Proceeds of crime from US$550 million Ponzi scheme run by “obscenely greedy con artists”, including diamonds, gold coins, sports memorabilia, art, comic books, go on sale at online auction next week as Covid-19 solution

The proceeds of crime from a massive US$550 million Ponzi scheme perpetrated by two convicted fraudsters in the US – Kevin Merrill and Jay Ledford – are being auctioned at an online auction house starting next week, in part because of Covid-19. Diamonds, sports memorabilia, art, gold coins, comic book from securities fraud being sold […]

Money laundering and securities fraud indictment unsealed against key promoter of OneCoin who raked in hundreds of millions of dollars selling fake coins

After two years, the Attorney General for the Southern District of New York has unsealed the indictment against Karl Sebastian Greenwood, a key promoter of the Bulgarian initial coin offering, and supposed digital currency called OneCoin. Greenwood was allegedly extradited to the US from Thailand in 2018. Indictment unsealed In the indictment, Greenwood is charged, […]

SEC locates pump & dump alleged mastermind in Ibiza who used a Vancouver lawyer for the alleged scheme

Biozoom boy found in Ibiza The alleged mastermind behind the alleged pump and dump securities fraud case involving Biozoom, Francisco Abellan Villena, has been located in Ibiza, the playground for billionaires. Villena is currently incarcerated in Ibiza, perhaps on an extradition warrant from the US. He was located by an investigator in Spain hired at […]

International money laundering case allegedly involving the ICO Dragon Coin

According to the federal Thai police, as reported here in the Bangkok Post, the Dragon Coin (which is an ICO), was used for or was involved in it seems unwittingly, an international fraud and money laundering scheme. The Dragon Coin is an ICO allegedly launched with the involvement of a former Triad boss and money […]

Four indicted in US cannabis tech pump & dump scheme that allegedly scammed investors and used Canadian promoters

Four people connected with a company called BioCube Inc., with connections to Canada were indicted on Friday for securities fraud and two for money laundering. They are alleged to have defrauded the public securities market by making untrue statements, omitting to make material statements and intentionally deceiving investors  – in essence, for engaging in a […]

RCMP charge man in Alberta for money laundering for acting as a finder

The RCMP has arrested Neil Andrew McDonald in Alberta for money laundering and fraud in connection with finding $240,000 from 7 investors in 2015 in Alberta, in violation of securities law. It is unusual for Canadian prosecutors outside of Quebec to attach a money laundering offence to a serious predicate offence, especially for securities fraud and this […]

FINRA ramps up anti-money laundering compliance actions at securities firms

The Financial Industry Regulatory Authority (“FINRA“) announced today that it filed a  Complaint against Wedbush Securities Inc. for alleged egregious and systemic anti-money laundering compliance infractions. According to the Wall Street Journal’s Risk & Compliance Journal, FINRA has made enforcement of securities anti-money laundering a priority. According to securities firms in Toronto, so have Canadian […]

1st Canadian official regulatory response to Bitcoin – securities commission issues alert against use of bitcoin highlighting Ponzi and money laundering risks

Securities regulator issues warning over bitcoin ATMs & threatens prosecution Canada issued it’s first official regulatory response to bitcoin today and it came from the Autorité des marchés financiers which issued an alert to consumers about the use of bitcoin. The Autorité, which is Québec’s securities commission, said in a statement that it will prosecute […]

SEC crowdfunding rules include anti-money laundering and financial crime requirements while Canadian regulators lag behind on issuing rules

After more than a year, the U.S. Securities and Exchange Commission has released draft crowdfunding equity rules (the “Rules“) for comment under the U.S. Jumpstart Our Business Startups Act (the “JOBS Act“). The JOBS Act was brought into force in 2012 in an effort to facilitate the injection of capital in growing companies and start-ups. With respect to crowdfunding, its objective was […]

Vietnam implements anti-money laundering decree

Response to FATF blacklisting Following years of pressure, the Socialist Republic of Vietnam has implemented anti-money laundering legislation which took effect on Friday. The move was in response to the blacklisting of Vietnam  in June by the Financial Action Task Force (“FATF“) for  lax anti-money laundering (“AML“) and counter terrorist financing (“CTF“) controls. 14 countries […]