Author: gracechurchfcp

HSBC Targeted in Swiss Probe Linked to Ex-Lebanon Central Banker

Money Laundering
HSBC Holdings Plc’s Swiss private bank is the focus of a Swiss investigation into suspected money-laundering connected to the alleged embezzlement of hundreds of millions of dollars by the former head of Lebanon’s central bank. Swiss federal prosecutors opened the probe in January into HSBC Private Bank (Suisse) SA, an unnamed individual and four other “unknown persons” in relation to the case, it said in a statement on Wednesday. It declined to comment further given the probe is ongoing. Since 2020, Swiss prosecutors have been investigating the case surrounding Riad Salameh, Lebanon’s former central bank governor, who was then charged…

Penalty issued for breach of Russia Sanctions

Sanctions
The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML) for a breach of UK financial sanctions imposed against Russia following the 2014 annexation of Crimea. The breach relates to MML’s involvement in the making of a payment of £416,590.92 to a designated person, who remains subject to an asset freeze under current Russia sanctions. This payment was in breach of the UK sanctions in force at the time in response to Russia’s annexation of Crimea. MML gave instructions to make the payment from another company’s bank account with the knowledge that…

Bargain Hunt expert jailed for selling art to suspected Hezbollah financier

Counter Terrorist Financing
A former Bargain Hunt art expert has been jailed for two years and six months for failing to declare art he sold to a suspected financier of Hezbollah. In the first prosecution of its kind, Oghenochuko Ojiri, 53, admitted eight counts under the Terrorism Act 2000 of failing to make a disclosure during the course of business before his sentencing at the Old Bailey on Friday. Hezbollah is a group proscribed as a terrorist organisation by the UK.  Judge Mrs Justice Cheema-Grubb said Ojiri had been aware the art he had sold was to Nazem Ahmad, who had been sanctioned in 2019…

Czech bitcoin scandal sparks fears of state role in money laundering

Digital Currencies
PRAGUE – The Czech government is scrambling to contain the fallout from a €40 million bitcoin donation linked to a convicted drug trafficker, which forced Justice Minister Pavel Blažek to resign and triggered a National Security Council meeting over fears the state was used to launder criminal proceeds. Prime Minister Petr Fiala confirmed intelligence services would be involved, warning of new threats posed by cybercrime and the need for institutional resilience. “There is a publicly expressed suspicion that the state may have been misused through the justice ministry, possibly in connection with serious international crime,” Fiala said. The donation came…

FinCEN Issues Advisory Highlighting Iranian Oil Smuggling, Shadow Banking, and Weapons Procurement Typologies

Counter Terrorist Financing
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing an Advisory to assist financial institutions in identifying, preventing, and reporting suspicious activity connected to Iranian illicit financial activity, including oil smuggling, “shadow banking,” and weapons procurement. The Advisory replaces FinCEN’s 2018 Iran Advisory, which FinCEN is rescinding today. The Advisory supports the implementation of the U.S. maximum pressure campaign against Iran outlined in National Security Presidential Memorandum (NSPM-2) and provides updated red flags and information on current trends and typologies for Iranian sanctions evasion and other illicit activity. Concurrently, Treasury’s Office of Foreign Assets Control…

Environmental crimes are often hidden by ‘flying money’ laundering schemes (commentary)

Money Laundering, Wildlife Trafficking
In the Tang dynasty, Chinese merchants began buying rice on credit with a system that relied on trust and trade to sidestep the authorities — and taxes — to deliver goods immediately. In China it’s called, feiqian, and across the Middle East and South Asia, it’s known as hawala. These days it’s about more than rice. It’s called “flying money,” and it’s the tool for concealing financial crimes: tax-free remittances, washing dirty money, even funding terror and concealing wildlife crime. “Flying money is often used to denote Chinese money laundering or paying in-kind with a commodity instead of cash,” explains…

Man who tried to smuggle £1.2m in suitcases out of UK jailed

Money Laundering, Prosecutions
A man who tried to smuggle £1.2m in suitcases out of the United Kingdom to Lebanon has been jailed for 21 months, following a National Crime Agency investigation. Mazen Al Shaar custodyMazen Al Shaar, 48, was stopped by Border Force officers on Saturday 15 March this year as he was about to fly from Terminal Three at Heathrow Airport to Beirut in Lebanon. The supermarket worker, of Marsworth Close, Middlesex, said he only had £500 in cash on him and that he was leaving the UK to visit family. But officers searched his three suitcases and two of them contained…

OFAC Slaps $215 Million Penalty on GVA Capital for Russia Sanctions Violations

Prosecutions, Sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a hefty penalty of $215,988,868 against GVA Capital, a San Francisco-based venture capital firm. The firm is being held accountable for knowingly managing investments linked to Suleiman Kerimov, a Russian oligarch already under sanctions, and for failing to respond properly to an OFAC subpoena. This is a case that underscores the immense risks involved when gatekeepers like venture capital firms fail to uphold sanctions compliance. Between April 2018 and May 2021, GVA continued managing investments for Kerimov, after the Russian official had been added to the…

Alleged ‘Albanian Mafia Leader’ in Ecuador Accused of Laundering Cocaine Cash Via UAE Firm

Money Laundering
An alleged Albanian cocaine kingpin based in Ecuador and arrested last week in the United Arab Emirates is accused of using the Middle Eastern country as a money laundering hub, according to court documents obtained by OCCRP. The documents come from a case in Ecuador, where Dritan Gjika is charged with leading a powerful drug trafficking organization. Gjika, 48, was arrested on May 26 in the UAE city of Abu Dhabi on an Ecuadorian warrant. In February, the State Attorney General’s Office named Gjika “the leader of Albanian mafia operations in Ecuador.” The court documents obtained by OCCRP reveal details…

EU Strengthens Financial Crime Fight with Updated High-Risk Country List

Regulation
The European Commission is once again raising the stakes in the fight against financial crime by updating its list of high-risk countries. These jurisdictions, which exhibit significant gaps in their anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks, will now face increased scrutiny from EU financial institutions. In short, EU entities dealing with these countries will need to tread carefully, applying enhanced vigilance when engaging in financial transactions. The goal is simple: keep the EU’s financial system secure and ensure it doesn’t become a conduit for illicit activity. A closer look at the newly added names on…

Justice Department Resumes Foreign-Bribery Investigations with Focus on U.S. Competitiveness & National Security

Bribery
The U.S. Department of Justice (DOJ) just announced that it will resume its foreign-bribery investigations, but with a narrowed focus aimed at protecting American businesses’ ability to compete on the global stage and safeguarding national security. This decision follows a four-month review prompted by an executive order from President Trump, which had paused such investigations earlier this year. Deputy Attorney General Todd Blanche made the announcement, according to the Wall Street Journal, revealing that nearly half of the ongoing Foreign Corrupt Practices Act (FCPA) cases would be closed to align with new enforcement guidelines. Under the revamped framework, investigations will…

EU Urged to Toughen Anti-Corruption Directive

Corruption
Civil society groups are urging the European Union to adopt stronger anti-corruption measures as negotiations over the proposed EU Anti-Corruption Directive enter their final phase. An open letter released June 2 calls on EU leaders to show “genuine political will” and support the robust provisions already backed by the European Parliament. The directive aims to create a common framework for preventing and tackling corruption across member states and is now under negotiation between the Parliament and the Council of Ministers. The letter is backed by 57 organizations, including 23 national chapters and partners of Transparency International. Transparency International’s research highlights…

Cyprus Court Reinstates Abramovich-Linked Firm in VAT Probe

Tax Evasion
A Cypriot court this week ordered that a defunct company owned by sanctioned Russian billionaire Roman Abramovich’s offshore trust be reinstated so it can pay the 14 million euros in VAT it failed to pay before it was closed.. Blue Ocean Yacht Management Limited, BOYM, which operated for more than two decades before its dissolution last July, was ultimately owned by a Cyprus trust that benefited Abramovich. For more than a decade before it folded, Blue Ocean contested in court a 2012 order by Cyprus’ tax authority compelling the firm to pay the multimillion-euro tax bill. Details of the unpaid…

EU Cuts UAE From Money Watchlist, Flags Monaco

Regulation
Two days after the European Commission overhauled its list of high-risk countries for money laundering, removing the United Arab Emirates (UAE) while adding several others, including Monaco, Lebanon, and Venezuela, a Member of the European Parliament said that the Parliament will examine the commission’s decision. “The members of the ECON committee will now engage with the Commission to clarify the evidence underlying the decisions for listing and de-listing of individual countries,” Markus Ferber, a German MEP with the European People’s Party (EPP) told OCCRP commenting on the updated list. “At this stage, it is too early to give a clear…

New Corporate Enforcement Policies Focus on Transparency & Cooperation in White-Collar Crime Cases

Regulation
At the 2025 SIFMA Anti-Money Laundering and Financial Crimes Conference in Washington, D.C., Matthew R. Galeotti, the head of the U.S. Department of Justice’s Criminal Division, unveiled significant changes to the Department’s approach to white-collar crime enforcement. In his speech, Galeotti underscored a shift towards increased transparency and fairness for businesses, with an emphasis on self-reporting and cooperation in exchange for more predictable outcomes in investigations and penalties. The focus of these revisions, Galeotti explained, is to eliminate the punitive overreach that has historically deterred businesses from engaging in proactive compliance and reporting efforts. Highlighting the Department’s role in tackling…

Ex-Georgian Minister Detained in $920k Corruption Probe

Corruption
A court in Tbilisi on Monday ordered two months of pre-trial detention for Georgia’s former deputy economy minister, who is accused of systematically abusing his position to amass more than 2.5 million lari (US$920,000) in illicit funds with the help of accomplice Some of the money he made this way was invested in property abroad, which he declared only after reporters uncovered it. Romeo Mikautadze, who served as Deputy Economy Minister, was arrested Friday evening by Georgia’s State Security Service (SSS). According to an official statement, Mikautadze allegedly used his position, connections, and experience for personal gain—providing unfair advantages to…

Italy Arrests 11 in €520m ‘Moby Dick’ VAT Fraud Case

Fraud, Tax Evasion
Authorities in Italy have arrested 11 people suspected of laundering hundreds of millions of euros from a Europe-wide tax fraud scheme that exploited cross-border trade and relied on mafia-style protection. The suspects, detained in coordinated raids across Milan and Palermo, are accused of operating a criminal network behind what investigators call one of the most complex VAT fraud cases ever uncovered in the European Union. The operation, code-named Moby Dick, centers on a carousel scheme that used shell companies to move electronic goods — such as AirPods and laptops — across borders, issuing fake invoices worth more than €1.3 billion…

SFO Deepens Global Anti-Corruption Alliances with US & International Partners

Corruption
SFO Joins Global Anti-Corruption Alliance: The Serious Fraud Office has become a member of the International Anti-Corruption Coordination Centre to strengthen its international enforcement capabilities.Enhanced Intelligence Access: Membership provides the SFO with greater access to intelligence on overseas corruption involving politically exposed persons and multinational firms.Autonomy Maintained: While collaborating internationally, the SFO will retain full control over its investigations.Part of Broader Strategy: The move follows the formation of a tri-national taskforce with France and Switzerland and updated corporate guidance on reporting misconduct.Proven Global Impact: Since 2017, the IACCC has helped identify over £1.8 billion in stolen assets and aided investigations…

UK Drops Sanctions on Controversial Serbian Arms Dealer

Sanctions
Three years after blacklisting him, the United Kingdom has lifted sanctions on Slobodan Tešić, one of the Balkans’ most powerful arms dealers, Serbian investigative outlet KRIK reported. Tešić remains under U.S. sanctions imposed in 2017 for alleged corruption and illegal arms deals. The British government did not disclose why it removed the restrictions against him last week. The arms dealer was added to the U.K. sanctions list in December 2022 for allegedly bribing Bosnian officials, including the late chief prosecutor Milorad Barašanin and former security minister Selmo Cikotić. The longtime arms broker has denied the accusations, calling them part of…

US Sanctions Myanmar Militia Tied to Cyber-Scams, Human Trafficking

Human Trafficking, Sanctions
The U.S. has slapped sanctions on a militia aligned with Myanmar’s ruling military junta, accusing the group of facilitating cyber-scam operations that have bilked billions from American victims over the past three years. The U.S. Treasury Department designated the Karen National Army (KNA) as a “transnational criminal organization” on Monday, and also sanctioned three of its leaders: Saw Chit Thu, and his two sons, Saw Htoo Eh Moo and Saw Chit Chit. The KNA runs a large territory on the frontier with Thailand that “is home to multiple cyber scam syndicates,” Treasury said in its announcement. The syndicates rely largely…

Julius Baer’s Fine in Money Laundering Case Compounds Legal Woes

Money Laundering
(Bloomberg) — Julius Baer Group Ltd. has been ordered to hand over 4.4 million Swiss francs ($5.2 million) including confiscated profits linked to alleged failures in money laundering controls, in a fresh setback for the bank’s newly installed management team.The Zurich-based bank had been under investigation over transactions that had occurred between 2009 and 2019 and linked to operations in Monaco and Singapore, according to a person familiar with the matter.The previously undisclosed “enforcement proceeding” is separate to an existing Finma probe into losses linked to the Signa real estate empire, in which Baer was forced to write off $700…

US Lawmakers Pass Megobari Act Targeting Threats to Georgia’s Democracy

Sanctions
The U.S. House of Representatives has passed a bill authorizing sanctions against members of the Georgian government who pose a threat to the country’s stability, security, and democratic development. After Congress approved it on Monday, the bill — called the Megobari Act which means “friend” in Georgian — will now move to the Senate for debate and a vote. If approved in the Senate, it will be sent to U.S. President Donald Trump for final approval and signature into law. “The passage of the MEGOBARI Act sends a strong message to the Georgian people that the U.S. supports them as…

Man Sentenced to Over 30 Years in Prison for Crypto-Terror Financing Scheme

Counter Terrorist Financing
Defendant Collected and Sent More Than $185,000 to ISIS A Springfield, Virginia, man was sentenced yesterday to 364 months in prison for his efforts to provide material support to the Islamic State of Iraq and al-Sham (ISIS), a designated Foreign Terrorist Organization. According to court records and evidence presented at trial, from at least October 2019 through October 2022, Mohammed Azharuddin Chhipa, 35, collected and sent money to female ISIS members in Syria to benefit ISIS in various ways, including by financing the escape of female ISIS members from prison camps and supporting ISIS fighters. Chhipa would raise funds online…

EU Fraud Probe Nets 12 Arrests, €9.6M in Assets Seized

Fraud
talian authorities arrested 12 people and seized more than 9.6 million euros ($10.9 million) in assets as part of a sweeping investigation into an alleged fraud scheme targeting European Union agricultural subsidies, officials said Wednesday. At the request of the European Public Prosecutor’s Office (EPPO) in Naples, the Financial Police (Guardia di Finanza) in Caserta carried out the arrests under an order from a judge at the Court of Salerno. The case centers on a suspected criminal network that allegedly defrauded the EU of more than 12.5 million euros ($14.2 million) in agricultural funds between 2018 and 2022. Prosecutors say…

FCA confiscates over £300,000 from convicted fraudsters

Fraud
The FCA has secured confiscation orders of £305,284 against Raheel Mirza, Cameron Vickers and Opeyemi Solaja for their roles in an investment fraud. This amounts to all their remaining assets. The confiscation proceedings for Reuben Akpojaro have been adjourned to a later date. The money will be returned to investors at the earliest opportunity. Failure to pay can lead to imprisonment. Between June 2016 and January 2020, the defendants cold called people to convince them to invest in a shell company. They then claimed to trade their client’s money in binary options (a type of fixed odds financial betting) when…

Credit Suisse Fined $511M in US Tax Evasion Case

Tax Evasion
Credit Suisse Services AG has agreed to pay nearly $511 million in penalties to settle a U.S. criminal case accusing the Swiss bank of helping wealthy American clients evade taxes by hiding more than $4 billion in offshore accounts for over a decade. The bank pleaded guilty to conspiring to defraud the Internal Revenue Service (IRS) by concealing assets in at least 475 accounts from 2010 to 2021, according to a statement from the U.S. Department of Justice (DOJ) on Monday. The investigation, launched in 2023, found that Credit Suisse facilitated efforts by U.S. clients to hide their ownership and…

UK Cuts At High Street Money Laundering and Organised Crime

Money Laundering
The UK high street has caught the attention of organised criminals seeking avenues for money laundering, leading to recent and high-profile action from British police forces. Last month, 19 police forces across England and Wales engaged in ‘Operation Machinize’ – a nationwide crackdown on High Street businesses suspected of laundering the proceeds of serious and organised crime (SOC). Over the course of the headline-grabbing operation, law enforcement agencies visited 265 premises, froze over £1 million in bank accounts, seized £40,000 in cash, made 35 arrests, shut down two cannabis farms and forcibly closed ten shops. Although widely welcomed, this action…

Indonesia Targets Gambling Ring Using Crypto, QR Codes

Digital Currencies, Money Laundering
ndonesian authorities have arrested two individuals suspected of running an online money laundering operation linked to gambling proceeds. The National Police’s Criminal Investigation Department (Bareskrim) said the suspects, identified as OHW and H, were involved in a scheme to launder gambling money through Indonesia’s QR code payment system—QRIS—and cryptocurrency. Criminal Investigation Unit Chief Commissioner General Wahyu Widada said the suspects established and controlled companies to place, receive and move funds from illegal online gambling operations. All forms of gambling are illegal in Indonesia. The money was later funneled through “thousands of accounts” as part of the laundering process. Police said…

International Coalition Uncovers €3m Online Investment Fraud

Fraud
An organised criminal group (OCG) operating globally has defrauded more than 100 victims of over EUR 3 million through a fake online investment platform. Cooperation between German, Cypriot, Albanian, British and Israeli investigators, supported by Eurojust and Europol, led to the dismantling of the criminal group and the arrest of a suspect in Cyprus.Using the method of cyber trading, the group was able to make considerable profits and defraud victims of their substantial savings. The criminals created a fake online trading platform that promised large profits in a short period of time. After initially transferring modest sums of money to…

EU Expands Sanctions, Targets Russia’s Shadow Fleet

Sanctions
Two months after adopting its 16th sanctions package against Russia, the European Union has backed a 17th round on Wednesday, targeting Russia’s so-called “shadow fleet”—a network of vessels used to evade sanctions and export oil to foreign markets. The new sanctions target 194 ships associated with the shadow fleet, 31 arms supply companies involved in circumventing sanctions, and several banks, according to France’s Foreign Minister Jean-Noël Barrot. Media reports say the package will also include “dozens” of additional individuals linked to Russia’s military and security apparatus. They will be added to the nearly 2,400 people and entities already subject to…

“Unsubstantiated” suspicious transaction reports

Regulation
While financial institutions, on the one hand, are in the process of implementing and preparing to apply the fundamental amendments and changes that will take place in upcoming years by the EU AML Package—entering into force mainly in mid-2027—there are, on the other hand, signs of a relaxation of AML compliance requirements in the US. Meanwhile, the Federal Financial Services Authority (“BaFin”) published a remarkable sanctions decision in a case where a payment institution was penalized for failing to establish and maintain a proper business organization in the area of detection of suspicious transactions. BaFin, the German regulator, argued that…

Cypriot Auditor Scrutinizes Political Donations From ‘Golden Passport’ Program

Bribery
Cypriot political parties received more than 1 million euros in donations connected to the country’s controversial “golden passport” program, according to the country’s Auditor General. Before the Cyprus Investment Program was shut down amid allegations of corruption, foreigners could obtain citizenship by purchasing real estate worth at least 2 million euros. The scheme reportedly brought an estimated 9 billion euros into the country over the course of 13 years. The Auditor General published its series of reports on Tuesday — one overview and eight more scrutinizing donations to specific political parties. The reports analyzed a total of 1.12 million euros…

Former German MP Affirms Indictment Accusing Him of Taking Bribes from Azerbaijan

Bribery
Former conservative parliamentarian Eduard Lintner has affirmed that the indictment against him in the Azerbaijani Laundromat trial is correct — even though it includes accusations that he accepted bribes. While Lintner said in a Munich court on May 15 that he agreed with the indictment, he later told DPA he was innocent, because he did not consider the payments he received from the Azerbaijan government as bribes. The case centers on Azerbaijan’s covert strategy to buy political influence in Europe, particularly within the Parliamentary Assembly of the Council of Europe, a body tasked with safeguarding human rights. The Azerbaijani Laundromat…

How Criminal Groups Have Adapted to the Digital Age

Cyber Crime
The cyber world is constantly evolving, and criminal groups in Latin America are adapting their modus operandi to make the most of it. Technological innovations brought about by the Internet era have influenced various criminal economies, from drug trafficking to money laundering. In Mexico, producers of synthetic drugs, such as fentanyl and methamphetamine, use the open and dark web to acquire precursors and highly regulated chemicals through sellers who can ensure successful shipments to almost anywhere. Latin American criminal groups, such as the Sinaloa Cartel and the Jalisco Cartel New Generation (Cartel de Jalisco Nueva Generación – CJNG), frequently use…

Fraud costing U.S. government hundreds of billions a year as crime rings use stolen identities

Fraud
Fraud costing U.S. government hundreds of billions a year as crime rings use stolen identities It’s the most popular f-word in Washington: fraud. And DOGE — the Trump administration’s Department of Government Efficiency — has been tearing through federal agencies on the hunt for it. But is DOGE looking in the right places? The fraud we’ll tell you about tonight is complex, pervasive and being carried out by transnational criminal organizations often using stolen identities to target U.S. taxpayers – costing the government hundreds of billions of dollars a year. Linda Miller: To be honest, Elon Musk coming out and…

The story so far: A snapshot of what we’ve seen since our APP scams reimbursement requirement went live

Fraud
Managing Director David Geale reflects on what we have seen since implementation of the world leading reimbursement requirements to protect users. Our new authorised push payment (APP) scams reimbursement requirement went live on 7 October 2024. It gave stronger protections to victims of APP scams in a way no other country had done before. We’re now just over seven months in and we’re looking back at how payment service providers (PSPs) implemented the policy, and the impact it’s had on people so far. As with any new policy, implementation can be challenging as firms train staff and roll out the…

EXCLUSIVE: UK Sanctions Azerbaijan State-Owned Tanker for Shipping Russian Oil

Sanctions
A tanker sanctioned by the U.K. for shipping oil on behalf of Russia is owned by the government of Azerbaijan, corporate documents show. Targeting a state-owned tanker was a warning to Azerbaijan at a time when the oil-rich country has been striking energy deals with the European Union, according to Maximilan Hess, an analyst with the Foreign Policy Research Institute, a U.S. think tank. “It is a clear warning shot across the bow that further Azerbaijani-sponsored efforts to support Russian sanctions evasion carries major risks to Azerbaijan’s diplomatic position and potentially wider economy,” Hess told OCCRP. The sweeping sanctions package…

Three charged in NCA investigation into £3m cash seizures

Money Laundering
Three men have been charged as part of a National Crime Agency (NCA) investigation into attempts to smuggle millions of pounds out of the UK in lorries. Uzbekistan nationals Azizillo Ugli Azamov, 20, Khalilullokh Omonillaev, 22, and Mukhammadamin Abdurakhmonov, 20, all from London, appeared at Uxbridge Magistrates’ Court on 8 May charged with money laundering. An NCA investigation was launched on 21 June 2024 after Border Force seized £950,000 from a vehicle at the Eurotunnel terminal in Folkestone. The cash was hidden inside 13 boxes of washing powder. A second vehicle was stopped at Harwich Port two weeks later, on…

Bargain Hunt expert admits failing to report sales to suspected Hezbollah funder

Counter Terrorist Financing
An art dealer who has appeared as an expert on the BBC programme Bargain Hunt has admitted failing to report his dealings with a suspected Hezbollah financier. The court heard that Oghenochuko Ojiri sold artwork to Nazem Ahmad but did not tell the authorities despite knowing Ahmad had been under US sanctions over links to the proscribed organisation. On Thursday, Ojiri became the first person to be charged with such an offence. He pleaded guilty to eight counts relating to a period between October 2020 and December 2021 at Westminster magistrates court on Friday. The prosecutor, Lyndon Harris, told the…

Wine Fraud Rocks Switzerland

Fraud
Wine fraudster Cédric Flaction once drove showy cars including two Aston Martins, two Ferraris, two Porsches, an Audi and a BMW. The Swiss winemaker, however, has become better known for being the first vigneron in the Valais, Switzerland’s biggest wine region, to be convicted of wine fraud and forgery. On September 2, 2024, a court in Sion sentenced Flaction to three-and-a-half years’ imprisonment, and ordered him to pay 1.94 million Swiss francs ($2.34 million) in compensation costs. Flaction is alleged to have bought 750,000 liters of Spanish bulk wine and 105,000 liters of Pinot Noir from Schaffhausen – a less-prestigious…