China grappling with HFT activities run by foreign firms in its capital markets

Tweet China’s influential newspaper Caixin, recently investigated the renewed use of high-frequency trading (HFT) in China’s futures market, operated by foreign companies that, it reports, are incorporated under fictitious corporate purposes. According to Caixin, some HFT firms are ostensibly registered to engage in the trading of physical goods in China, when in reality they are […]

Proceeds of crime from US$550 million Ponzi scheme go on sale at online auction next week as Covid-19 solution

Tweet 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 […]

Money laundering and securities fraud indictment unsealed against key promoter of OneCoin

Tweet After two years, the Attorney General for the Southern District of New York has unsealed the indictment against Karl Sebastian Greenwood, a 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

Tweet 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 […]

International money laundering case allegedly involving the ICO Dragon Coin

Tweet 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 […]

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

Tweet 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 […]

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

Tweet 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 […]

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

Tweet 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 […]

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

Tweet Securities regulator issues warning over bitcoin ATMs & threatens prosecution Canada issued its 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 […]

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

Tweet After more than a year, the 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 […]