Financial Crime Online

The European Commission has fined 17 bathroom equipment manufacturers a total of € 622 250 783 for a price fixing cartel covering six EU countries. “These 17 companies fixed prices for baths, sinks, taps and other bathroom fittings for 12 years in six countries covering 240 million people. The cartel will have harmed businesses such [...]

“Operation Stolen Dreams”; 1,215 criminal defendants in mortgage fraud related cases that uncovered more than $2.3 billion in losses.  Additionally, to date the operation has resulted in 191 civil enforcement actions which have resulted in the recovery of more than $147 million. Not a small project. FFETF has been coordinating efforts nationwide to achieve these [...]

An certified public accountant, Mrs. Cecile Nhung Campbell, working at KIA motors was sentenced to 76 months of jail time last Friday after she pleaded guilty federal charges of grand theft, money laundering and filing false tax returns, according to a statement from the Orange County (CA) district attorneys office. Mrs. Nhung Campbell worked for [...]

Last Thursday UNODC launched the report “The Globalization of Crime: A Transnational Organized Crime Threat Assessment“. It shows how organized crime has globalized and turned into one of the world’s foremost economic and armed powers. “..Among the findings in the new report, which features a number of high-impact maps and charts that illustrate illicit flows [...]

Now hear this. On 10 April 2010 a Tupolev aircraft of the Polish Air Force crashed near the city of Smolensk, Russia, killing all 96 people on board. These included the Polish president Lech Kaczyński and his wife, the chief of the Polish General Staff and other senior Polish military officers, the president of the [...]

A new U.S.-Mexico government study estimates that $19 billion to $29 billion is shipped south, then laundered through cash purchases of land, luxury hotels, cars and other high-end items. Remember the recent arrest of Cancun mayor for aiding criminal groups setting up shop in Cancun? The amount of money involved shows the (financial) power of [...]

A former employee of Pamrapo Savings Bank was arrested by IRS agents on June 2 and charged with diverting and embezzling more than $600,000 from the  New Jersey-based bank. According the the details published in the public domain to date, the scheme was quite simple. In a complex banking environment, he asked business partners to [...]