Two years after being charged with fraud by Massachusetts securities regulators, a former Belmont resident and prominent Shaklee distributor was arrested and charged with operating a Ponzi scheme that duped over a dozen investors out of at least $6 million...
by Clare Tanner Esq. and Anne T. McCarthy
Employers who make reports
under POCA of suspected money laundering can be required to disclose any
relevant documentation in subsequent litigation with a disgruntled client.
Firms should review their anti-money...
James H. Freis, Jr., Director of the Financial Crimes
Enforcement Network, let us know that his agency is working on anti-money
laundering requirements for investment advisers. At a November 15, 2011 speech
at the American Bankers Association/American...
A Florida lawyer will spend the next three years in federal prison for assisting the wife of convicted Ponzi schemer Scott Rothstein hide more than $1 million in jewelry - including a 12.08 carat yellow diamond ring valued at nearly $500,000. Scott Saidel...
The Financial Crimes Enforcement Network, Treasury's
financial intelligence unit has been trying to impose anti-money laundering
obligations on private funds for years. On September 26, 2002, FinCENissued a
notice of proposed rulemaking, proposing...
Private Equity has been siting on the fringes of
Anti-money laundering regulation for many years. It's still illegal to be
involved in money laundering and fund managers should be taking some steps to
protect themselves and to identify problems...
A Utah man once known as the “Bamboo Cyclist” was sentenced to serve a four-year prison term for masterminding a Ponzi scheme that duped victims out of nearly $3 million. James Ronald Donahoo, II, of Pleasant Grove, Utah, received the sentence...
There are indications from Washington that hedge funds,
long exempt from anti-money laundering reporting rules, may soon be
brought into the fold under new rules proposed by the Treasury
Department's Financial Crimes Enforcement Network (FinCEN...
A New York man accused of playing a role in the $425 million Ponzi scheme perpetrated by Nicholas Cosmo had his bail revoked by a New York federal judge who called "mind-boggling" his efforts to hide over $1.7 million in illicit scheme proceeds...
WASHINGTON, D.C. - (Mealey's) Standard Chartered Bank
(SCB) has agreed to the forfeiture of $227 million to the U.S. Department of
Justice and to pay a $100 million penalty to the Federal Reserve Board for
violating the International Emergency...
Currency Transaction Reports have been around since the Money Laundering Control Act of 1986, and along with its stricter Suspicious Activity Report progeny implemented in 96, have greatly contributed to a financial institution’s compliance workload...
LONDON - (Mealey's) Financial giant HSBC has agreed to
pay $1.9 billion to the U.S. Department of Justice and other federal agencies
to settle claims that it instituted "inadequate compliance with anti-money
laundering [AML] and sanctions...
Trusts and Company Service Providers (TCSPs) can provide an important link between financial institutions and some of their customers. TCSPs have often been used, wittingly or unwittingly, in the conduct of money laundering activities. The majority of...