Over a period of some 13 months, a remittance agent in New Zealand brought more than NZD53 million into the country for a single customer while paying little or no attention to the regulatory requirements imposed on it by laws designed to detect and deter money laundering. The case is interesting because it is brought against a company and its owner and another person.
When a bank introduced a scheme under which persons could receive commissions for introducing potential mortgage borrowers who went on to take out a loan, a bank manager saw the opportunity for secret profits.
It has long been the case that, however one defines it, "communities" are represented by physical or psychological boundaries within which members feel safe. But there are those that exploit that sense of safety and target members of that community because of levels of trust. It's all related to the "people like us," syndrome explained in the book Understanding Suspicion in Financial Crime. This case is an example of multi-million USD scheme perpetrated in such circumstances.
Some lawyers are called "ambulance chasers." In the USA, in medicine, the equivalent function is performed by "Patient Recruiters" and, yes, the US authorities even use capital letters, just like that. The system is ripe for fraud and convictions have been obtained in a case where the loss to the US Medicare system is USD33 million.
An accountant, assisted by his wife, invited investments into a scheme he operated. But there were no investments only money used for his own purposes, laundered via his wife - and setting up a separate Ponzi-type scheme.
A joint liquidator of a company "dishonestly redirected" a substantial sum of money from the company's administration account to an account he controlled and then used the money for his own purposes. He has been jailed for seven years.
Two bankers have been jailed for a total of nine years for fixing (technically "manipulating") the Euro Interbank Offered Rate (EURIBOR) when the global financial crisis was at its worst. An associate who was previously convicted has been ordered to forfeit, under proceeds of crime legislation, less than 5% of his gain from the fraud.
A financial adviser recommended a form of investment to clients but instead of using the money in accordance with the agreed plan he used the money for his own purposes and created fictitious records to show purported performance of their investments. He has been sentenced to ten years' jail. Asset freezing orders against the defendant have preserved sufficient to cover all or most of the losses.
A man convicted of conspiracy was sentenced to 18 months in federal prison for laundering the proceeds of a violent kidnapping organisation that held two dozen Mexican nationals hostage.
We couldn't pass on the chance to copy and paste the above headline from the USA's FBI media service. The case is about smuggling restricted goods in breach of US sanctions and not about edible nuts.
An international conspiracy to bribe officials of a government in connection with a substantial contract has resulted in the conviction of a company and several senior staff and officers.
On the face of it, a conviction for trafficking minors for sex may not seem like a financial crime. However, the proceeds generated by these and other sex-related crimes are subject to attack under money laundering laws, even if the activity takes place in one jurisdiction and the money is laundered in another.
A man who, as he saw it, was demoted exercised unauthorised access to computers at his workplace and deleted important files. Later, after he resigned, he again accessed the company's computers and deleted more files including back-ups held by an independent third party. As a final act, he deleted even more files with a single "wipe" command aimed at a PC at the company's head office.
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