Financial

Andrew and Peter Currie have been sentenced to a combined eight years in prison for “fleecing” consumers through the Collateral P2P platform, the Financial Conduct Authority has announced.

https://www.ftadviser.com/your-industry/2023/07/17/p2p-investment-directors-sentenced-to-combined-8-years-in-prison/

A fraudster who conned elderly people out of £160,000 to fund his gambling habit has been jailed.

In 2015, Max Evans, 30, persuaded someone he knew to give him access to their money which he claimed he would move to a savings account so it could accrue interest.

HUNDREDS of businesses fined a total of £3.2 million for breaching anti-money laundering rules have been named by HM Revenue and Customs (HMRC).

The 240 supervised businesses named today were fined between 1 July and 31 December 2022 by HMRC for breaching Money Laundering Regulations aimed at preventing criminals from exploiting illicit cash.

LONDON (Reuters) - British banks are gearing up to share more data with their peers on suspected serious economic crime as part of wider efforts to stem dirty money flows into the country from Russia and elsewhere, four sources with knowledge of the matter told Reuters.

https://uk.investing.com/news/stock-market-news/uk-banks-to-ramp-up-data-sharing-in-dirty-money-crackdown-3059886

A fugitive who ran a Ponzi-style investment scam worth £70 million in the City of London has been given jailed after going on the run.

Anthony Constantinou, 41, ran Capital World Markets (CWM) which offered investors returns of 60 per cent per year on allegedly risk-free foreign exchange markets.

Amoney-launderer acting as a ‘treasurer’ for criminals who conned elderly and vulnerable people out of £350,000 in the space of two months at the start of the pandemic has been jailed.

The judge told Luke Barling that although he wasn’t directly involved in scamming the 16 victims, his role cleaning the dirty cash by moving it through several bank accounts was ‘critical’ to the fraud.

https://www.msn.com/en-gb/news/world/money-launderer-for-gang-that-conned-vulnerable-people-out-of-%C2%A3350000-is-jailed/ar-AA1cltOB

Around one in every 100 current account applications is now fraudulent, with money muling often being behind such incidents, according to a financial information company.

Money mule activity is often behind bogus applications which are detected or prevented, accounting for more than two-fifths (42%) of reported first-party current account fraud, Experian said.

https://uk.sports.yahoo.com/news/one-100-current-account-applications-230100760.html

A finance boss has been found guilty of fraud and sentenced to seven years imprisonment at Leeds Crown Court.

An investigation by the Insolvency Service found Liam Francis Wainwright, 61, from Leeds, had falsified documents to mislead investors and spend their money on ventures including a racehorse syndicate and his own failed private businesses.

Retail banks worldwide are struggling to upgrade their defences against fraud despite the increasing threat of financial crime.

According to data collected for BioCatch, 78 per cent of financial firms worldwide are concerned about their ability to respond to emerging fraud threats quickly and effectively.

A Co Down company director has been ordered to stand trial accused of an international multi-million pound bitcoin crypto fraud.

Appearing at Newtownards Magistrates Court, Jawad Yaqub (45) of Ben Vista Park in Holywood, confirmed he understood the 25 charges against him and that he did not object to the case being returned to the Crown Court for trial.