Conviction of Ex-Austrian Agent Turns Another Page in Wirecard ‘Spy Novel’
A former Austrian intelligence official was convicted Wednesday of spying for Russia in the largest espionage trial in Austria’s postwar history, delivering a verdict that officials hope will help repair the country’s standing as a hub of hostile foreign intelligence activity.
Organized Crime Groups and Money Launderers Join the Pokémon Card Craze
The surging value of Pokémon trading cards has attracted organized-crime groups seeking to launder illicit funds through the largely unregulated collectables market.
Arrest of Venezuelan ‘Bag Man’ Alex Saab Seen as Key to Maduro Prosecution
Alex Saab, the businessman widely seen as the financial fixer for ousted Venezuelan President Nicolás Maduro, was charged with money laundering in federal court in Miami on Monday.
FCA Chief Says Growing Tech Threats Will Force Agency to Triage
The chief executive of Britain’s Financial Conduct Authority (FCA) said the regulator will no longer be able to defend against every illicit-finance threat equally and must openly prioritize what it focuses on as technology-linked scams continue to rise.
Scam Centers Are Becoming a Larger Security Threat, Report Finds
A new report from a U.S. think tank says industrial-scale cyber-fraud operations embedded in Southeast Asia’s special economic zones now generate an estimated $50 billion to $75 billion per year, and should be considered a hybrid security threat rather than a consumer-protection issue.
PwC to Pay $166 Million to Settle Hong Kong Evergrande Allegations
PricewaterhouseCoopers has agreed to pay HK$1.3 billion ($166 million) in fines and compensation to settle regulatory investigations into its audit work for collapsed Chinese property developer China Evergrande Group.
House Republicans Vote to Roll Back U.S. Beneficial Owner Reporting
A Republican-led U.S. House committee voted on Tuesday to advance legislation that would exempt American limited liability companies and other businesses from reporting on their beneficial owners under the Corporate Transparency Act.
Republicans Threaten FinCEN’s Budget over Corporate Transparency Rule
U.S. House Republicans are threatening to block all funding for the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) until the agency finalizes a rule requiring companies to report beneficial ownership information.
Defendant’s Chatbot Conversation Can Be Used in Fraud Case, Court Rules
U.S. lawyers are increasingly warning clients not to treat artificial-intelligence chatbots as confidential sounding boards after a federal judge in New York ruled that a former financial-services executive could not withhold chatbot-generated materials from prosecutors in a securities-fraud case.
Vanished ‘Wolf of Montreal’ Obtained New Name and Home Abroad
Canadian penny stock trader John Babikian, once dubbed the “Wolf of Montreal,” obtained a new legal identity, secured residency in Latvia, and bought a luxury apartment in Dubai after disappearing from public view following a U.S. securities settlement.