People are not supposed to launder money. Banks are not supposed to let people launder money. Yet, both things keep happening. With a number of recent high-profile mistakes made by financial institutions, the government is cracking down. It’s getting ugly out there. Fines, penalties, and possible prison sentences are all in play. Yet, is this […]
Read MoreMinisters accused of money laundering in Mauritius
After a raft of Ponzi schemes being investigated by law enforcement authorities since March, Mauritian Prime Minister says no ministers whatsoever from the national assembly is implicated in money laundering scams . The allegations centre around an estimated 63 million dollar fraudulent scam which was invested by Whitedot International in which directors of the firm […]
Read MoreTexan charged for running Bitcoin Ponzi scheme
A Texan man has been charged by the Securities and Exchange Commission (SEC) for running a Bitcoin Ponzi scheme. The SEC filed the lawsuit against Trendon Shavers, who founded Bitcoin Savings and Trust (BTCST) and offered and sold investments in the virtual currency through the internet using the monikers ‘Pirate’ and ‘Pirateat40’. The SEC alleges […]
Read MorePonzi Scheme Used Offshore Hideaways To Shuffle Investors’ Money
Bribes for Venezuelan officials were funnelled through tax havens, court filings claim. Francisco Illarramendi often called on Moris Beracha when he needed an infusion of cash. The Venezuelan-born Illarramendi was a manager of a Connecticut-based investment advisory firm. Beracha was a Venezuelan financier close to the Hugo Chavez government who, a lawsuit against him claims, […]
Read MoreSpeech of FSC Chief Executive, Ms Clairette Ah-Hen / The Insurance Institute of Mauritius Forum on Insurance Crime Detection / Le Labourdonnais Waterfront Hotel, 30th April 2013
I do not think that when you were organizing this programme, you thought that the topic of financial crime would be so much in the limelight. But as you all know, the past two months have been challenging for the country with the outburst of the ponzi schemes scandal which has revealed the extent to […]
Read MoreThree Men charged in Ponzi Style Scheme
Three men have been charged with conspiracy to defraud investors in an alleged investment fraud related to electrical contracts in the hotel sector. The three men; Jolan Marc Saunders, Michael Dean Strubel, and Spencer Mitchell Steinberg were charged in connection with Saunders Electrical Wholesalers Limited, for making false representations that the company had high value contracts […]
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