Fraud Archives - Compliancex

UBS to pay US $1.43 billion for alleged fraud over residential mortgage-backed securities

Jack J. Kelly Department of Justice, Fraud, Mortgage, Securities August 14, 2023

Banking group UBS and many of its U.S.-based affiliates agreed to pay $1.43 billion in penalties to settle a civil action alleging fraud in the sale of residential mortgage-backed securities, the company and the Justice Department said on Monday. The civil action was filed ...Read More

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U.S. judge sends FTX’s Sam Bankman-Fried to jail over witness tampering

Jack J. Kelly Cryptocurrency, Fraud, Jail August 14, 2023

Sam Bankman-Fried headed to jail on Friday after a judge sided with a request by federal prosecutors to revoke the FTX founder’s bail over alleged witness tampering. Bankman-Fried was remanded to custody directly from a court hearing in New York and sent to Brooklyn’s ...Read More

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SEC Sues Crypto Founder, Alleging $1 Billion In Unregistered Crypto Sales And Multimillion-Dollar Fraud

Jack J. Kelly Cryptocurrency, Fraud, Fraudster, Investors, SEC, Securities and Exchange Commission, Unregistered Securities July 31, 2023

The Securities and Exchange Commission on Monday filed charges against a U.S. citizen it alleged raised more than $1 billion through the unregistered offer and sale of crypto securities before pilfering millions to fuel a high-status lifestyle and the acquisition of luxury goods, including the largest black ...Read More

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U.S. Prosecutors Drop Campaign Finance Charges Against SBF

Jack J. Kelly Cryptocurrency, Fraud July 28, 2023

The Department of Justice has dropped its plan to charge former FTX CEO Sam Bankman-Fried with unlawful campaign contributions. On Wednesday, US Attorney Damian Williams disclosed that the Bahamas informed the government of its decision not to extradite Bankman-Fried on this particular charge. “Accordingly, ...Read More

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Former Celsius CEO arrested, company agrees to pay $4.7 billion settlement

Jack J. Kelly CFTC, Cryptocurrency, Fraud, SEC, Securities and Exchange Commission, Settlement July 13, 2023

Former Celsius CEO Alex Mashinsky was arrested Thursday on federal securities fraud charges, a source told CNBC the bankrupt crypto exchange agreed to pay a $4.7 billion settlement with government regulators. The exchange was also charged by the SEC and CFTC with scheming to defraud investors ...Read More

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Taylor Swift agreed to FTX partnership, but the crypto exchange bailed, source tells CNBC

admin Bankruptcy, Cryptocurrency, Due Diligence, Fraud, Investigation, Unregistered Securities July 6, 2023

Taylor Swift signed and agreed to a sponsorship deal with bankrupt crypto exchange FTX after months of discussion before executives at FTX decided not to go through with the deal, a person familiar with the matter told CNBC. The nature of the agreement, previously ...Read More

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SEC boss Gary Gensler faces ethics scrutiny over Sam Bankman-Fried meeting

Jack J. Kelly Cryptocurrency, Fraud, SEC, Securities and Exchange Commission June 23, 2023

Questions are multiplying around a 45-minute Zoom call that SEC Chair Gary Gensler held in March 2022 with disgraced crypto mogul Sam Bankman-Fried — including whether the controversial powwow got advance approval by the agency’s ethics team, On The Money has learned. The now-infamous virtual meeting ...Read More

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The Story Of Anthony Constantinou: Son Of A Murdered Tycoon Who Grew Up To Become a Fugitive

Jack J. Kelly Fraud, Fugitive, Ponzi Scheme, Trading June 12, 2023

A British foreign exchange company boss who used investors’ cash to fund his luxury lifestyle was sentenced in his absence to 14 years in jail on Friday over a 70 million pound ($88 million) Ponzi scheme. Anthony Constantinou was found guilty last month of one count ...Read More

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Former Wells Fargo exec settles SEC fraud charges, to pay $3 million

Jack J. Kelly Fraud, SEC May 31, 2023

The former head of Wells Fargo & Co’s retail bank agreed to pay a $3 million penalty to settle U.S. Securities and Exchange Commission fraud charges for misleading investors about sales practices used to inflate a performance metric, the SEC said on Tuesday. Carrie ...Read More

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Fake Billionaire Hedge Fund Manager Ran Ponzi Scam, US Says

Jack J. Kelly CFTC, Fraud, Ponzi Scheme May 12, 2023

A former Chicago commodities trader was arrested and charged with fraud for lying to clients about everything from a non-existent collection of 122 luxury cars to phony returns that exceeded 200%. Phillip Galles, 57, was charged in a criminal complaint unsealed Thursday with a ...Read More

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