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SEC charges audit firm BF Borgers and its owner with massive fraud affecting more than 1,500 SEC filings

The SEC announced settled enforcement proceedings against audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers, charging them with deliberate and systemic failures to comply with PCAOB standards in their audits and reviews of hundreds of public companies, which were incorporated in more than…

GFI, The FACT Coalition and ADC issues report on illicit funds in US commercial property, analysing 25 case studies

This new report identifies 25 cases in which illegal, allegedly illicit, or suspicious funds were funneled into commercial property over the last 20 years, with a total value of property purchased exceeding $2.6 billion. To no surprise, California, Florida and New York are some of the most favored locations for these illegal investments, but criminals stashed money across some 20 different states.

SEC announces that Genesis has agreed to pay $21M penalty to settle charges for violating securities laws for its role with the now-defunct Gemini Earn program

Genesis Global Capital, LLC agreed to a final judgment ordering it to pay a $21 million civil penalty and imposing a permanent injunction to settle charges that it engaged in the unregistered offer and sale of securities through a crypto asset lending program known as the Gemini Earn program.

US DoJ charges former finance Director for his role in an alleged scheme to pay over $10M in bribes to foreign officials in Brazil, Mexico, and Argentina

According to court documents, between 2011 and 2016, Abraham Cigarroa Cervantes, 51, of Mexico, and others allegedly caused hundreds of bribe payments to be made to government officials in Brazil, Mexico, and Argentina to obtain and retain business…

US DoJ finds commodity trading company Gunvor guilty to bribe Ecuadorean officials to win business and orders to pay over $600M in criminal penalties 

The charge arises out of a scheme to bribe officials of the Ecuadorian Ministry of Hydrocarbons and Petroecuador, the Ecuadorian state-owned oil company, in order to obtain contracts to purchase oil products. The proceeding was held before US District Judge Eric N. Vitaliano. As part of the company’s sentence, Gunvor was ordered to pay a criminal penalty of approximately $661 million.

 

US DoJ convicts Javier Aguilar, former oil and gas trader, of FCPA violations and money laundering

A federal jury in Brooklyn convicted an oil and gas trader for his role in a scheme to bribe Ecuadorean and Mexican government officials and to launder money to secure contracts worth hundreds of millions of dollars for his then-employer, Vitol Inc. (Vitol), the U.S. affiliate of the largest independent energy trading firm in the world…

The George Bush Institute publishes the steps the US is taking to tackle corruption in 2024

The US has launched new anti-money laundering policies in an effort to prevent illicit and corrupt finances or dirty money and illegal activity or dealings from entering the American economy. The new measures are vital to ensure that law enforcement, the private sector, and national security agencies are given the necessary information and resources to block existing loopholes that nefarious actors exploit to access the U.S. financial system…

 

US Congress expands US DoJ’s authority to pursue corrupt non-US government officials

FEPA reinforces the Biden Administration’s policy emphasis on tackling corruption as part of the broader US national security strategy. It also aligns US law with international anti-corruption conventions which frequently encourage state parties to address both sides of bribery through their national legislation…

US DoJ charges 70 current and former employees of New York City Housing Authority (NYCHA) with bribery and extortion offenses

These 70 defendants are accused of demanding kickbacks and bribes for access to no-bid contracts and lucrative, under-the-table deals. The alleged conduct identified during this investigation harms the effectiveness of housing programs that support more than 200,000 residents…

President Biden signed into law the Foreign Extortion Prevention Act (FEPA), criminalising demand-side bribery by foreign officials

FEPA makes it a crime for foreign officials to demand bribes from U.S. citizens, companies, or anyone in the U.S. to gain or keep business. Before FEPA, existing laws like the FCPA focused on punishing bribes offered to foreign officials, not demands made by them. The new law fills this gap, aiming to prevent corruption by foreign officials seeking bribes from individuals…

President Biden signed into law the Foreign Extortion Prevention Act (FEPA), criminalising demand-side bribery by foreign officials

President Biden signed into law the Foreign Extortion Prevention Act (FEPA), criminalising the demand-side bribery by foreign officials. This includes the demand or acceptance of a bribe from a U.S. citizen, company, or issuer, or anyone located within the territory of the U.S., when made to obtain or retain business…

US DoJ organises first U.S. trial as part of a wide-ranging probe addressing international bribery in South America

A former employee of Vitol, the world’s largest oil trader, will stand trial in Brooklyn, New York, for allegedly bribing Ecuadorian officials $1 million to win a $300 million oil sale contract…