Financial

Phoenix Thoroughbreds founder Amer Abdulaziz Salman has been named as a key figure in a major money-laundering operation for an international cryptocurrency fraud from which he allegedly stole €100 million before launching his global racehorse ownership enterprise, a US court heard this month.

https://www.racingpost.com/news/phoenix-thoroughbreds-founder-accused-of-stealing-eur100m-from-global-ponzi-scam/410788

The UK's Financial Conduct Authority (FCA) has finalised new guidance for general insurers and brokers, designed to tackle the potential for consumer harm in some commission and profit-sharing arrangements.

https://www.pinsentmasons.com/out-law/news/fca-finalises-uk-insurance-distribution-chain-guidance

A 50-year-old man accused of a multi-million pound investment fraud is to be banned from running any new schemes, a High Court judge ordered yesterday.

http://www.irishnews.com/news/northernirelandnews/2019/11/19/news/man-accused-of-investment-fraud-is-to-be-banned-from-running-any-new-schemes-1768589/?param=ds441rif44T

"I felt devastated, absolutely devastated and so guilty. My life collapsed really".

Cynthia Tuck remembers the moment she realised she had been conned out of her life savings, and those of her late husband, George.

https://www.bbc.co.uk/news/business-your-money-50249529

Konstantin Ignatov, the brother of "missing cryptoqueen" Dr Ruja Ignatova, has admitted his role in the OneCoin crypto-currency fraud.

J. David “Jerry” Dominelli was born in Chicago in 1941, graduated from the University of San Diego, and went on to became a stockbroker. In 1979 he set up J. David & Company, an investment company that claimed it could make returns of around 40%-50% a year on the interbank and foreign-currency markets. While many people were sceptical, its apparent initial success led to a flood of investors and Dominelli broadened the fund’s activities into other ventures, such as real estate. By 1983 the fund had received more than $200m ($504m in today’s money) from 1,500 investors.

https://moneyweek.com/517742/great-frauds-in-history-jerry-dominellis-ponzi-scheme/#.XdBIiSRM8gU.twitter

A judge has warned that people who allow their bank accounts to be used by criminals "will now go to prison''.

http://www.irishnews.com/news/northernirelandnews/2019/11/14/news/judge-warns-that-people-who-allow-bank-accounts-to-be-used-by-criminals-will-now-go-to-prison--1764879/?param=ds441rif44T

Proposals by seven UK banks to levy a per transaction fee for for certain Faster Payment transactions as a means to provide a long-term, sustainable funding arrangement for the reimbursement of APP scam victims, have been knocked back by governing body Pay.UK following an industry-wide consultation.

https://www.finextra.com/newsarticle/34775/payuk-knocks-back-faster-payments-fees-to-cover-app-fraud

The industry cannot agree how an initiative to refund blameless victims of bank transfer victims should be funded, according to the UK’s payment scheme operator.

AMSTERDAM (Reuters) - A Dutch court has ordered Facebook to remove advertisements that misuse the likeness of a local celebrity to promote fraudulent Bitcoin-related investments.

https://uk.reuters.com/article/us-facebook-court-netherlands/dutch-court-orders-facebook-to-pull-financial-fraud-adverts-idUKKBN1XL1Z0