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White Collar Crime

All articles tagged with #white collar crime

Deutsche Bank private banker charged with embezzling €600k amid wealth-management push
business10 days ago

Deutsche Bank private banker charged with embezzling €600k amid wealth-management push

A former Deutsche Bank private banker at the Frankfurt flagship has been charged with embezzling more than €600,000 from wealthy clients by moving funds to his mother-in-law’s account to fund derivatives trading, resulting in about €493,000 in losses. The victims included a private equity executive, a former CEO of a consumer-goods company, and a law-firm partner. Deutsche Bank says fewer than 10 accounts were involved, has reimbursed affected clients and tightened controls as it expands its wealth-management business. The defendant admitted the allegations and faces up to 10 years in prison if convicted, with prosecutors signaling a possible suspended sentence.

via Financial Times|
#business#deutsche-bank#financial-fraud
Taiwan-based Nvidia manager linked to China AI server chip-smuggling scheme
technology11 days ago

Taiwan-based Nvidia manager linked to China AI server chip-smuggling scheme

Taiwan’s Keelung prosecutors charged nine people, including Nvidia senior manager Zhang, in a scheme to illegally export Nvidia AI chips and 130 B300 AI servers to China, falsely claiming the servers would be used in Taiwan; 74 servers were shipped to China while 56 were halted by customs. Prosecutors seek up to five years in prison for Zhang and three co-defendants, with others receiving shorter terms. Nvidia says it will cooperate with authorities and remains committed to compliance, and Super Micro cooperated with the investigation and was not accused of wrongdoing.

via Financial Times|
#artificial-intelligence#export-controls#nvidia
Exiled Chinese entrepreneur Miles Guo handed 30-year prison term for $550m fraud
world2 months ago

Exiled Chinese entrepreneur Miles Guo handed 30-year prison term for $550m fraud

Exiled Chinese entrepreneur Miles Guo was sentenced in New York to 30 years in prison and ordered to forfeit $889 million after prosecutors said he siphoned more than $550 million from online followers to fund a lavish lifestyle, while ties to Steve Bannon and the New Federal State of China underscored his controversial influence.

via Financial Times|
#fraud#miles-guo#new-federal-state-of-china
Insider-trading ring linked to elite law firms shocks U.S. legal industry
business3 months ago

Insider-trading ring linked to elite law firms shocks U.S. legal industry

U.S. prosecutors say a decade-long insider-trading scheme exploited confidential M&A information from elite law firms, led by a Goodwin Procter-connected network and involving dozens of people, including two college friends and a hairdresser, who tipped a web of traders on nearly 30 deals (e.g., iRobot/Amazon). The scheme allegedly earned tens of millions in illicit profits with kickbacks, drawing indictments for 30 individuals and civil actions from the SEC against 21 others; the case highlights how the custodians of sensitive deal info at law firms can be misused despite internal controls.

via Financial Times|
#business#goodwin-procter#insider-trading
Former iLearningEngines Executives Indicted in Multi-Year Revenue Fraud Scheme
business4 months ago

Former iLearningEngines Executives Indicted in Multi-Year Revenue Fraud Scheme

Two former iLearningEngines executives, CEO Puthugramam Chidambaran and CFO Sayyed Farhan Ali Naqvi, were indicted in Brooklyn on charges including operating a continuing financial crimes enterprise, securities fraud, and wire fraud for allegedly fabricating customers and revenue to mislead investors and lenders as the NASDAQ-listed company went public; investigators allege sham contracts, round-tripping of funds totaling over $144 million, and a collapse into bankruptcy after a rapid rise to a $1.5 billion market cap. Both were arrested and will appear in federal court in different districts, and, if convicted on the enterprise count, face a minimum of 10 years to life in prison.

via Department of Justice (.gov)|
#business#fraudulent-revenue#ilearningengines
DOJ Unveils Uniform Corporate Enforcement Policy for All Criminal Cases
government5 months ago

DOJ Unveils Uniform Corporate Enforcement Policy for All Criminal Cases

The Department of Justice released its first department-wide Corporate Enforcement Policy for all criminal matters, offering incentives for companies that self-disclose misconduct, cooperate with investigations, and remediate, while reserving prosecutions in appropriate cases and prioritizing individual accountability across the DOJ (excluding antitrust).

via Department of Justice (.gov)|
#accountability#corporate-enforcement-policy#doj
"Trump's Potential Conviction: Jail Time and Secret Service Dilemma"
politics2 years ago

"Trump's Potential Conviction: Jail Time and Secret Service Dilemma"

Former President Donald J. Trump has been convicted of 34 counts of falsifying business records, potentially facing probation or up to four years in prison. If sentenced to prison, the Secret Service would be required to protect him around the clock, marking an unprecedented situation for a former U.S. president. Sentencing is set for July 11.

via The New York Times|
#conviction#donald-trump#politics
"FTX Founder Sam Bankman-Fried Receives 25-Year Prison Sentence for Fraud"
crime-and-justice2 years ago

"FTX Founder Sam Bankman-Fried Receives 25-Year Prison Sentence for Fraud"

Sam Bankman-Fried, known as the 'Crypto King', has been sentenced to 25 years in prison for orchestrating one of the largest financial frauds in history, with the judge emphasizing the potential for future damage and the need to deter white collar criminals. The sentence has sparked reactions from the crypto world, with some feeling it was fair while others hoped for a tougher punishment. Bankman-Fried's lack of remorse and deliberate lies were cited during the sentencing, and the judge recommended that he not be held in a maximum security prison due to his vulnerability and autism.

via BBC.com|
#crime-and-justice#cryptocurrency#fraud
"White-Collar Criminals at Large: Indictments in $60 Million Bribery Scandal"
crime-and-corruption2 years ago

"White-Collar Criminals at Large: Indictments in $60 Million Bribery Scandal"

Former FirstEnergy CEO Chuck Jones and former Senior Vice President Michael Dowling have been indicted on multiple felony charges related to a $60 million bribery scandal in Ohio. They failed to surrender as promised and are now on the run. The indictments also include additional charges against former chair of the Public Utilities Commission of Ohio, Sam Randazzo. This marks the latest development in what has been labeled the largest corruption case in Ohio history, involving a web of bribery, theft, and money laundering.

via Fortune|
#bribery-scandal#corruption#crime-and-corruption
Ex-Wells Fargo Exec Escapes Prison in Fake Accounts Scandal
business3 years ago

Ex-Wells Fargo Exec Escapes Prison in Fake Accounts Scandal

Lawyers for former Wells Fargo executive Carrie Tolstedt argue that she should be sentenced to three years of probation instead of prison time for obstructing a bank examination. They claim that a noncustodial sentence would be appropriate given her "lifelong history of good character" and would allow her to continue supporting her aging mother, in-laws, friends, mentees, church family, and charitable causes. Tolstedt has already faced significant financial and reputational consequences, including fines and penalties of over $21 million, clawbacks totaling $67 million, and constant public humiliation. The recommendation for probation aligns with the U.S. Probation Office's advice, while prosecutors have called for a 12-month prison sentence. Tolstedt is the only former Wells Fargo executive to face criminal charges in connection with the bank's phony-accounts scandal.

via American Banker|
#business#carrie-tolstedt#probation
Repeat Offender: Trump-Released Fraudster Faces New Charges
crime3 years ago

Repeat Offender: Trump-Released Fraudster Faces New Charges

Eliyahu Weinstein, a man whose prison sentence was commuted by former President Donald Trump, has been charged in a new fraud scheme that allegedly cost investors millions of dollars. Weinstein, along with four others, is accused of falsely promising deals involving medical supplies for Ukraine. This comes after Weinstein had served time for a Ponzi scheme and real estate fraud that resulted in over $230 million in investor losses. The charges include wire fraud conspiracy and conspiracy to obstruct justice. The U.S. Securities and Exchange Commission has also filed a civil complaint against Weinstein and the other individuals involved.

via POLITICO|
#crime#donald-trump#fraud