Tag #White-Collar Crime

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sueddeutsche.de

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Jun 4, 16:15

Cologne Prosecutor Appeals Lenient Cum-Ex Sentence

The Cologne Public Prosecutor's Office is appealing the one-year and ten-month suspended sentence and €23.6 million fine given to Kai-Uwe Steck for his role in the Cum-Ex tax fraud scheme, which caused €428 million in damages between 2007 and 2011; the appeal renders the verdict not yet legally bind...

Cologne Prosecutor Appeals Lenient Cum-Ex Sentence

The Cologne Public Prosecutor's Office is appealing the one-year and ten-month suspended sentence and €23.6 million fine given to Kai-Uwe Steck for his role in the Cum-Ex tax fraud scheme, which caused €428 million in damages between 2007 and 2011; the appeal renders the verdict not yet legally bind...

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What are the immediate consequences of the Cologne Public Prosecutor's Office's decision to appeal Kai-Uwe Steck's sentence in the Cum-Ex tax fraud case?

The Cologne Public Prosecutor's Office will fully appeal the one-year and ten-month suspended sentence given to Kai-Uwe Steck for his role in the Cum-Ex tax fraud, resulting in a 23.6 million euro fine. Steck, a key figure in the scheme, had already paid 11 million euros. The appeal prevents the verdict from becoming legally binding.

forbes.com

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Jun 2, 01:13

Justice Department Shifts White-Collar Crime Enforcement Priorities

The Justice Department's Criminal Division, under Matthew R. Galeotti, issued a memorandum outlining ten prioritized areas for white-collar crime enforcement, focusing on crimes with the greatest impact on American citizens and interests, notably omitting income tax and environmental crimes despite ...

Justice Department Shifts White-Collar Crime Enforcement Priorities

The Justice Department's Criminal Division, under Matthew R. Galeotti, issued a memorandum outlining ten prioritized areas for white-collar crime enforcement, focusing on crimes with the greatest impact on American citizens and interests, notably omitting income tax and environmental crimes despite ...

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How does the current prioritization compare to previous efforts to hold individuals accountable for corporate wrongdoing, and what explains the discrepancies?

This prioritization reflects the current administration's policies, contrasting with previous efforts like the Yates memo which emphasized individual accountability. While the Galeotti memo similarly prioritizes prosecuting individuals, the historical lack of change in individual vs. corporate prosecutions suggests challenges in achieving this goal. The omission of income tax and environmental crime prosecutions, despite large estimated losses, indicates a strategic shift in focus.

welt.de

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May 14, 13:15

Bayern Creates Specialized Unit to Combat €50 Billion Annual Tax Evasion Loss

Bayern's new competence center for tax law, operational since February 1st, aims to combat the estimated €50 billion annual loss from tax evasion by centralizing expertise, coordinating investigations, and providing training to prosecutors.

Bayern Creates Specialized Unit to Combat €50 Billion Annual Tax Evasion Loss

Bayern's new competence center for tax law, operational since February 1st, aims to combat the estimated €50 billion annual loss from tax evasion by centralizing expertise, coordinating investigations, and providing training to prosecutors.

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What is the primary goal of the newly established specialized unit in Munich for prosecuting tax evasion, and what specific actions will it take?

Bayern establishes a specialized unit within the Munich I Public Prosecutor's Office to increase pressure on tax evaders, aiming to combat the estimated €50 billion annual loss to the German state from tax evasion. The new center, operational since February 1st, comprises four prosecutors and focuses on tackling tax havens and complex financial schemes.

forbes.com

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Mar 1, 16:10

Life Sentence for Ponzi Schemer Convicted of Murder

Natalie Cochran, who was already serving a 135-month prison sentence for a $2.5 million Ponzi scheme, was recently convicted of first-degree murder for killing her husband in 2019 and sentenced to life in prison without the possibility of parole.

Life Sentence for Ponzi Schemer Convicted of Murder

Natalie Cochran, who was already serving a 135-month prison sentence for a $2.5 million Ponzi scheme, was recently convicted of first-degree murder for killing her husband in 2019 and sentenced to life in prison without the possibility of parole.

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What are the immediate consequences of Natalie Cochran's first-degree murder conviction, considering her existing prison sentence for fraud?

Natalie Cochran, already serving a 135-month sentence for a Ponzi scheme, was recently convicted of her husband's murder and sentenced to life imprisonment without parole. The murder conviction stems from injecting her husband with insulin, preventing a potential Bank of America meeting that could have exposed her fraudulent activities. This adds a significant life sentence to her existing prison term.

bbc.com

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Nov 21, 07:04

Archegos Boss Sentenced to 18 Years for Fraud

Bill Hwang, former head of Archegos Capital Management, was sentenced to 18 years in prison for fraud, a case that cost major banks billions.

Archegos Boss Sentenced to 18 Years for Fraud

Bill Hwang, former head of Archegos Capital Management, was sentenced to 18 years in prison for fraud, a case that cost major banks billions.

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What were the charges against Bill Hwang, and what sentence did he receive?

Bill Hwang, the former head of Archegos Capital Management, has been sentenced to 18 years in prison for his role in a massive fraud scheme that caused billions of dollars in losses for major Wall Street banks.

sueddeutsche.de

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Jun 3, 16:14

Lenient Sentence for Cum-Ex Key Figure Due to Cooperation

Kai-Uwe Steck, a key figure in Germany's Cum-Ex tax fraud, received a three-year probation sentence and €23 million asset forfeiture despite causing €428 million in damages, due to his extensive cooperation with authorities as a crown witness, providing crucial information that significantly advance...

Lenient Sentence for Cum-Ex Key Figure Due to Cooperation

Kai-Uwe Steck, a key figure in Germany's Cum-Ex tax fraud, received a three-year probation sentence and €23 million asset forfeiture despite causing €428 million in damages, due to his extensive cooperation with authorities as a crown witness, providing crucial information that significantly advance...

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How did Kai-Uwe Steck's cooperation as a crown witness impact the broader Cum-Ex investigation and its outcome?

Steck's milder sentence, compared to his co-conspirator Hanno Berger's eight-year sentence, stems from his role as the first crown witness in the Cum-Ex investigation. His testimony significantly advanced the investigation, leading to over 100 suspects and the recovery of over €600 million. This cooperation was considered a substantial mitigating factor by the court.

dailymail.co.uk

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May 19, 04:11

Convicted Fraudster Steals £307,000 From Prison Reform Charity

Samantha O'Sullivan, a former deputy official receiver convicted of fraud in 2013, stole £307,000 from the Prison Reform Trust where she was head of finance and human resources between 2016 and 2024; the charity's board included prominent figures like former Justice Secretary David Gauke and Lord Ti...

Convicted Fraudster Steals £307,000 From Prison Reform Charity

Samantha O'Sullivan, a former deputy official receiver convicted of fraud in 2013, stole £307,000 from the Prison Reform Trust where she was head of finance and human resources between 2016 and 2024; the charity's board included prominent figures like former Justice Secretary David Gauke and Lord Ti...

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What specific failures in the Prison Reform Trust's governance, hiring practices, and internal controls allowed O'Sullivan's fraud to go undetected for seven years?

O'Sullivan's actions expose systemic weaknesses in the Prison Reform Trust's oversight and hiring practices. Despite her history of fraud, she was appointed head of finance, indicating a lack of robust background checks and risk assessment. The involvement of prominent figures on the board further underscores the failure of governance.

nos.nl

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Apr 15, 13:16

Gillis Sentenced for Extensive Tax Fraud

Dutch recreation entrepreneur Peter Gillis received a one-year prison sentence (six months suspended) for five years of tax fraud involving unreported rental income, false accounting, and underpayment of taxes at his Oostappen Group holiday parks; his daughter and ex-wife also received sentences.

Gillis Sentenced for Extensive Tax Fraud

Dutch recreation entrepreneur Peter Gillis received a one-year prison sentence (six months suspended) for five years of tax fraud involving unreported rental income, false accounting, and underpayment of taxes at his Oostappen Group holiday parks; his daughter and ex-wife also received sentences.

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What are the long-term implications of this case for the Dutch hospitality industry and its approach to tax compliance?

This case underscores the potential for significant consequences for tax evasion, even when mitigated by factors such as previous clean record and substantial subsequent fines. The decision may also deter similar fraudulent activities within the hospitality sector.

taz.de

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Jan 2, 16:12

Cum-Ex Tax Fraud Continues Despite 2012 Law Changes

Former German Cum-Ex investigator Anne Brorhilker claims that Cum-Ex and Cum-Cum tax fraud schemes, which cost the German government an estimated €38 billion, continue despite a 2012 law change, hindering recovery efforts due to international data transfer and insufficient investigative resources.

Cum-Ex Tax Fraud Continues Despite 2012 Law Changes

Former German Cum-Ex investigator Anne Brorhilker claims that Cum-Ex and Cum-Cum tax fraud schemes, which cost the German government an estimated €38 billion, continue despite a 2012 law change, hindering recovery efforts due to international data transfer and insufficient investigative resources.

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What is the current status of Cum-Ex and Cum-Cum tax fraud in Germany, and what are the most significant obstacles to its prosecution?

Anne Brorhilker, former lead investigator for Cum-Ex tax fraud cases, asserts that this financial crime persists despite a 2012 law change. She cites a 2016 foundation used for Cum-Ex deals as evidence and estimates that billions of euros in tax revenue were lost. The low risk of detection for banks and the movement of data to jurisdictions with weaker legal frameworks hinder investigations.

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