The shares of Beijing-based Soho China, a premier commercial development company, fell 11% this week after allegations surfaced in China that the company may be involved in money laundering associated with the sale of 41 Soho China properties to Shanxi banking official Gong Aiai for approximately HK$1 billion. Ms. Gong was arrested in China for [...]
The U.S. Permanent Senate Subcommittee on Investigations has found that HSBC Holdings PLC allowed drug traffickers, terrorists and rogue states to launder billions of dollars in the U.S. as a result of poor anti-money laundering (“AML”) and counter terrorist financing (“CTF”) controls. The Subcommittee found that HSBC serviced high-risk clients in drug-trafficking countries with weak AML [...]
The U.S. Attorney for the District of Maryland, Rod J. Rosenstein, today announced that Bodog Entertainment Group S.A. has been indicted for money laundering conspiracy and operating an illegal gambling business that provided services to U.S. customers in the U.S. Also indicted were Calvin Ayre, James Philip, David Ferguson and Derrick Maloney, all apparently from [...]
A former executive at Bennett Environmental Inc., a Canadian based corporation that treats and disposes of contaminated soil was sentenced to 50 months in prison today for money laundering and defrauding the EPA. The executive, Robert Griffiths, was also ordered to pay restitution of US$4.6 million. Griffiths pleaded guilty in 2009 to defrauding the EPA [...]
The third executive of a Los Angeles toy company, Meichun Cheng Huang, pleaded guilty to conspiracy today as part of a black market peso exchange scheme that laundered almost US$9 million for drug cartels in Mexico and Columbia using teddy bears and Topo Gigio mouse dolls. Huang was a co-owner of the toy company, Angel [...]
Two former executives of the Miami-based telecommunications company Latin Node Inc., Jorge Granados and Manuel Caceres, were arrested on Monday on money laundering and foreign corruption charges. The pair were indicted on 19 separate charges for allegedly paying more than US$500,000 in bribes to government officials in Honduras during 2006 and 2007 to obtain preferred telecommunications rates [...]