Financial

A former Parachute Regiment officer who pleaded guilty to masterminding a massive international “pump and dump” fraud will spend three years in a United States federal prison.

But Belfast man Roger Knox, a Campbell College alumni, faced up to 15 years for his involvement in a scheme prosecutors claim defrauded $164m (£135m) from thousands of mostly small investors.

https://www.irishnews.com/news/northernirelandnews/2023/11/02/news/belfast_fraudster_former_para_sentenced_over-3746012/?param=ds441rif44T

For the first time, banking firms have disclosed money transfer fraud reimbursement rates for claims. Here are the best and worst when it comes to victims getting their money back.

https://www.yourmoney.com/saving-banking/news-saving-banking/named-and-shamed-the-banks-least-likely-to-refund-fraud-victims/#disqus_thread

Sam Bankman-Fried was found guilty on Thursday for his role in the collapse of crypto exchange FTX.

After 15 days of testimony and about four and a half hours of deliberations, jurors returned a verdict that found him guilty on seven counts of fraud and conspiracy.

The Financial Conduct Authority (FCA) must have a greater role in combating fraud, according to the trade association representing investment managers and financial advisers.

https://www.theactuary.com/2023/11/01/investment-industry-demands-major-fraud-role-city-watchdog

Haydee Daniel from Henley was sentenced to four and a half years’ imprisonment at Wood Green Crown Court last Thursday after a four-week trial for fraud.

Ms Daniel scammed a couple in Islington after they were offered fraudulent financial investment returns between January and May 2018 in excess of £230,000.

The UK’s payments regulator has published the first entry in a new data series tracking how individual banks have been affected by and responded to authorised push payment (APP) fraud.

The Payment Systems Regulator collected figures from the country’s 14 largest banks, as well as nine smaller firms that were among the top receivers of money from fraud.

Pimfa has renewed its call for the Financial Conduct Authority to have a greater role in combating fraud, in response to a call for evidence from the Home Affairs Committee.

The HAC has just closed its evidence-gathering inquiry into fraud, following the Home Office launching its fraud strategy in May this year.

https://www.ftadviser.com/trade-bodies/2023/10/24/pimfa-calls-for-fca-to-have-a-role-in-combating-fraud/

A man who was scammed out of more than £130,000 worth of cryptocurrency has appeared on a TV show to talk about his devastating experience.

Steve Williams, from Bolton, appeared on the BBC One's Rip Off Britain yesterday morning, Monday.

A review launched by the UK Financial Conduct Authority (FCA) has underlined how “critical” financial services firms' sanctions systems and controls are for preventing financial crime, according to legal and forensic accounting experts.

https://www.pinsentmasons.com/en-gb/out-law/news/fca-tells-uk-firms-to-bolster-financial-crime-and-sanctions-controls

A Turkish cryptocurrency boss and his two siblings have been jailed for 11,196 years each for defrauding investors of millions of dollars.

Faruk Fatih Ozer, 29, fled to Albania in 2021 with investor assets after his Thodex exchange suddenly collapsed.