19.12.2012

SUÇUN NEDENLERİ

SUÇ GELİRİ AKLAMA

Suçlu Profili- Suçlu Davranışı:
  1. Ekonomik
  2. Politik
  3. Sosyal
  4. Teknik
  5. Yapısal
  6. Demografik
  7. Psikolojik 
Maddi menfaat suçun önde gelen motivelerinden birisidir. Paranın ortaya çıkmasıyla birlikte maddi menfaat suçun önde gelen unsuru haline gelmiştir.

3.12.2012

ML CASE STUDY: COOPERATION, INVESTIGATION, WARRANT

Case: Scottish “arrest warrant” for British Cypriot

Published on: December 2, 2012-Cyprus Mail
Key Words: Arrest, Cyprus, Scottish, Voudouri

A PUBLIC prosecutor in Glasgow has issued an arrest warrant for a 45-year-old British Cypriot, Michael Voudouri, in connection with charges of money laundering, the Cyprus News Agency reported yesterday.

Voudouri was due to show up in the Scottish capital’s Supreme Court on Friday to hear what his sentence will be after pleading guilty to two cases of money laundering.

A month ago, the 45-year-old had confessed to hiding over £10 million (€12.3m) in accounts in Cyprus, Greece and Switzerland which had come from the collection of VAT on intra-European virtual transactions.

The British Cypriot originally faced charges of money laundering involving £45m (€55.5m) though this figure was reduced after his confession.

He also pleaded guilty to a separate charge of hiding £1.2 million (€1.5m) from the taxman.
He was released on bail with restrictions after agreeing to collaborate with the public prosecution, though failed to turn up to Friday’s hearing.

Voudouris was previously sentenced to four years in jail in 2004 on similar charges while in 2008 a court ordered him to return £1.3m (€1.6m) obtained illegally ?
  • Actors-ML
  • Elements-ML
  • Discovery Process(es)-Investigation-Legal Action
  1. Who issues the arrest warrant and why ?
  2. What did happen before arrest warrant ?
  3. What were the methods involved in ML case ?
  4. What are the main criminal elements involed in the case ?
  5. What investigative methods have been used to discover the ML prosesses/activities ?
International Co-operation: Letter of Request:
Charges:
Under the Criminal Justice Act 1988 and the Proceeds of Crime Act 2002 in connection with the offences (ML).

 Crime News-ML:
Case Search:

Results for Michael Voudouri Mr.

Name
Address
Other Occupants
Electoral Roll
1
Michael G Voudouri
Age Guide: 45-49
Stirling, Stirlingshire, FK9Full Address
Nicolette VoudouriChrystalla VoudouriGeorgina Voudouri
2007-12
2
Michael Voudouri
Alloa, Clackmannanshire, FK10Full Address
Chrystalla Voudouri
2002-04


21.08.2012

Not Being Fit And Proper

  • Dishonest course of conduct,
  • Exploiting and abusing a position of trust,
  • Lack of skill, Care and Diligence.
  1. Tribunal upholds FSA decision to ban and fine former UBS advisers £1.3m for not being fit and proper in relation to an unauthorised trading scheme, FSA/PN/057/2012ü, 21 May 2012.
  2. Head of European Credit Sales at Credit Suisse fined £210,000 for improper market conduct, disclosing client confidential information and exhibiting a lack of skill, care and diligence. FSA/PN/026/2012,13 Mar 2012.
  3. FSA imposes £2.17 million fine for failure by Direct Line and Churchill to conduct their businesses with due skill, care and diligence, FSA/PN/003/2012, 18 Jan 2012.
  4. FSA bans and fines former UBS adviser £150,000 for not being fit and proper, FSA/PN/115/2011, 16 Dec 2011.
  5. FSA fines and bans hedge fund Compliance officer £14,000 for failing to act with due skill, care and diligence, FSA/PN/099/2011, 22 Nov 2011.

Land Banking

Unauthorised Land Banking Operations:
  • Unauthorised collective investment scheme that sells plots of land on particular sites.
  • Land banking often amounts to collective investment that requires authorisation.

AML Noncompliance

Managing AML Non-Compliance

If you cannot manage compliance, someone (somewhere) will force you to comply with AML laws and regulations:
  1. FSA requires action of the HSBC Group
  2. Complince Program failings,  FSA/PN/081/2012, 02 Aug 2012
  3. FSA fines Habib Bank AG Zurich £525,000 and money laundering reporting officer £17,500 for anti-money laundering control failings,  FSA/PN/055/2012, 15 May 2012.
  4. FSA fines Christchurch Investment Management Limited and compliance officer for client money breaches, FSA/PN/046/2012, 01 May 2012
  5. Coutts fined £8.75 million for anti-money laundering control failings, FSA/PN/032/2012,  26 Mar 2012.
  6. Former compliance officer at Greenlight Capital and JP Morgan Cazenove trader fined, FSA/PN/007/2012, 27 Jan 2012.
  7. Francois de Dietrich sentenced to 18 months imprisonment for failure to comply with Court Order and to cooperate with FSA investigation, FSA/PN/016/2011, 28 Jan 2011.
  8. Former senior manager sentenced to 27 months in prison for insider dealing and money laundering, FSA/PN/010/2011, 21 Jan 2011.
  9. Senior manager found guilty of insider dealing and money laundering, FSA/PN/168/2010, 26 Nov 2010.
  10. FSA fines Goldman Sachs International £17.5 million for weaknesses in controls resulting in failure to provide FSA with appropriate information, FSA/PN/141/2010, 09 Sep 2010.
  11. FSA fines Société Générale £1.575 million for failures in transaction reporting, FSA/PN/135/2010, 25 Aug 2010.
  12. FSA fines Alpari and its former money laundering reporting officer, Sudipto Chattopadhyay for anti-money laundering failings, FSA/PN/077/2010, 05 May 2010.
  13. FSA fines Commerzbank for failures in transaction reporting, FSA/PN/073/2010, 27 Apr 2010
  14. FSA fines Barclays £2.45m for failures in transaction reporting, FSA/PN/117/2009, 08 Sep 2009.
Consequences of AML Non-Compliance
  • Enforcement actions- civil and criminal penalties
  • Reputational risk.
  • Lose of Job

Boiler Rooms Selling

Boiler Room Scams-Boiler Room Fraudsters

Fraudsters offer shares to the public without a prospectus through boiler room fraudsters.
Unauthorised businesses carries a great deal of risk to the public.

What is it ?

 New type of Fraud:
  • Boiler room: The criminals employ high pressure sales tactics
  • Boiler rooms operations are share scams and are the scourge of investors. 
  • The operator will sell worthless shares at inflated prices to investors that are impossible to sell.
  • The company they are share dealing in will probably be listed on an illiquid market, so the shares cannot be sold, and the price will be hugely inflated.
Financial/Economic Crime (Market Abuse):
  1. FSA secures redress for victims of boiler room scam, FSA/PN/074/2012, 19 Jul 2012. 
  2. FSA secures four and a half year jail sentence for man convicted of laundering boiler room funds, FSA/PN/045/2012, 30 Apr 2012
  3. FSA secures €77,000 for victims of boiler room fraud, FSA/PN/016/2012, 17 Feb 2012
  4. Three sentenced to jail for operating £27.5m boiler room scam, FSA/PN/073/2011, 22 Aug 2011
  5. Chartered accountants fined and banned for assisting multi-million pound boiler room share scam, FSA/PN/176/2010, 15 Dec 2010.
  6. FSA prohibition of Andrew Greystoke and £400,000 fine on him and Atlantic Law LLP for aiding multi-million pound boiler room share scam upheld, FSA/PN/079/2010, 13 May 2010.
  7. Boliler Room Scams
     

20.08.2012

Insider Dealing

Insider dealing involves criminal elements. It is a sophisticated scheme that involves criminal behaviour aiming to profit from exploiting confidential and price sensitive information.

Financial Crimes-Market Abuse-Insider Trading: Cases 
Insider dealing and money laundering are serious crimes.
  1. Insider dealers ordered to pay £1.5m in confiscation, FSA/PN/082/2012, 20 Aug 2012
  2. Six sentenced for insider dealing, FSA/PN/080/2012, 27 Jul 2012
  3. Three sentenced for insider dealing, FSA/PN/067/2012, 20 Jun 2012
  4. Insider dealer ordered to pay £570,000 in confiscation, FSA/PN/050/2012, 08 May 2012
  5. Richard Joseph charged with insider dealing, FSA/PN/002/2012, 11 Jan 2012
  6. Management consultant found guilty of insider dealing and sentenced to two years, FSA/PN/114/2011, 15 Dec 2011
  7. Investment banker and two associates charged with insider dealing, FSA/PN/069/2011, 04 Aug 2011.
  8. Investment banker, his wife and family friend sentenced for insider dealing, FSA/PN/018/2011, 02 Feb 2011.
  9. Former senior manager sentenced to 27 months in prison for insider dealing and money laundering, FSA/PN/010/2011, 21 Jan 2011.
  10. Senior manager found guilty of insider dealing and money laundering, FSA/PN/168/2010, 26 Nov 2010.
  11. Five charged with insider dealing, FSA/PN/166/2010, 25 Nov 2010.
  12. Ex-hedge fund trader sentenced for insider dealing, FSA/PN/104/2010, 22 Jun 2010
  13. One arrested in FSA and CoLP insider dealing investigation, FSA/PN/083/2010,19 May 2010
  14. Six arrested in FSA and SOCA insider dealing investigation, FSA/PN/052/2010,23 Mar 2010
  15. Former Cazenove partner found guilty of insider dealing, FSA/PN/041/2010,10 Mar 2010
  16. Three arrested in FSA insider dealing investigation, FSA/PN/017/2010,29 Jan 2010.

10.08.2012

PONZİ SCHEMES

Ponzi schemes warning signs as the following:
  1. High returns with little or no risk. Every investment carries some degree of risk, and investments yielding higher returns typically involve more risk. Be highly suspicious of any "guaranteed" investment opportunity.
  2. Overly consistent returns. Investments tend to go up and down over time. Be skeptical about an investment that regularly generates positive returns regardless of overall market conditions.
  3. Unregistered investments. Ponzi schemes typically involve investments that are not registered with the SEC or with state regulators. Registration is important because it provides investors with access to information about the company's management, products, services, and finances.
  4. Unlicensed sellers. Federal and state securities laws require investment professionals and firms to be licensed or registered. Most Ponzi schemes involve unlicensed individuals or unregistered firms.
  5. Secretive, complex strategies. Avoid investments if you don't understand them or can't get complete information about them.
  6. Issues with paperwork. Account statement errors may be a sign that funds are not being invested as promised.
  7. Difficulty receiving payments. Be suspicious if you don't receive a payment or have difficulty cashing out. Ponzi scheme promoters sometimes try to prevent participants from cashing out by offering even higher returns for staying put.
Source: http://www.sec.gov/answers/ponzi.htm





10 red flags to avoid being Ponzi scheme victim:
  1. Funds are deposited directly with the investment adviser and not in a separate custodian accoun
  2. Funds are deposited in a broker-dealer that is an affiliate of the adviser.
  3. Monthly brokerage statements are sent by the adviser and not the custodian. 
  4. Adviser's investment returns are consistently good, even in a volatile economy. 
  5. Adviser's returns are consistently the same, year after year. 
  6. Adviser's investment strategy is complex and not clearly explained. 
  7. Adviser's investment strategy is not compatible with either your short-term or long-term goals. 
  8. Adviser claims you are now part of an exclusive club. Exclusivity is not a benefit when trusting someone to manage your money. It is just another red flag. 
  9. Your adviser shares your views regarding politics, religion, sports, etc. 

The one fact consistent with nearly all victims of a Ponzi scheme is that they failed to perform the proper due diligence, and, in some cases, did not perform any due diligence.

Many were led by a trusted intermediary from their church, country club, affinity club, etc., who was also led to the belief of consistently high annual returns without doing their own due diligence.

Source: http://www.eisneramper.com/Avoid-Ponzi-Schemes-0710.aspx



Ponzi scheme Red Flags:
  1. Promoters are not registered to sell investments (Consider doing a background check through Financial Industry Regulatory Authority (FINRA) if the promoter is U.S. based.)
  2. Promoters have a history of being investigated and/or disciplined for actions related to investments (Google is your best friend for this one.)
  3. Promoters and/or founders of the business/investment have criminal, bankruptcy, or civil court histories that are troubling (Use PACER to search all federal court records for a nominal fee. State courts generally have their own online systems, and access to them is growing daily.)
  4. Difficulty in verifying whether there is a legitimate business behind the investment (Again, Google is your friend!)
  5. Groundbreaking “new technology” or other special (but super secret) methods or assets, which are going to take the world by storm and be the greatest thing since sliced bread
  6. Complicated alleged business model that prevents an experienced investor from understanding how money is really made.
  7. The alleged performance of the company is suspiciously higher than competitors or companies in related industries
  8. No objective third-party information can be found about the company
  9. Elaborate explanations for why the business cannot be verified
  10. Unusually high rates of return offered on the investments (Note that this one is the most common across all Ponzi schemes.)
  11. Returns on investment are guaranteed (Not to be confused with an annuity from a reputable company with a guarantee in the contract.)
  12. Promoter downplays the amount of risk investors will be exposed to, often  using phrases such as “a sure thing”
  13. Reluctance to provide documentation supporting claims being made about the investment and the business behind it
  14. Address of the “business” is a mail drop location, virtual office, or small private office that couldn’t possibly hold a business the size that is being claimed (Google Maps is very helpful for this one.)
  15. Few (if any) employees in the operation other than the founder and/or promoter.
  16. Background of the principals of the business is mismatched with what the business does (Use Google to find out what kinds of jobs they held previously, and compare it to what they’re supposedly doing now.)
  17. Company’s alleged success is related to a recent announcement of some sort, rather than historical financial results (This one is even worse if the information in the announcement can’t be verified, and it appears to just be a PR stunt for the benefit of potential investors.)
Source: http://www.mahanyertl.com/mahanyertl/ponzi-scheme-and-investment-fraud-red-flags/1348/
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