing in June.

CaaStle Founder Arrested on $300 Million Fraud Charges

CaaStle founder Christine Hunsicker was arrested Friday on federal fraud charges for allegedly defrauding investors of $300 million by misrepresenting the company's financial performance, leading to CaaStle's Chapter 7 bankruptcy filing in June.

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How did Hunsicker's alleged actions, including continued fundraising after her removal, contribute to CaaStle's ultimate bankruptcy?

Hunsicker's alleged fraud involved fabricating financial documents and making materially false statements about CaaStle's financial health to investors. This deception continued even after she was removed as chair and barred from soliciting investments. The indictment highlights the potential consequences of fraudulent financial reporting in securing investments.

theglobeandmail.com

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Jul 17, 22:11

Deepfakes Fuel Investment Scams in Canada

Deepfake investment scams targeting prominent Canadian financial figures like David Rosenberg and Adrian Bar are defrauding investors; the reliance on public awareness campaigns is insufficient, demanding proactive measures from institutions and regulators.

Deepfakes Fuel Investment Scams in Canada

Deepfake investment scams targeting prominent Canadian financial figures like David Rosenberg and Adrian Bar are defrauding investors; the reliance on public awareness campaigns is insufficient, demanding proactive measures from institutions and regulators.

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How does the inadequacy of current regulatory responses to deepfake investment fraud contribute to the financial harm suffered by victims, and what systemic changes are needed?

The reliance on public awareness campaigns by regulators and social media platforms to combat investment fraud is insufficient. While education is helpful, it shifts responsibility from institutions that could proactively prevent these scams, such as social media companies that fail to adequately address impersonation reports. The case of finfluencer Adrian Bar, who reported hundreds of fake accounts with minimal response, exemplifies this failure.

dailymail.co.uk

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Jul 16, 13:15

Barclays Fined £42 Million for Money Laundering Failures

Barclays was fined £42 million by the UK's Financial Conduct Authority for failing to adequately manage money laundering risks related to its dealings with Stunt & Co and WealthTek, both subject to criminal investigations, despite warnings from law enforcement.

Barclays Fined £42 Million for Money Laundering Failures

Barclays was fined £42 million by the UK's Financial Conduct Authority for failing to adequately manage money laundering risks related to its dealings with Stunt & Co and WealthTek, both subject to criminal investigations, despite warnings from law enforcement.

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What were the specific failings of Barclays' anti-money laundering controls that led to the £42 million fine?

Barclays was fined £42 million by the Financial Conduct Authority (FCA) for inadequate handling of money laundering risks involving two firms: Stunt & Co and WealthTek. The fine includes £39.3 million for failing to manage risks with Stunt & Co, which received laundered funds, and £3.1 million for failing to properly vet WealthTek before opening a client account.

Showing 37 to 48 of 213 results