The SEC obtained an asset freeze against actor Zachary Horwitz in connection with an alleged $690 million Ponzi scheme. Horwitz is being accused of lying to investors that he had deals to sell films to Netflix and HBO. Horowitz promised investors returns in excess of 35% but paid those returns using funds from new investors….
Executive Summary The U.S. Congress recently passed the Corporate Transparency Act (“CTA”) as part of the 2021 National Defense Authorization Act. The CTA requires certain corporations, limited liability companies and other similar entities (including privately held business entities) to report their direct and indirect human beneficial ownership information to the U.S. Department of Treasury. The CTA…
ZURICH (Reuters) – Credit Suisse is considering compensating investors hit by the collapse of funds linked to insolvent finance firm Greensill, four people familiar with the matter said, as the bank attempts a damage-limitation exercise. Switzerland’s second-largest bank this month closed around $10 billion of supply-chain finance funds that bought notes from Greensill. Of this,…
The Public Prosecution Service (OM) added another charge to its investigation into money laundering at ABN Amro. The Dutch bank is now also suspected of damaging money laundering, the OM confirmed to NU.nl after reports in De Telegraaf. Damaging money laundering means that the bank is suspected of not taking sufficient action against possible criminal…
LONDON (Reuters) – Britain’s financial regulator has started a criminal action against NatWest over allegations it failed to detect suspicious activity by a customer depositing nearly 400 million pounds ($553 million) over five years, mostly in cash. The action is the first such case against a British bank under a 2007 money laundering law. If…