HOLLYWOOD PRODUCER FACES JAIL TIME FOR ILLEGAL BETTING

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Bryan Zuriff, a Hollywood producer, pled guilty in Manhattan federal court in connection with his role in the operation of a high-stakes illegal sports gambling business run by an organized crime enterprise. Zuriff pled guilty before United States District Court Judge Jesse M Furman to accepting a financial instrument in connection with unlawful Internet gambling.

Manhattan United States Attorney Preet Bharara said, “Bryan Zuriff spanned the coasts with his crimes by operating his own illegal gambling enterprise in Los Angeles and helping to operate a vast illegal gambling enterprise in New York. With his plea, he becomes the first defendant, but not the last, to be convicted in this sprawling script of criminal conduct.” Zuriff was charged in April 2013 in a 34-defendant indictment charging members and associates of two Russian-American organized crime enterprises with various crimes, including racketeering, money laundering, extortion, and various gambling offenses.

Tens of millions of dollars in bets were placed through those online accounts each year. Zuriff, 44, of Brentwood, California, faces a maximum sentence of five years in prison and three years of supervised release. As part of his guilty plea, he agreed to forfeit $500,000 to the United States. Zuriff is scheduled to be sentenced by Judge Furman on November 25, 2013, at 3 PM The charges against Hillel Nahmad, Illya Trincher, and the other 31 defendants in this case are merely accusations, and the defendants are presumed innocent unless and until proven guilty…PressRelease Bryan Zuriff

JP Morgan Chase Slapped on the Wrist Again

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Now they have admitted to the government’s charges that they fixed energy prices in several states, including California.  California’s energy customers will receive about $125 million of the $400 million in fines Chase will pay.  But Chase has not pled guilty.  Court cases are expensive, but sometimes we the people must initiate them to bring wrongdoers to justice.  How does Jamie Dimon differ from Ken Lay?  More importantly, what is Chase, a bank, doing in this business?   JP Morgan Fined Peanuts for Price Manipulation

Price Manipulation

Understanding Money at a Young Age

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Jakarta:   Sandra Siagian discovers how youth financial literacy can lead to long-term success

….  “Women are overcoming barriers in every area of life, but can still lack financial empowerment,” she said.

“We teach girls and young women the basics of money management and entrepreneurship so they can lead a life of independence and success, on their own terms.

“As women gain a stronger footing in academia and in the corporate world, it is important that they have an understanding of finance, and related topics like income negotiations.”Understanding Money at a Young Age Understanding Money at a Young Age

Yellen v Summers for the Fed

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Is there a big difference between Janet Yellen and Lawrence Summers as head of the Fed?  Certainly.   But women are making a mistake when they focus on the remarks about women scientsits Summers made when he was President of Harvard.  Summers is commendably gender neutral.  He made some vain Harvard professors angry when he insisted they teach freshman courses.  Students have stayed away from Harvard when they realized that you are not taught by the big guns when you are an undergraduate.  Summers got down in the trenches and taught freshman Economics himself.

The media debacle that followed his remarks is exactly what you don’t want to follow in the wake of a Fed Chairman.  Because Summers is a lose cannon, it is better that he not be appointed.  He has had President Obama’s ear from the beginning, but that says more about the President’s lack of knowledge about economics and lack of interest in the subject than it does about having an economics kitchen cabinet.   Yellen to Fed

Lawrence Summers

 

FCA INVESTIGATING THREE MORE BANKS OVER MONEY LAUNDERING

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Financial Services Authority

The FCA and its predecessor FSA fined a number of firms – in April, EFG Private Bank was fined £4.2m – and one person for failing to manage money laundering risk adequately. It also fined Turkish Bank (UK) Ltd £294,000, Habib Bank £542,500, including a £17,500 fine for its anti-money laundering supervisor and Coutts & Company £8.75 million.

In some cases, bank staff dismissed allegations about their customers and appeared to be overly close to high risk individuals, the regulator found.

Each year £10bn of illicit funds pass through the part of the financial services sector subject to money laundering regulations, according to Treasury estimates. This ‘regulated sector’ does not include mortgage brokers.

The FCA made the comments alongside the launch of its first annual report on anti-money-laundering.

According to FCA ML/FT risk issues that may affect regulated firms include:

  • Money laundering through trade in digital currencies
  • Alternative banking platforms (also known as a payment platform or virtual banks) based in jurisdictions with limited regulatory oversight
  • Cybercrime – that is the exploitation of vulnerabilities in private or public telecommunication networks through computer systems or mobile devices for criminal purposes – is another important growing risk.
  • The risk that the ‘money service business’ (MSB) sector may be used to launder money or finance terrorism

The fight against money laundering is often a thin line as too stringent enforcement could displace the money laundering risks to businesses operating outside the ‘regulated sector’ thereby playing into the hands of organized crime and money launders and cutting of the poorest and most vulnerable from the financial sector (financial intermediation)…
FCA AML Annual Report 2012 FCA INVESTIGATING THREE MORE BANKS OVER MONEY LAUNDERING