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Charlie Javice was convicted of defrauding JPMorgan Chase in its $175 million acquisition of Frank, inflating user data from under 300,000 to over 4.25 million. She faces a maximum sentence of 30 years for bank fraud, with sentencing pending.In a separate case, Joseph LaForte was sentenced to 15.5 years for a $404 million investment fraud scheme through Par Funding, involving securities and wire fraud, tax evasion, and falsifying residency. He was ordered to pay $314 million in restitution and forfeited significant assets.
Charlie Javice, founder of the financial aid startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by inflating her customer base. The jury's verdict came after a five-week trial, and Javice now faces a potential lengthy prison sentence.In a separate case, Resorts World casino in Las Vegas was fined $10.5 million for money laundering, linked to illegal gambling activities involving a bookmaker associated with baseball star Shohei Ohtani. This penalty is the second-largest imposed by the Nevada Gaming Commission.
Charlie Javice was convicted of defrauding JPMorgan Chase & Co. during its $175 million acquisition of her student-finance startup, Frank. A jury found that she misled the bank by inflating user data, claiming over 4.25 million users when there were actually fewer than 300,000. The verdict came after six hours of deliberation in a Manhattan federal court.
Charlie Javice, the founder of Frank, has been found guilty of defrauding JPMorgan Chase out of $175 million. The verdict highlights significant legal repercussions for her actions in the financial sector.
Belgian judicial authorities suggest that executives at Huawei Technologies Co. likely had knowledge of alleged bribes to European Union lawmakers in 2021. A lobbyist for the company is accused of offering €15,000 to a member of the European Parliament for a promotional letter, along with €1,500 to other lawmakers who co-signed it.
Abu Dhabi’s ADGM has revoked the registration of Emirates Advocates LLP as a designated non-financial business due to non-compliance with AML Rules. The FSRA previously imposed a $10,000 penalty in May 2021 for failing to submit a required return and a $26,000 penalty in September 2023 for not registering for the goAML reporting system.
UBS has been ordered to pay a fine of 172.4 million euros after the EU court upheld penalties for its involvement in a bond cartel. The court also slightly reduced fines for UniCredit and Nomura, while other banks involved were not penalized. UBS is considering an appeal against the ruling, which highlights ongoing scrutiny of banking practices amid potential market turbulence.
The former North American CEO of UBS has reached a $4.9 million settlement approved by a Connecticut federal court, resolving a lawsuit from the U.S. government. This deal addresses issues related to the Foreign Bank and Financial Accounts (FBAR) compliance.
UBS, UniCredit, and Nomura have lost their appeal against a €371 million EU cartel fine, with the court upholding UBS's €172.4 million penalty while reducing fines for UniCredit and Nomura. The banks' traders were found to have engaged in anti-competitive practices from 2007 to 2011. Both UniCredit and Nomura plan to appeal the ruling, disputing their involvement in the infringement.
The European General Court has upheld a multi-million euro fine against UBS, UniCredit, and Nomura for their involvement in a cartel manipulating European government bond trading from 2007 to 2011. UBS's fine remains at €172 million, while fines for UniCredit and Nomura have been slightly reduced, totaling €363 million for all three banks. UBS is considering an appeal against the ruling.
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