El Salvador President Bukele wants Bitcoin as legal tender

The move, if approved, would make El Salvador the first country in the world to formally accept cryptocurrency as legal money. El Salvador may become the first country to make Bitcoin legal tender after President Nayib Bukele announced he would soon propose a bill that could transform the remittance-dependent economy. The move would make the Central American nation the first in the world to formally accept cryptocurrency as legal money and would “allow the financial inclusion of thousands of people who are outside the legal economy”, Bukele said on Saturday. “Next week, I will send to Congress a bill that … Continue reading El Salvador President Bukele wants Bitcoin as legal tender

Banker first to be jailed in German tax fraud scandal

A former executive at private bank M.M. Warburg on Tuesday became the first banker to be jailed over a multi-year scam to bilk the German state of billions of euros by filing bogus claims for tax rebates on stock dividends. A court in Bonn handed down a sentence of five years and six months for tax evasion against the banker, a spokeswoman said. Two months were docked from the sentence of the banker, who was not named, due to the length of the trial. The court also did not identify the banker’s attorney. Unless defendants are publicly well known, their … Continue reading Banker first to be jailed in German tax fraud scandal

Sydney casinos to ban cash after money laundering scandal

Sydney’s only two casinos will make their gaming operations cashless in a bid to stamp out money laundering. Regulators said The Star and Crown Sydney, which is yet to be opened, agreed to the unusual move on Thursday. It comes after an inquiry earlier this year found it was likely criminal activity had occurred at Crown Resorts’ casinos in other Australian cities. Crown has been under immense pressure to reform its gambling operations following the inquiry. It found Crown had been facilitating money laundry, exposing staff to the risk of detention in a foreign jurisdiction and pursuing commercial relationships with individuals” … Continue reading Sydney casinos to ban cash after money laundering scandal

Hedge-Fund trader wins dismissal of $2 billion cum-ex case

Hedge Fund trader Sanjay Shah won his bid to throw out a 1.5 billion-pound ($2 billion) lawsuit filed by Danish tax officials over Cum-Ex trades, in a blow to the nation’s efforts to claw back vast sums officials claim were lifted from state coffers.Sanjay Shah, chief executive officer of Elysium Global Ltd. London judge Andrew Baker said in a ruling Tuesday that the U.K. wasn’t the proper place to bring a foreign tax claim. The Danish agency said it would appeal. The U.K. civil case is just one avenue that Denmark is pursuing in a bid to recoup massive tax … Continue reading Hedge-Fund trader wins dismissal of $2 billion cum-ex case

HSBC manager’s heart attack prompts viral post about overwork

When Jonny Frostick realized he was having a heart attack this month, the first thing that occurred to the HSBC Holdings Plc contractor was: “I needed to meet with my manager tomorrow, this isn’t convenient.” Then he thought about funding for a project, his will, and finally, his wife, Frostick, who manages more than 20 employees working on regulatory data projects, chronicled his near-death experience in a viral LinkedIn post that had been viewed almost 7 million times as of Tuesday. The 45-year-old Briton is the latest financial employee to weigh in on the work-till-you-drop culture during a pandemic that’s obliterated … Continue reading HSBC manager’s heart attack prompts viral post about overwork

Danske Bank CEO quits amid Dutch probe of laundering allegations

Danske Bank A/S is replacing Chris Vogelzang as chief executive officer after a Dutch money-laundering investigation implicated the former ABN Amro Bank NV executive, complicating the Danish lender’s efforts to get past its own scandal. Chris Vogelzang Vogelzang, who had run Denmark’s biggest bank for less than two years, will be replaced by Danske’s head of risk management, Carsten Egeriis. The move comes after authorities in the Netherlands named Vogelzang “a suspect in connection with their investigations of potential violations of Dutch legislation relating to the prevention of money laundering at ABN Amro,” Danske said. “I am very surprised by the … Continue reading Danske Bank CEO quits amid Dutch probe of laundering allegations

HSBC is moving top executives from London to Hong Kong

HSBC will move four of its most senior executives to Hong Kong later this year, as the London-based bank focuses more attention on fast-growing markets in Asia. CEO Noel Quinn said in an internal memo on Wednesday that Barry O’Byrne, head of global commercial banking, Greg Guyett, co-head of global banking and markets, and Nuno Matos, head of wealth and personal banking will relocate to Hong Kong in the second half of the year. They will be joined by Nicolas Moreau, the head of global asset management. Those businesses account for virtually all of HSBC’s revenues. “These moves underscore the importance … Continue reading HSBC is moving top executives from London to Hong Kong

Archegos Capital fallout may wipe $6bn from global banks

Global banks may lose more than $6bn from the downfall of United States-based Archegos Capital, the Reuters news agency reported citing sources familiar with trades involving the US investment firm, as regulators and investors feared the episode would reverberate more widely. Bill Hwang ran Archegos Capital as a family office, a type of firm that has fewer disclosure requirements than other investment companies Japan’s Nomura and Credit Suisse of Switzerland warned of big losses from lending to Archegos for equity derivatives trades, triggering a worldwide sell-off in banking stocks. Morgan Stanley shares fell 2.6 percent and Goldman Sachs Group dropped 1.7 … Continue reading Archegos Capital fallout may wipe $6bn from global banks

Hedge fund billionaire pays $105 million to settle NY tax fraud case

New York State Attorney General Letitia James The billionaire hedge fund manager Thomas Sandell has paid $105 million in back taxes and damages to settle charges he defrauded New York state and New York City out of taxes on a decade’s worth of fees, officials said on Tuesday. Sandell, a principal at Sandell Asset Management Corp, did not admit or deny wrongdoing in settling claims by state Attorney General Letitia James and New York City Corporation Counsel James Johnson, who jointly announced the settlement. The claims arose from Sandell’s having deferred paying taxes on $450 million of management and performance … Continue reading Hedge fund billionaire pays $105 million to settle NY tax fraud case

Wall Street Charging Bull sculptor Arturo Di Modica dies aged 80

The sculptor behind Wall Street’s famous Charging Bull statue has died aged 80, reports say. Friends of Arturo Di Modica told Italian media that the sculptor died in his home town of Vittoria, Sicily. He had been fighting cancer for many years, La Repubblica reported. The bull was originally installed in New York in 1989 without permission, it was designed to represent the “strength and power of the American people” after the 1987 market crash. Police seized the 7,100 pound (3,200 kg) bronze statue from its position outside the New York Stock Exchange. But following a public outcry, city officials … Continue reading Wall Street Charging Bull sculptor Arturo Di Modica dies aged 80

Australian man convicted in nearly $90M cryptocurrency scam

An Australian man pleaded guilty Thursday to securities fraud for cheating investors of over $90 million by squandering money they spent on his cryptocurrency fund, prosecutors said. Stefan He Qin, 24, entered the plea to a single count of the fraud charge in Manhattan federal court. Authorities said the fraud occurred from 2017 to 2020 as Qin operated the fund titled Virgil Sigma. “Stefan He Qin drained almost all of the assets from the $90 million cryptocurrency fund he owned, stealing investors’ money, spending it on indulgences and speculative personal investments, and lying to investors about the performance of the … Continue reading Australian man convicted in nearly $90M cryptocurrency scam

Goldman Sachs boss gets $10m pay cut for 1MDB scandal

Goldman Sachs’ chief executive David Solomon will get a $10m (£7.3m) pay cut for the bank’s involvement in the 1MDB corruption scandal. 1MDB was an investment fund set up by the Malaysian government that lost billions due to fraudulent activity. The global web of fraud and corruption led to a 12-year jail term for Malaysia’s ex-prime minister Najib Razak which he is appealing. Goldman Sachs called its involvement in the scandal an “institutional failure”. Goldman Sachs helped raise $6.5bn for 1MDB by selling bonds to investors, the proceeds of which were largely stolen. Prosecutors alleged that senior Goldman executives ignored … Continue reading Goldman Sachs boss gets $10m pay cut for 1MDB scandal