Financial Crime Online

A very strange press conference is planned today. Swiss (ex) Julius Baer banker and ‘ whistleblower’  Rudolf Elmer is planning to handover to WikiLeaks two CDs containing data of around 2,000 bank clients who may have been evading taxes.  “The documents show that they are hiding behind bank secrecy, possibly to avoid taxes,” Elmer, a [...]

According to the Guardian, ‘ Operation Eaglewood’  led to Scotland Yard’s largest-ever simultaneous raid in February 2008. The investigation focused on money laundering and cocaine distribution. A taxi cab business was in the middle of the laundering scheme; is was used as a front store. 33 gang members were sentenced. From the information that surfaced, [...]

The US DOJ reported that former (JP Morgan) vice president James Hertz ´Pleads Guilty for Role in Bid-rigging and Fraud Conspiracies Involving Municipal Bonds´. JP Morgan was was a provider of investment agreements and other municipal finance contracts, such as swaps, to public entities. Public entities typically hire a broker to conduct a competitive bidding [...]

So let’s say you made a mistake and invested your money in a ponzi scheme. By the time you find out about your mistake, the bad guy is probably broke. How to recoup your money. Sue the bank; that is where the money is. Not your money (that went to boats, juwelry, cars, real estate [...]