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Category Archives: Money Laundering

Money Laundering

Two Goldman Sachs Bankers Charged In Malaysian Financial Scandal

By Bruce L. Udolf, P.A. |

The Justice Department has brought criminal charges against two former Goldman Sachs bankers and a Malaysian financier in connection with the financial scandal known as 1MDB, which involved the misuse billions of dollars in Malaysian government funds. In the indictment unsealed by a federal court Thursday, prosecutors accuse former Goldman Sachs banker Ng Chong Hwa and… Read More »

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Swiss watchdog raps Credit Suisse for anti-corruption failings

By Bruce L. Udolf, P.A. |

ZURICH (Reuters) – Credit Suisse (CSGN.S) failed to adequately combat money laundering in suspected corruption cases linked to soccer’s ruling body FIFA and Venezuelan and Brazilian state oil companies, Switzerland’s financial watchdog FINMA said on Monday, dealing a blow to the bank’s reputation. Watchdog FINMA will appoint an independent auditor to oversee the bank’s… Read More »

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Dutch bank ING fined $900 million for failing to spot money laundering

By Bruce L. Udolf, P.A. |

AMSTERDAM (Reuters) – Dutch bank ING Groep NV admitted criminals had been able to launder money through its accounts on Tuesday and agreed to pay 775 million euros ($900 million) to settle the case. “The shortcomings identified resulted in clients having been able to use their bank accounts for money laundering practices for years”,… Read More »

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Crypto Crime In 2018 By The Numbers

By Bruce L. Udolf, P.A. |

One of cryptocurrency’s biggest selling points up to this point has been its anonymous nature, but that anonymity has given cryptos a bit of a nefarious reputation. While the cryptocurrency market has been subject to a wave of new regulations in 2018, a new report from CipherTrace indicates cryptocurrency-related criminal activity has exploded as… Read More »

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IRS-CI Joins International Effort To Fight Tax, Cryptocurrency And Financial Crimes

By Bruce L. Udolf, P.A. |

Realizing that more work is needed to combat global crimes, leaders of tax enforcement authorities from five nations announced that they have created a united operational alliance, the Joint Chiefs of Global Tax Enforcement, known as the J5. The J5 consists of criminal intelligence communities from Australia, Canada, the Netherlands, the United Kingdom and… Read More »

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U.S. company at center of gold racket must pay $15 million fine, Miami judge rules

By Bruce L. Udolf, P.A. |

A major precious-metals company whose three Miami gold dealers were convicted of a massive money-laundering racket must pay the U.S. government $15 million as a criminal fine while being under probation for five years, a federal judge has ruled. Elemetal, based in Dallas, was sentenced Thursday after admitting this spring that the company failed… Read More »

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Money laundering in a digital world

By Bruce L. Udolf, P.A. |

Criminals have long used money laundering schemes to conceal illegal activity. Now, technological advancements are making it even harder to police such schemes. With the advent of online platforms came fraudulent schemes used to scam people out of their money, hack accounts and defraud internet users. The proliferation of peer-to-peer websites, online banking and… Read More »

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Miami gym owner arrested on charges of selling $10 million in steroids from China

By Bruce L. Udolf, P.A. |

Federal agents raided a popular Miami gym early Wednesday morning, leaving a U.S. Marshal-branded “no trespassing” sign on the door and arresting its co-owner on charges of heading a $10 million international steroid production and distribution ring. Early morning workout buffs at Iron Addicts Gym, on 31 NE 17th St., were herded against the… Read More »

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Panama Papers: Mossack Fonseca Raided by Organized Crime Prosecutors

By Bruce L. Udolf, P.A. |

PANAMA CITY — Organized crime prosecutors raided the offices of the Mossack Fonseca law firm Tuesday looking for evidence of money laundering and financing terrorism following a leak of documents about tax havens it set up for wealthy international clients. Soon after news reports based on a trove of documents from the firm began… Read More »

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Italian fugitive used Miami firms to set up offshore

By Bruce L. Udolf, P.A. |

When two Miami firms set up an offshore company for Giuseppe Donaldo Nicosia in 2011, they didn’t know the Italian businessman would be accused of masterminding a $48 million tax fraud three years later. Or that one of his alleged partners in the scheme, an Italian senator and ally of former premier Silvio Berlusconi,… Read More »

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