Nigeria’s central bank has sacked the boards and management of three lenders for non-compliance with banking regulations and corporate governance failures, it said on Wednesday.
The affected lenders are privately held Union Bank, Keystone Bank and Polaris Bank, each of which had come under government control in the past.
Subscribe now to have unlimited access
With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!
Founders of Illegal Pyramid Scheme Sentenced for Roles in Fraud That Caused Over $23M in Losses to Victims
US Department of Justice
Three individuals were sentenced yesterday for their roles in founding and operating an illegal pyramid scheme. Alex Dee, 50, of Fate, Texas, was sentenced to 36 months in prison and ordered to pay $1,845,600 in forfeiture; Brian Kaplan, 53, of Fort Collins, Colorado, was sentenced to 22 months in prison and ordered to pay $2,838,700 in forfeiture; and Jerrold Mauer, 58, of North Bellmore, New York, was sentenced to 22 months in prison and ordered to pay $1,545,500 in forfeiture.
Treasury Disrupts North Korean Digital Assets Money Laundering Network
OFAC
Action taken in partnership with the United Arab Emirates targets a key node in the Kim regime’s illicit revenue generation schemes
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning two individuals and one entity involved in a network that launders millions of dollars of illicit funds generated by the Democratic People’s Republic of Korea (DPRK) information technology (IT) workers and cybercrime to support the DPRK Government. Based in the United Arab Emirates (UAE), Lu Huaying and Zhang Jian worked through a UAE-based front company to facilitate money laundering and cryptocurrency conversion services that funneled the illicit proceeds back to Pyongyang. This network is led by OFAC-sanctioned Sim Hyon Sop (Sim), a PRC-based banking representative for the DPRK who orchestrates money laundering schemes to fund the regime.
SEC Charges Express, Inc. with Failing to Disclose Nearly $1 Million in Perks Provided to Former CEO
SEC
Washington D.C., Dec. 17, 2024 —
The Securities and Exchange Commission today announced settled charges against Ohio-based Express, Inc., a multi-brand American fashion retailer, for failing to disclose executive compensation it paid to its now former CEO.
According to the SEC’s order, in definitive proxy statements for fiscal years 2019, 2020, and 2021, Express failed to disclose $979,269 worth of perks and personal benefits provided to its CEO, including certain expenses associated with the CEO’s authorized use of chartered aircraft for personal purposes. As a result, the company, which filed for Chapter 11 bankruptcy earlier this year, understated the “All Other Compensation” portion of its CEO’s compensation by an average of 94 percent over the three fiscal years.