Pizza restaurant owner Michael Bischoff of Michigan has been imprisoned 32 months for fraudulently seeking $931,000 (€788,000) in paycheck protection programme (PPP) loans, one of the US government’s Covid-19 relief schemes for businesses.
International soccer’s governing body Fifa and associated organisations are to receive $201m (€171m) seized by the United States’ justice department during a financial crime investigation into the way the sport was run.
Businessman Mukund Mohan of Clyde Hill, Washington state, has been imprisoned for two years after admitting fraud and money laundering to obtain $5.5m (€4.68m) from the US Paycheck Protection Program (PPP) and then hiding the proceeds.
In the first half of 2021, global fines for anti-money laundering and data privacy compliance violations fell by over 50% year on year, but could swiftly rebound as financial crime continues, according to Fenergo.
Abu Dhabi Criminal Court has imprisoned 40 men after they conned investors into putting money into a digital trading platform and converting their clients’ funds into a fake digital currency called Foin so the investors could not get their money back.
The director of a Chinese company which produces clothes for leading fashion chains has been accused of deceiving the Bank of China (Hong Kong) into issuing letters of credit (L/Cs) worth more than US$5.5m (€4.69m) to a supplier based on fraudulent business transactions.