Tag: BaFin

Regulatory Watch News

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  Two businessmen, a certified public accountant, and four Puerto Rico-based businesses indicted on charges of fraud, bribery, and money laundering

  IRS Criminal Investigation

  April 4, 2025

  San Juan, PR — W. Stephen Muldrow, U.S. Attorney for the District of Puerto Rico, announced the indictment of two businessmen, a certified public accountant, and four Puerto Rico-based companies for a fraudulent scheme to illegally obtain federal recovery funds under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, bribe a bank employee, and launder the fraudulent proceeds of the scheme. According to court documents, beginning no later than in or about May 2020, through at least November 2021, defendants and their co-conspirators submitted and caused the submission of at least 26 Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) applications seeking a total of at least $2,238,747 in EIDL and PPP proceeds from the United States Small Business Administration (SBA) and Bank 1, a Puerto Rico-based financial institution

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  Money launderers used romance fraud to scam 40 victims out of an estimated £3.25 million

  The Crown Prosecution Service

  April 4, 2025

  Five money launderers have been convicted for exploiting victims through romance fraud for a loss of £3.25 million. Fawaz Ali, 27, Ebenezer Tackie, 42, Michael Quartey, 28, were found guilty of money laundering related offences today at Guildford Crown Court after a trial. Earlier Kwabena Edusei, 36, pleaded guilty to charges of conspiracy to defraud and money laundering, while George Melseaux, 40, pleaded guilty to charges of money laundering and possession of ID documents with intent to misuse for fraudulent purposes

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  Transnational Manager for Colombia’s Clan del Golfo Drug Cartel Pleads Guilty to Drug Trafficking Conspiracy

  US Department of Justice

  April 3, 2025

  A Colombian national and lieutenant for Clan del Golfo (CDG) pleaded guilty today to conspiring to distribute large quantities of cocaine destined for the United States.

  According to court documents, Fabian Edilson Torres Caranton, also known as David and Cassius, 53, served as a coordinator, intermediary, and lieutenant for the Bloque Roberto Vargas Gutierrez of CDG — a Colombian paramilitary and multibillion-dollar Transnational Criminal Organization. CDG is one of Colombia’s largest and most powerful drug cartels with its membership in the thousands. CDG’s primary source of income is from cocaine trafficking, which it uses to fund its paramilitary activities.