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US SEC targets a $91m Ponzi scheme operated by 3 Texans, defrauding 200+ investors with false promises of bond trading profits and misappropriated funds

April 29, 2025

Between May 2021 and February 2024, the trio allegedly ran the scheme through a trust controlled by Alexander, Vanguard Holdings Group Irrevocable Trust (VHG), promising investors guaranteed returns of 3% to 6% per month from international bond trading activities. However, the SEC claims that VHG had no actual source of revenue and that the returns paid to investors were simply Ponzi payments…

US SEC charges PGI Global founder in a US$198m crypto and forex Ponzi scheme, exposing misappropriated funds and triggering parallel criminal prosecution

April 22, 2025

According to the SEC’s complaint, Palafox used Ponzi tactics to deceive investors, falsely promising high returns from his supposed trading platform, which he claimed utilized sophisticated crypto and forex strategies. Instead, Palafox misappropriated over $57 million in investor funds for personal expenses, including luxury cars, watches, and other items, while using the remaining funds to pay returns to earlier investors…

US DoJ secures over $1.9m settlement from healthcare providers and lab marketers for their involvement in a fraudulent kickback scheme

March 6, 2025

The settlements amount to nearly $2m and resolve claims that health care providers received improper payments disguised as office space rentals, phlebotomy fees, and commissions in exchange for referring lab tests to a South Carolina laboratory…

Trump’s executive order halts FCPA enforcement, shifting US anti-corruption priorities, as EU anti-corruption directive 2025 proposes stricter penalties and accountability for global firms

February 14, 2025

Trump’s Executive Order halts FCPA enforcement, pausing investigations and mandating a 180-day review, weakening corporate accountability. In contrast, the EU Anti-Corruption Directive 2025 introduces tougher penalties, removes immunity for officials, and imposes fines of up to 10% of global turnover to strengthen compliance…

US DoJ to transfer $52.88m in forfeited assets to Nigeria, citing its support in a Nigerian oil industry corruption probe

January 10, 2025

Of the funds, $50m will go to a renewable energy electrification project managed by the World Bank to expand electricity access in Nigeria, while $2.88m will support counterterrorism and rule-of-law programs through the International Institute for Justice & the Rule of Law, focusing on capacity-building and regional security…

Volkov’s latest podcast examines Telefónica Venezolana’s $85.2m settlement with the DOJ for bribery violations under the FCPA

December 8, 2024

Michael Volkov explains how the Venezuelan subsidiary exploited a government-controlled currency auction system, paid nearly $29 million in bribes, and concealed the payments through inflated equipment purchases. The case reveals systemic flaws and offers essential lessons on preventing corporate misconduct…

SEC charges BIT Mining with FCPA Violations in Connection with Bribery Scheme to Influence Members of Japanese Parliament

November 26, 2024

The SEC’s order finds that the bribery scheme involved illicit payments of approximately $2.5 million in the form of cash bribes, entertainment, and extravagant trips. The order further finds that the bribes were authorized by a 500.com senior executive and that, after the bribery scheme came to light, the company never entered the market.

US DoJ and SEC indicts Gautam Adani, Founder of Adani Group, and several senior executives, for allegedly paying over $250M in bribes to Indian officials to secure solar energy contracts

November 24, 2024

Gautam S. Adani and seven other business executives allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses. Adani and other defendants also defrauded investors by raising capital on the basis of false statements about bribery and corruption, while still other defendants allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation…

SEC announces enforcement results for fiscal year 2024

November 20, 2024

SEC filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history.

US DoJ orders Telefónica Venezolana to pay over $85m to resolve foreign bribery investigation

November 8, 2024

Follows an investigation by the Justice Department into a scheme to bribe government officials in Venezuela to receive preferential access to U.S. dollars in a currency auction.

SEC issues $12m Award to Joint Whistleblowers, who provided critical information and assistance in an SEC enforcement action

October 12, 2024

The joint whistleblowers provided the SEC significant information and extensive cooperation, which helped expand the scope of the investigation and the charges brought in the enforcement action and also saved the agency substantial time and resources. The joint whistleblowers met numerous times with SEC’s enforcement staff and certain of the joint whistleblowers suffered hardships due to their whistleblowing…

SEC alleges that Cumberland DRW has been operating as an Unregistered Dealer in the Crypto Asset Markets

October 10, 2024

Cumberland has acted as an unregistered dealer by buying and selling crypto assets offered and sold as securities for its own accounts as part of its regular business. As alleged in the complaint, Cumberland publicly calls itself “one of the world’s leading liquidity providers” in crypto assets and operates 24 hours a day, seven days a week by trading with counterparties by the telephone or through its online trading platform, Marea…

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