Category: Prosecutions

Money laundering gang jailed over £1.2m IT fraud

Money Laundering, Prosecutions
Five people who helped launder the proceeds of a £1.2m computer scam have been jailed. The fraud targeted elderly and vulnerable people, tricking them into paying out thousands of pounds each to fix non-existent IT problems. Between May 2015 and November 2019 the gang transferred £1,289,837 to two brothers based in India, who had been posing as representatives of HP, Microsoft Norton and Epson to defraud their victims. Amanda Grigg, 66, of Truro, Gena Harrington, 39, of Birmingham, Bindu Devasia, 49, of Kent, Nicholas Alcide, 40, of Birmingham, and Jose Kuriakose, 50, of Kent, were sentenced at Leeds Crown Court…

Epoch Times CFO charged in $67m money-laundering plot

Money Laundering, Prosecutions
The chief financial officer of the Epoch Times news outlet has been arrested over his alleged involvement in a massive money-laundering scheme.  Federal prosecutors allege that Bill Guan, 61, participated in a global plot to launder at least $67m (£52m) of illegal cash to benefit himself and the Epoch Times. According to the indictment, Mr Guan led the outlet’s “Make Money Online” team, which used cryptocurrency to purchase tens of millions worth of crime proceeds.  Mr Guan has not yet entered a plea. If convicted, he could spend more than 30 years in prison.  In a statement on Monday evening,…

Fiji’s former Prime Minister Frank Bainimarama jailed for a year

Bribery, Corruption, Prosecutions
Frank Bainimarama, who was Fiji’s prime minister for some 15 years until losing power in 2022, has been jailed for a year after he was found guilty of using his position to shut down a corruption investigation into a prominent university. Once armed forces chief, Bainimarama seized power in a 2006 coup and later won democratic elections in 2014 and 2018. The 70-year-old narrowly lost the December 2022 election to a coalition of parties led by the current prime minister, Sitiveni Rabuka, but remains a popular figure. Outside the court in Suva on Thursday, a crowd of supporters gathered ahead…

Canada’s anti-money laundering agency imposes $6.7 mln fine on TD Bank

Money Laundering, Prosecutions
May 2 (Reuters) – Canada’s anti-money laundering agency said on Thursday it had imposed its biggest-ever penalty of nearly C$9.2 million ($6.71 million) on TD Bank (TD.TO) The bank has been grappling with regulatory probes over its AML compliance program both at home and in the United States, which have been a drag on the stock’s performance.The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said the administrative monetary penalty on TD Bank was imposed on April 9 following a compliance examination in 2023. FINTRAC said it found that TD Bank had failed to submit suspicious transaction reports as…

Audit Firm BF Borgers and Owner Charged with Massive Fraud

Fraud, Prosecutions
The Securities and Exchange Commission (SEC) has leveled charges against audit firm BF Borgers and its owner, Benjamin F. Borgers. The SEC alleges “deliberate and systemic failures” by the firm to maintain compliance with the Public Company Accounting Oversight Board (PCAOB) in over 1,500 SEC filings. The SEC’s investigation revealed a pattern of misconduct, including false representations to clients about compliance with PCAOB standards, fabrication of audit documentation, and misleading statements in audit reports included in more than 500 public company SEC filings. As part of the settlement, BF Borgers agreed to pay a substantial $12 million civil penalty, with…

NCA secures first Unexplained Wealth Order in Northern Ireland

Money Laundering, Prosecutions
The National Crime Agency (NCA) has secured the first Unexplained Wealth Order in Northern Ireland against a man suspected of involvement in serious organised crime. The Order compels the man and his wife to explain the source of funds used to construct a property in County Armagh worth approximately £275,000. It was obtained at the High Court in Belfast on Friday (17 May) as part of an ongoing NCA civil recovery investigation.                           NCA investigators believe that the man, who is now resident in the Republic of Ireland, has…

German regulator fines Commerzbank over anti-money laundering non-compliance

Money Laundering, Prosecutions, Regulatory Fines
German financial watchdog BaFin has ordered Commerzbank (CBKG.DE) to pay a fine of 1.45 million euros ($1.55 million) for breaching its anti-money laundering duties, the regulator said on Monday. “Commerzbank AG and the former comdirect Bank AG, of which Commerzbank AG is the universal successor, had breached their supervisory duties,” said the regulator in a statement. According to BaFin, the bank did not update customer data on time and did not provide proper security measures, which resulted in inadequate due diligence in three cases, thus violating its anti-money laundering obligations. Commerzbank said on Monday it has reworked due diligence and…

FINRA orders Barclays unit to pay $700K over conflicts of interest

Market Abuse, Prosecutions
A Barclays unit agreed to pay $700,000 to settle allegations levied by the Financial Industry Regulatory Authority (FINRA) that its research analysts violated conflict-of-interest rules and the firm failed to sufficiently supervise their trades. Barclays Capital agreed to be censured and pay the fine in reaching settlement, according to a FINRA order issued Friday. Barclays failed to identify and disclose 99 instances of its research analysts holding stock in a company in which they published a report and three instances of research analysts trading in their brokerage accounts in a manner inconsistent with published recommendations, FINRA alleged. The details: From…

SEC SEEKS $5.3 BILLION FINE FOR TERRAFORM AND CO-FOUNDER DO KWON

Fraud, Prosecutions
Federal regulators are pursuing a fine of $5.3 billion against Terraform Labs and its co-founder Do Kwon for defrauding investors, following a recent verdict that found them liable for a multi-billion-dollar fraud. Do-Kwan-Terraform-LabsIn a court filing, the U.S. Securities and Exchange Commission (SEC) requested that Kwon and Terraform pay $4.7 billion in disgorgement and interest for their involvement in the Terra-Luna collapse of 2022. Additionally, the SEC is seeking civil penalties of $420 million for Terraform and $100 million for Kwon. The SEC highlighted the need for a strong message to be sent, stating in the filing, “The Court should…

Man Convicted for $110M Cryptocurrency Scheme

Digital Currencies, Market Abuse, Prosecutions
Justice Department’s First Cryptocurrency Open-Market Manipulation CaseA federal jury in New York convicted a man residing in Puerto Rico today of commodities fraud, commodities market manipulation, and wire fraud in connection with the manipulation on the Mango Markets decentralized cryptocurrency exchange. According to court documents and evidence presented at trial, Avraham Eisenberg, 28, engaged in a scheme to fraudulently obtain approximately $110 million worth of cryptocurrency from Mango Markets and its customers by artificially manipulating the price of certain perpetual futures contracts. “Avraham Eisenberg executed a manipulative trading scheme on a cryptocurrency exchange, defrauding the exchange and its investors out…

Cash couriers who smuggled millions in suitcases are sentenced

Money Laundering, Prosecutions
Six more members of a money laundering network which smuggled more than £100 million out of the UK to the UAE have been sentenced following an investigation by the National Crime Agency. The network transported the cash to Dubai during 83 separate trips between November 2019 and October 2020, overseen by ringleader Abdullah Alfalasi, 48, who was jailed for more than nine years in July 2022. The couriers, who were paid between £3,000-5,000 for each trip and would be booked on business class flights due to the extra luggage allowance, communicated on WhatsApp groups including one titled ’Sunshine and lollipops’.…

Panama Papers money-laundering trial begins

Money Laundering, Prosecutions
The trial of 27 people charged in connection with the Panama Papers money laundering scandal has started in a Panamanian criminal court. The leak of secret financial documents in 2016 revealed how some of the world’s wealthiest people stashed their assets in offshore companies. The defendants include Jurgen Mossack and Ramon Fonseca Mora who founded the now defunct law firm, Mossack Fonseca. They face money-laundering charges but say neither they, the firm nor its employees were involved in unlawful acts. In 2017, the firm said it was the victim of a computer hack and that the information leaked was being…

China former football chief sentenced to life for bribery

Bribery, Prosecutions
A former president of the Chinese Football Association (CFA), Chen Xuyuan, has been sentenced to life in prison for bribery, according to the country’s state media. In January, he pleaded guilty to taking bribes worth a total of 81 million yuan ($11.2m; £8.9m). An anti-corruption crackdown led by President Xi Jinping has cut through sport, banking and the military. In football, more than a dozen coaches and players have been investigated. The trial at the Intermediate People’s Court of Huangshi in central China revealed Chen’s illicit activities from 2010 to 2023, which included his earlier role as the president and…

Gunvor S.A. to Pay Over $661M in Landmark Guilty Plea for Foreign Bribery Case

Bribery, Prosecutions
Gunvor S.A., an international commodities trading company based in Switzerland, has pleaded guilty and agreed to pay over $661 million to settle an investigation by the U.S. Justice Department, resolving allegations of violations of the Foreign Corrupt Practices Act (FCPA). The guilty plea follows an extensive probe into Gunvor’s corrupt practices, specifically its scheme to pay substantial bribes to Ecuadorean government officials with the aim of securing business deals with Petroecuador, the state-owned and state-controlled oil company of Ecuador. As part of the resolution, Gunvor entered into a plea agreement, admitting to conspiracy charges related to violating the anti-bribery provisions…

Expensive Art at Stake as Venezuelan Banker Faces U.S. Bribery Charges

Bribery, Prosecutions
He’s already facing charges for allegedly bribing a former Puerto Rican governor, and his bank is in liquidation following money laundering fines. Now, Julio Herrera Velutini has another legal concern: the state of his confiscated US$23-million art collection. Administrators in charge of liquidating his bank’s assets have “stashed” the collection “under conditions that seem inadequate for its proper preservation,” according to a lawsuit recently filed by Herrera Velutini. Herrera Velutini made the claims against Driven Administrative Services LLC, which has been appointed to administer Bancrédito International Bank and Trust Corporation. Herrera Velutini is the sole shareholder of Bancrédito Holding, the…

New York Attorney General Files Lawsuit Against Citibank Over Fraud Protection Failures

Fraud, Prosecutions
New York Attorney General Letitia James has initiated legal action against Citibank, N.A. (Citi), accusing the banking giant of neglecting to protect customers and refusing reimbursement to victims of fraud. The lawsuit alleges a range of misconduct, including the failure to implement robust online security measures, misleading account holders about their rights following unauthorized access, and illegal denial of reimbursement to victims of fraud. Alleged Misconduct by Citibank: Inadequate Security Measures: The lawsuit contends that Citibank’s lax approach to online security, insufficient monitoring systems, and failure to respond promptly and effectively to fraudulent activities have enabled scammers to steal millions…

Former San Francisco Resident Sentenced To Four Years In Prison For Crimes Related To “Ichioka Ventures” Cryptocurrency Fraud Scheme

Fraud, Prosecutions
William Koo Ichioka was sentenced to serve four years in prison and ordered to pay a $5 million fine for committing multiple felonies in connection with an investment fraud scheme involving cryptocurrencies and other investment vehicles. The sentence was handed down by the Hon. Vince Chhabria, United States District Judge. Ichioka, 30, formerly of San Francisco and New York, pleaded guilty to five charges—wire fraud, two counts of aiding and assisting in the preparation of a false or fraudulent tax return, committing fraud in connection with the purchase and sale of securities, and engaging in commodities fraud—on July 12, 2023.…

Ex-boss of China’s state-run bank Everbright arrested on corruption charges

Corruption, Prosecutions
The former head of China’s state-owned banking giant Everbright Group has been arrested for alleged corruption, prosecutors have said. Tang Shuangning, 69, was arrested on suspicion of taking bribes and embezzlement following the conclusion of an investigation by the anticorruption authority, China’s Supreme People’s Procuratorate said on Monday. Tang was earlier this month expelled from the ruling Communist Party for alleged violations of party discipline, including bringing unauthorised books into the country and accepting illicit gifts. The former bank chairman is the latest in a long line of high-profile figures within China’s financial sector to be ensnared in President Xi…

Former Banking Executive Pleads Guilty to Evading Anti-Money Laundering Regulations

Money Laundering, Prosecutions
The former vice president of a bank located in Missouri pleaded guilty today to assisting high-risk bank customers in evading the bank’s anti-money laundering controls. Peter McVey, 45, of Kansas City, Missouri, who served as vice president and director of treasury services for a bank, pleaded guilty to failing to maintain an appropriate anti-money laundering program under the Bank Secrecy Act (BSA). According to court documents, between April 2014 and July 2022, McVey assisted high-risk bank customers engaged in deceptive sweepstakes and short-term online loan activities in evading the bank’s anti-money laundering controls. Specifically, McVey worked with other bank officials…

NCA investigation ends in eight year jail term for east London money launderer who took payments for small boats crossings

Money Laundering, Prosecutions
A man investigated by the National Crime Agency for laundering money made by people smuggling networks involved in small boats crossings has been jailed for eight years.Iranian Asghar Gheshlaghian, 48, was convicted last week of running an unregistered money services business from an office block in Wood Green, as part of a network of bankers transferring money using the hawala system. He acted as a trusted middleman, accepting payments from migrants or their families, and then releasing money to the criminal gangs following the completion of their journeys to the UK, charging a commission at the same time. Gheshlaghian, who…

RBC Slapped with $7.4M Penalty by Fintrac Over Anti-Money Laundering Non-Compliance

Money Laundering, Prosecutions
Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), has levied a substantial $7.4 million penalty against the Royal Bank of Canada (RBC) for its non-compliance with anti-money laundering (AML) and terrorist financing measures. Fintrac’s findings reveal multiple violations, including the failure to submit suspicious transaction reports when there were reasonable grounds to suspect connections to money laundering offenses. Out of 130 case files reviewed, RBC neglected to submit 16 suspicious transaction reports, leading to the hefty penalty. The administrative penalty, imposed on November 3, follows a compliance examination conducted by Fintrac in 2022. Despite…

Commodity Futures Trading Commission Imposes $91 Million Penalty on Freepoint Commodities for Fraudulent Conduct

Fraud, Prosecutions
The Commodity Futures Trading Commission (CFTC) has issued an order while simultaneously filing and settling misappropriation-based fraud charges against Freepoint Commodities LLC, a commodities merchant headquartered in Stamford, Connecticut. The fraudulent activities, spanning from 2012 to 2018, involved deceptive conduct aimed at obtaining material non-public information from a South American state-owned enterprise (SOE) concerning the purchase and sale of fuel oil. The CFTC’s order mandates Freepoint to pay more than $91 million in civil monetary penalties and disgorgement. The order reveals that Freepoint’s fraudulent conduct included the improper acquisition and trading on the SOE’s material non-public information, constituting a breach…

Former Special Agent in charge of the New York FBI Counterintelligence Division sentenced to 50 Months for conspiring to violate U.S. Sanctions on Russia

Prosecutions, Sanctions
A former Special Agent in Charge (SAC) of the FBI Counterintelligence Division in New York, was sentenced to 50 months in prison and ordered to pay a $40,000 fine for conspiring to violate the International Emergency Economic Powers Act (IEEPA) and to commit money laundering in connection with his 2021 agreement to provide services to Oleg Deripaska, a sanctioned Russian oligarch. According to court documents and statements made in court proceedings, Charles McGonigal, 55, of New York, New York, pleaded guilty in August. “Charles McGonigal helped advance the interests of a sanctioned Russian oligarch, breaking his oath to safeguard our…

Vatican court convicts cardinal Angelo Becciu of embezzlement

Fraud, Prosecutions
A Vatican court on Saturday sentenced a once powerful Italian cardinal to five years and six months in jail for financial crimes at the end of a historic trial. Angelo Becciu, 75, a former adviser to Pope Francis who was once considered a papal contender himself, is the most senior clergyman in the Catholic church to face a Vatican criminal court. He and nine other defendants, including financiers, lawyers and ex-Vatican employees, were on trial over accusations of financial crimes focused on an opaque London property deal. Court president Giuseppe Pignatone read out the verdict on Saturday, with Becciu accused…

DWS Agrees to Pay $25m for AML Violations and ESG Misstatements

Money Laundering, Prosecutions
The Securities and Exchange Commission (SEC) has taken action against registered investment adviser DWS Investment Management Americas Inc. (DIMA or DWS), a subsidiary of Deutsche Bank AG, for multiple violations related to Anti-Money Laundering (AML) programs and misrepresentations regarding Environmental, Social, and Governance (ESG) investments. As part of the settlement, DWS will pay a total of $25 million in penalties. Anti-Money Laundering Violations: In the AML enforcement action, the SEC’s order determined that DIMA caused mutual funds under its advisement to fail in developing and implementing an AML program consistent with the requirements of the Bank Secrecy Act and applicable…

Albania’s Former PM Sali Berisha Faces Corruption Charges Over Land Privatisation Scandal

Corruption, Money Laundering, Prosecutions
Sali Berisha and his son-in-law face corruption charges related to the alleged misuse of political influence, and Berisha is barred from leaving the country.Albania’s former prime minister Sali Berisha says that prosecutors have charged him with corruption and money laundering in connection with a land deal involving a Tirana property.Berisha, 79, said the prosecutor’s office in charge of cases against senior officials or major cases, ordered him not to leave the country. Berisha also said his son-in-law, 50-year-old Jamarber Malltezi, was arrested on the same charges at Tirana International Airport. Berisha said both he and Malltezi are innocent.“On these charges…

China Insurance Boss Jailed for Life in Corruption Crackdown

Corruption, Prosecutions
The former chairman of China Life Insurance, Wang Bin, has become the latest high-profile boss to be imprisoned as Beijing’s crackdown on the financial industry continues.Mr Wang was sentenced to death with a two-year reprieve, according to a court ruling seen by the BBC. After two years, the sentence will be commuted to life in prison without parole, the ruling says. In April, authorities warned that the crackdown was far from over. A court in Jinan in eastern China’s Shandong province found Mr Wang guilty of taking 325 million yuan ($44.6m; £35.7m) in bribes.Mr Wang, who was the firm’s Communist…

Banks Slapped with Hefty Fines for Utilizing Messaging Platforms to Evade Regulators

Prosecutions
U.S. regulators have unleashed a barrage of penalties, amassing a total of $549 million against Wells Fargo and a cohort of smaller or non-U.S. firms for their failure to uphold electronic records of employee communications. The Securities and Exchange Commission (SEC) spearheaded this crackdown, unveiling charges and levying $289 million in fines against 11 companies over “widespread and longstanding failures” in record-keeping. In tandem, the Commodity Futures Trading Commission (CFTC) announced fines totaling $260 million against four banks for their noncompliance in maintaining records stipulated by the agency. This move is the latest endeavor by regulators to curb the pervasive…

Bankman-Fried Used Customer Funds for $100 in U.S. Political Donations

Digital Currencies, Fraud, Prosecutions
Sam Bankman-Fried used stolen customer funds to make more than $100 million in political campaign contributions ahead of the 2022 U.S. midterm elections, federal prosecutors said on Monday in a new indictment filed against the FTX cryptocurrency exchange’s founder. The new indictment charges the 31-year-old former billionaire with seven counts of conspiracy and fraud over the collapse of the exchange. He has previously pleaded not guilty to charges of stealing billions in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund. Mark Botnick, a spokesman for Bankman-Fried, declined to comment. Sam Bankman-Fried criminal charges unsealed: Conspiracy…

UBS to Pay $1.4 Billion in Civil Penalties for Mortgage-Backed Securities Fraud

Fraud, Prosecutions
Swiss banking giant UBS has reached a landmark settlement, agreeing to pay a combined $1.4 billion in civil penalties to address allegations of fraud and misconduct related to its offering of mortgage-backed securities during the lead-up to the global financial crisis. The announcement was made by federal prosecutors on Monday, marking a significant development in the aftermath of the financial turmoil. The settlement effectively concludes the last remaining case brought by the United States Department of Justice against major financial institutions regarding deceptive statements made to investors who purchased mortgage-backed securities. The cumulative recoveries resulting from these cases now stand…

Goldman Sachs Could be in Trouble Again Over Its Malaysian Money Laundering Settlement

Money Laundering, Prosecutions
Goldman Sachs agreed to pay Malaysia $3.9 billion in July 2020 to settle a money laundering scheme involving its bankers, Malaysia’s new Prime Minister Anwar Ibrahim says it wasn’t enough. In 2018, Malaysian prosecutors sued the investment bank, accusing bankers of helping to raise billions of dollars for 1Malaysia Development Berhad, known as 1MDB. The funds were part of an international money laundering scheme involving major financial institutions in the United States, Switzerland, Singapore, Luxembourg and others. “We’ll have to reopen this negotiations with Goldman Sachs, because they were complicit to the crime,” Anwar, who was took office in November,…

3M Agrees to Pay Over $6.5 Million to Settle Foreign Corrupt Practices Act Charges

Bribery, Corruption, Prosecutions
n a move to resolve allegations of violating the Foreign Corrupt Practices Act (FCPA), the Securities and Exchange Commission (SEC) has announced that 3M will pay more than $6.5 million. The charges stem from violations of the books and records as well as internal controls provisions of the FCPA. The SEC’s order outlines that employees of a 3M wholly owned subsidiary located in China were involved in orchestrating arrangements for Chinese government officials, who were employed by state-owned health care facilities, to attend conferences, educational events, and health care facility visits overseas. These arrangements were purportedly a part of the…

MAS Will Not Tolerate the Abuse of Our Financial System for Illicit Activities

Money Laundering, Prosecutions
Singapore, 16 August 2023… The Monetary Authority of Singapore (MAS) said today that it had worked closely with the Commercial Affairs Department (CAD) to facilitate the development of the case that led to the Police’s arrest, on 15 August, of 10 individuals for suspected involvement in offences including forgery and/or money laundering and resistance to lawful apprehension [1] . MAS has also been collaborating closely with CAD to identify potentially tainted funds and assets in our financial system and prevent their dissipation. 2 Intelligence and information from suspicious transaction reports (STRs) filed by financial institutions (FIs) in Singapore had earlier…

Federal Reserve Board Announces Two Enforcement Actions Against Deutsche Bank AG

Money Laundering, Prosecutions, Sanctions
The Federal Reserve Board on Wednesday announced two enforcement actions against Deutsche Bank AG, its New York branch, and other U.S. affiliates. First, the Board issued a consent order and a $186 million fine based on unsafe and unsound practices and violations of the Board’s 2015 and 2017 consent orders with Deutsche Bank relating to sanctions compliance and anti-money laundering controls. The Board found that Deutsche Bank made insufficient remedial progress under the 2015 and 2017 consent orders and had deficient anti-money laundering internal controls and governance processes relating to its prior relationship with the Estonian branch of Danske Bank.…

UK Gambling Operator Betfred Must Pay £3.25m for AML and Social Responsibility Failings

Money Laundering, Prosecutions
BRITISH gambling operator Betfred has been told to pay Stg£3.25M by the industry regulator after AML and social responsibility failures. The Gambling Commission said Betfred, registered as Done Bros (Cash Betting) Limited, breached licence conditions between January 2021 and December 2022. The firm runs 1,750 high street betting shops, as well as a website and an app. The Gambling Commission investigation found Betfred had insufficient controls in place to protect new customers, or to monitor “high velocity spend” and duration of play. Its AML failures included: poor record keeping and its financial alerts (thresholds) were set too highfailing to consistently…

German Regulator Extends Anti-Money Laundering Measures at N26 Amid Ongoing Compliance Concerns

Money Laundering, Prosecutions
N26, the German-based digital bank, is facing an extension of anti-money laundering (AML) measures imposed by the German regulator BaFin, as the watchdog continues to express concerns over the bank’s compliance controls. The extension comes after BaFin had fined N26 €4.25 million in 2021 for lax money laundering controls and had subsequently imposed a temporary cap on the number of new customers the bank could onboard each month. The temporary cap, initially set at 50,000 new customers a month, will remain in place, and BaFin has taken additional steps to closely monitor the bank’s progress. An audit presence has been…

Brazilian Former President Collor Sentenced for Corruption

Corruption, Prosecutions
Brazil’s top court sentenced Brazilian former President Fernando Collor de Mello to eight years and ten months in prison for “passive corruption and money laundering” linked to the Brazilian fuel retailer during his time as senator. The country’s Supreme Court found that Collor received the equivalent of over US$4 million in bribes to secure contracts for the construction company UTC Engenharia with BR Distribuidora, the country’s largest fuel distributor.Collor attempted to conceal part of his illicit gains by registering luxury cars under the names of shell companies. Brazilian investigators discovered at least five high-end vehicles, including models like Ferrari 458…

‘Currency traders’ had ‘wined and dined’ man into money-laundering operation, court told

Money Laundering, Prosecutions
Judge Helen Boyle said a common feature of money-laundering cases was that people hoped to emulate the high life apparently enjoyed by others. A young man was wined and dined in Dublin by “currency traders” but when they told him to make “no noise” about €10,000 landing in his bank account he found himself at the centre of a money-laundering investigation. Judge Helen Boyle told the young man that people involving themselves in this crime often believed there was easy money to be made but she said that everyone had to work for their income. Detective Garda Michelle Quinn said…

Food, Car Companies Used by ‘Ndrangheta Targeted in Raids Across Italy, Belgium and Germany

Money Laundering, Prosecutions
POLICE in Italy, Belgium and Germany today carried out joint operations against the food and car companies used by the Italian mob to launder money and traffic drugs. The operation on Monday led to 31 arrests of ‘Ndrangheta suspects who allegedly used its well-established network to transport mainly cocaine from South America to Germany and Italy via several European ports. “To this end, the organised crime group (OCG) set up businesses in Germany to facilitate the drug smuggling. To cover its drug transports, the OCG used international companies trading in cars and food,” Europol said. During the joint action day,…

Fleetwood Town Owner Guilty of Fraud and Money Laundering

Fraud, Money Laundering, Prosecutions
Fleetwood Town’s owner has been found guilty of fraud and money laundering.A trading standards investigation found Andrew Pilley, of Thornton Cleveleys, mis-sold energy contracts and posted fake customer comments on websites.The 52-year-old was remanded in custody at Preston Crown Court and will be sentenced at a later date. A representative for the League One side said the charges did not relate to activities at the football club and the verdict would not affect its future.Pilley was found guilty of two counts of running a business with the intention of defrauding creditors, one count of false representation and one count of…