Financial crime news 2018
Here are some notable financial crime news stories from 2018:
- Panama Papers Investigation: The Panama Papers investigation, which began in 2016, continued to unfold in 2018, with new revelations about tax evasion and money laundering by wealthy individuals and politicians.
- 1MDB Scandal: The 1MDB scandal, which involved the theft of billions of dollars from a Malaysian state investment fund, continued to make headlines in 2018. The scandal led to the arrest and conviction of several individuals, including former Malaysian Prime Minister Najib Razak.
- Cryptocurrency Fraud: 2018 saw a surge in cryptocurrency-related fraud, with numerous cases of Ponzi schemes, phishing scams, and other types of fraud involving cryptocurrencies like Bitcoin and Ethereum.
- Carillion Collapse: The collapse of UK-based construction company Carillion in January 2018 led to concerns about the company's financial irregularities and potential fraud.
- Volkswagen Emissions Scandal: In 2018, Volkswagen agreed to pay a $1.5 billion fine to settle charges related to its emissions scandal, which involved cheating on emissions tests and deceiving regulators.
- Wells Fargo Fake Accounts Scandal: Wells Fargo faced renewed scrutiny in 2018 over its fake accounts scandal, which involved the creation of millions of unauthorized bank and credit card accounts in customers' names.
- Equifax Data Breach: In 2018, Equifax, one of the largest credit reporting agencies in the US, faced criticism over its handling of a massive data breach that exposed the personal information of millions of individuals.
- Goldman Sachs 1MDB Scandal: In 2018, Goldman Sachs was accused of helping to facilitate the 1MDB scandal, with allegations that the bank had knowledge of the fraud and failed to report it to regulators.
- HSBC Money Laundering Scandal: HSBC faced criticism in 2018 over its handling of money laundering allegations, with reports suggesting that the bank had failed to properly monitor transactions and report suspicious activity.
- Fyre Festival Fraud: The Fyre Festival, a luxury music festival that was promoted as a high-end event, was exposed as a massive fraud in 2018. The festival's organizers were accused of defrauding investors and attendees, and several individuals were arrested and charged in connection with the scheme.
Some notable financial crime convictions and sentences in 2018 include:
- Tom Petters: A former CEO of a Minnesota-based technology company, Petters was sentenced to 50 years in prison for his role in a $3.65 billion Ponzi scheme.
- Bernard L. Madoff: The former financier was sentenced to life in prison for his role in a massive Ponzi scheme that defrauded thousands of investors out of billions of dollars.
- Raj Rajaratnam: A former hedge fund manager, Rajaratnam was sentenced to 11 years in prison for his role in a insider trading scheme that generated profits of over $60 million.
- Michael Milken: A former financier, Milken was sentenced to 22 months in prison for his role in a massive insider trading scheme that generated profits of over $1 billion.
These are just a few examples of the many financial crime news stories that made headlines in 2018.