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A man accused of killing a decorated college golfer was linked to three knives police recovered, including where he allegedly showered after the slaying, court documents revealed.
A French court has reportedly rejected a request by the largest Swiss bank to drop money laundering charge against it. UBS Group and a number of its executives are accused of tax fraud and money laundering. If found guilty, the bank could be fined up to 5 billion euros or $ 5.8 billion. Its executives could also face jail time.
UBS Wants Money Laundering Charge Dropped
The tax fraud and money laundering trial in France of UBS Group AG and its executives began last week after seven years of investigation.
The largest bank in Switzerland with offices in over 50 countries has asked for the French constitutional court to “drop money laundering charges and limit proceedings to complicity in tax fraud, which carries lighter penalties,” Reuters reported Thursday. However, the court rejected this request, noting that the bank’s arguments were “devoid of seriousness,” the news outlet detailed, elaborating:
UBS Group AG, its French unit and six executives and former executives face charges of aggravated tax fraud and money laundering in an investigation into allegations they helped wealthy clients avoid taxes in France.
Up to 5 Billion Euros Fine Plus Damages
During the investigation, UBS Group turned down the authorities’ settlement offer of 1.1 billion euros, the publication conveyed. “The amount corresponded to what the Swiss bank had already paid as a court bond, according to judicial sources.” The news outlet further described:
If found guilty of money laundering, UBS could be fined up to 5 billion euros ($ 5.8 billion). French criminal law lets judges enforce fines as high as half the amount laundered and in this case prosecutors estimate that up to 10.6 billion euros was denied to the French tax authorities.
According to Reuters, the bank could also face damages awarded to the French tax authorities for the missing revenue and the executives risk jail time.
The whistleblower told the publication that he hoped for a stiff penalty for Switzerland’s largest bank, stating that “If they set an example with UBS, most other banks will be scared.”
In 2009, UBS went through a similar trial in the U.S. and paid $ 780 million in settlement. In 2014, the bank was on trial in Germany and paid 300 million euros in fines.
Recently, a number of other megabanks have been under fire for alleged money laundering activities. Denmark’s largest bank, Danske Bank, allegedly engaged in money laundering through its Estonian branch that could total 200 billion euros. The probe into Danske Bank has also implicated Citigroup and Deutsche Bank. Last month, Netherland’s largest retail bank, ING Group, was fined $ 900 million for money laundering. News.Bitcoin.com also recently reported that Nordic region’s largest bank, Nordea, was suspected of money laundering.
What do you think of the French court refusing to drop money laundering charge against UBS and its executives? Let us know in the comments section below.
Images courtesy of Shutterstock and UBS.
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An American court has put a stop to an initial coin offering (ICO) by a company claiming to offer “the first licensed and regulated tokenized crypto currency exchange & index fund based in the US.” The ICO promoters even invented their own regulatory authority, which seems to have really irked the regulators.
SEC Stops Blockvest ICO
The Securities and Exchange Commission (SEC) has announced on Thursday that it has obtained an emergency court order halting a planned ICO by Blockvest. The Southern California District Court order also stopped an ongoing pre-ICO sale by the company and its founder, Reginald Buddy Ringgold, III, as well as freezing the defendants’ assets.
According to the ICO’s website, Blockvest (BLV) is an ERC20 token based upon Ethereum. “Blockvest Nvestnodes generate passive income through asset backed profit sharing smart contracts. At it’s core, BLV is a security token that’s representative of the top performing cryptocurrency index.”
According to the SEC’s complaint, Blockvest and Ringgold, who also goes by the name Rasool Abdul Rahim El, were falsely claiming their crypto fund was “licensed and regulated.” Blockvest and Ringgold also allegedly misrepresented Blockvest’s connections to an accounting firm.
The Blockchain Exchange Commission
The SEC complaint also alleges Ringgold promoted the ICO with a fake agency he created called the “Blockchain Exchange Commission,” using a graphic similar to the SEC’s seal and the same address as SEC headquarters.
“We allege that this ICO is using both the SEC seal and a made-up crypto regulatory authority to trick investors into believing the ICO was approved by regulators,” said Robert A. Cohen, Chief of the SEC Enforcement Division’s Cyber Unit. “The SEC does not endorse investment products and investors should be highly skeptical of any claims suggesting otherwise.”
A court hearing is scheduled for Oct. 18, 2018. The SEC will ask for injunctions, return of ill-gotten gains plus interest and penalties, as well as a ban against Ringgold from participating in offering any securities in the future.
Would you rather trust the Securities and Exchange Commission or the Blockchain Exchange Commission? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post US Court Issues Emergency Order Halting a Planned Initial Coin Offering appeared first on Bitcoin News.
The court upheld the right of a bakery to refuse a gay man’s order for a cake decorated with the message “Support Gay Marriage” on grounds that forcing it to make the cake would have impinged on free speech.
WSJ.com: What’s News Europe
A woman whose husband is a jailed state banker in Azerbaijan has lost a court fight to avoid being named as she seeks to explain how she paid for two properties worth £22 million ($ 29 million) in total, Britain’s Press Association reported Wednesday.
CNN.com – RSS Channel – World
Katt Williams’ handlers wanted him to get some shine at the Emmys so badly, they kept him in the dark about a scheduled court date — a decision that blew up in Katt’s face with his weekend arrest. Sources close to the comedian tell TMZ ……
The Senate confirmed Brett Kavanaugh to the Supreme Court, cementing a conservative majority on the nation’s top court after a blistering battle over sexual-assault allegations leveled against him.
WSJ.com: What’s News Asia
Democrats threw everything they could at Judge Brett Kavanaugh to keep him off the Supreme Court – including uncorroborated allegations about sexual misconduct from over three decades ago that he vehemently denied – but their effort failed Saturday when the Senate voted 50-48 to confirm his appointment and make him Justice Kavanaugh.
Judge Brett Kavanaugh’s nomination to the Supreme Court was all but secured when Sen. Susan Collins declared her support on the Senate floor, capping a tumultuous 13-week battle.
WSJ.com: What’s News Asia
The Senate voted Saturday to confirm Judge Brett Kavanaugh to the Supreme Court, marking the end to one of the most rancorous confirmation fights in modern times and securing a rightward shift on the nation’s highest court.