Category: Banking

Regulatory Watch News

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  Do Kwon Extradited to the United States from Montenegro to Face Charges Relating to Fraud Resulting in $40B in Losses

  US Department of Justice

  January 3, 2025

  Kwon Engaged in Extensive Fraud, Laundered Crime Proceeds, and Sought to Cover Up His Crimes After Terraform’s Cryptocurrencies Crashed

  Do Hyeong Kwon, 33, a citizen of the Republic of Korea, was extradited from Montenegro and appeared in court today in Manhattan to face federal fraud charges. A superseding indictment that was unsealed against Kwon alleged that the co-founder and former chief executive officer of Terraform Labs PTE Ltd. (Terraform) engaged in multiple schemes to deceive investors in order to fraudulently inflate the value of Terraform’s cryptocurrencies.

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  Italy: EPPO charges nine suspects and five companies with fraud to obtain €4 million for aquaculture

  European Public Prosecutor's Office

  January 3, 2025

  (Luxembourg, 3 January 2025) – The European Public Prosecutor’s Office (EPPO) in Rome (Italy) has charged nine individuals and five companies with aggravated fraud to obtain €4 million for the aquaculture sector, funded by the European Maritime and Fisheries Fund (EMFF). At issue are five cooperative societies, suspected of submitting false documentation and fictitious insurance policies, in order to obtain €4 million for the construction of new fish tanks and a fish boat for the aquaculture sector. During the application procedure, one of the companies was barred from receiving any funds, after it was sanctioned with an anti-mafia preventive measure.

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  Money Laundering: EFCC Arraigns Businessman, Akindele Akintoye for $35m Fraud

  EFCC

  January 3, 2025

  The Economic and Financial Crimes Commission, EFCC, on Monday, December 24, 2024, arraigned a businessman, Akindele Akintoye before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, on charges bordering on money laundering and contract fraud. Akintoye allegedly collected $35million from the Nigeria Content  Development and Monitoring Board to build a 2000 barrel- per -day refinery, jetty, gas plant, data centre, and tank farm at Brass Free Trade Zone, Okpoama community in Brass Local Government Area of Bayelsa State.