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☆ Help! Our Cruise Operator Went Bankrupt and We Are Out $17,905.
▼ + stars: | 2024-05-16 | by ( Seth Kugel | ) www.nytimes.com time to read: +3 min

Dear Tripped Up,In September 2022, I booked a 17-day Arabian Sea cruise through Vantage Travel Services to celebrate my 80th birthday with my wife. I used my credit card to leave a $2,000 deposit and paid the remaining $17,905 shortly afterward by bank transfer. I also bought the Worldwide Trip Protector plan from Travel Insured International (for $1,954), in part because it covered financial default and bankruptcy of cruise lines. My credit card returned the $2,000, and I filed an insurance claim for $17,905. For nearly five months, Travel Insured International and its parent company, Crum & Forster, did not respond to my detailed inquiries.

Persons: Michael, Forster, Amy Whilldin, ” Organizations: Vantage Travel Services, Travel, Vantage, New York State Department of Financial Services, Crum, New York Department of Financial Services, New York Locations: Smithtown, Boston, New York, Pennsylvania, New York State

☆ NY uses obscure civil-practice law to demand a closer look at Trump's $175M appeal bond — and at its underwriter, Knight Specialty
▼ + stars: | 2024-04-04 | by ( Laura Italiano | ) www.businessinsider.com time to read: +3 min

The LA company that underwrote Trump's $175M appeal bond needs major vetting, NY says. Judge Arthur Engoron, who presided over Trump's civil fraud trial, gets final say over the bond. AdvertisementThe New York Attorney General's Office wants a closer look at Donald Trump's $175 million appeal bond. In a two-page court filing Thursday, state officials are giving Trump or his underwriters — the Knight Specialty Insurance Company — ten days to "justify," or prove the sufficiency of, the bond. Justifying was not necessary, for example, when Trump used insurance giant Chubb to post a $92 million bond last month for his E. Jean Carroll defamation appeal.

Persons: Arthur Engoron, —, General's, Donald Trump's, Letitia James, Knight, Don Hankey, Forbes, Trump, Chubb, Jean Carroll Organizations: Service, New York, Trump, Knight Specialty Insurance, New York's Department of Financial Services, GOP, Trump Organization, Associated Press, Knight Locations: Los Angeles, New York, New, Angeles, Manhattan

☆ NRA: Supreme Court to weigh claim that New York pressured businesses to cut ties with gun rights group
▼ + stars: | 2024-03-18 | by ( John Fritze | ) edition.cnn.com time to read: +4 min

CNN —The Supreme Court will hear arguments Monday in an unusual First Amendment appeal from the National Rifle Association against a New York financial regulator who persuaded banks and insurance companies to sever ties with the gun rights group. The danger, she said, is that regulators in both red and blue states could start leaning on insurance companies and banks to drop coverage for disfavored advocacy groups or companies. Critics dubbed the policies “murder insurance.”If other insurance companies distanced themselves from the NRA, Vullo argues, it was because they no longer wanted to do business with the group. The Supreme Court held that such “informal censorship” was unconstitutional. The Supreme Court will hear a related case Monday, one that implicates the White House, federal agencies and social media.

Persons: Maria Vullo, ”, Caroline Fredrickson, ” Fredrickson, ” Vullo, Vullo, Andrew Cuomo’s, Denny Chin, “, Sullivan, Biden Organizations: CNN, National Rifle Association, New, NRA, New York Department of Financial Services, Georgetown, “, Democratic, Gov, Vullo, US, Bantam, Rhode Island, Republican Locations: New York, Parkland , Florida, London

☆ Justices Seem Likely to Side With N.R.A. in First Amendment Dispute
▼ + stars: | 2024-03-18 | by ( Abbie Vansickle | ) www.nytimes.com time to read: +1 min

A majority of the Supreme Court appeared on Monday to embrace arguments by the National Rifle Association that a New York State official violated the First Amendment by trying to dissuade companies from doing business with it after a deadly school shooting. The dispute, which began after a gunman opened fire in 2018 at Marjory Stoneman Douglas High School in Parkland, Fla., was one of two cases on Monday that centered on when government advocacy crosses a line to violate the Constitution’s protection of free speech. After the shooting, which killed 17 students and staff members, Maria Vullo, then a superintendent of the New York State Department of Financial Services, said banks and other insurance companies regulated by her agency should assess whether they wanted to continue providing services to the N.R.A. The gun rights group sued, accusing Ms. Vullo of unlawfully leveraging her authority as a government official.

Persons: Marjory Stoneman, Maria Vullo, Ms, Vullo Organizations: National Rifle Association, New York State, Marjory Stoneman Douglas High School, New York State Department of Financial Services Locations: Parkland, Fla

☆ Crypto exchange Gemini to pay $1.1 billion back to customers
▼ + stars: | 2024-02-29 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

CNN —Gemini Trust, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers of its now shuttered lending program, following a settlement with a New York regulator. NYDFS has the right to “bring further action against Gemini if the company does not fulfill its obligation,” it said in the statement. In a Wednesday blog post, the crypto exchange said that due to the settlement, customers of its lending program, Gemini Earn, would receive 100% of their digital assets back in kind plus any appreciation in value. Gemini Earn marketed itself as a low-risk investment in which customers could lend crypto assets to another firm, Genesis Global Capital (GGC), while earning interest payments as high as 8%. That was when the trillion-dollar crypto market crumbled, due to the collapse of FTX, the once high-flying crypto exchange.

Persons: Cameron, Tyler Winklevoss, NYDFS, Meta’s, Mark Zuckerberg, Sam Bankman, Fried Organizations: CNN, Gemini Trust, Gemini, New York Department of Financial Services, Facebook, Genesis Global, Bankman, New, GCC, Digital Currency Group Locations: New York, FTX, Manhattan

☆ Bitcoin stages a $1 trillion comeback
▼ + stars: | 2024-02-20 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Bitcoin is back with a $1 trillion dollar bang. In contrast to traditional currencies, the supply of bitcoin is limited and is expected to peak in 2140, according to the price-tracking website for cryptocurrencies. The value of bitcoin has risen nearly 13% since January 10, when US regulators gave the green light to investment firms wishing to offer such funds. In January, before approving bitcoin exchange-traded funds, Gary Gensler, chair of the US Securities and Exchange Commission, said on X: “A number of major platforms & crypto assets have become insolvent and/or lost value. Investments in crypto assets continue to be subject to significant risk.”

Persons: London CNN — Bitcoin, ” Gareth Rhodes, Gary Gensler, ” Organizations: London CNN, cryptocurrencies, CNN, New York State Department of Financial Services, US Securities and Exchange Commission Locations: CoinMarketCap, bitcoin

☆ Bitcoin euphoria is back as investors prepare for the quadrennial ‘halving’
▼ + stars: | 2024-02-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

There are a few key forces forces driving the latest bitcoin euphoria, including an influx of money from investors in newly launched bitcoin exchange-traded funds and excitement over the halving, when the rate of bitcoin production is slashed. “Which is exciting because if history rhymes, the next 12-18 months is going to be a scorcher for crypto.”The halving hypeThe halving, also called the “halvening,” is a foundational concept in the bitcoin philosophy. In 2016, it was about almost 800% over that two-year period; for the 2020 halving, investors saw a 700% gain. The imminent bitcoin halving is setting up a grand chess game in the markets, Henry Robinson, co-founder of Decimal Digital Currency, said in an email. The timing of this year’s halving is also significant, coming just a few months after the US Securities and Exchange Commission approved the first spot bitcoin ETFs.

Persons: New York CNN —, Bitcoin, bitcoin, ”, Antoni Trenchev, Gareth Rhodes, bitcoin’s, Rhodes, Henry Robinson, ” Robinson, “, it’s Organizations: New, New York CNN, New York State Department of Financial Services, Decimal, US Securities and Exchange Commission, BlackRock, Fidelity, Bloomberg Locations: New York, bitcoins

☆ Florida allies back down on $5 million in state funds for Trump's legal bills after DeSantis threatens to veto
▼ + stars: | 2024-01-23 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +5 min

Read previewOne of Florida's highest-profile billionaires will no longer get state funds to help pay his legal fees, as a newly proposed bill from his allies unraveled on Monday. In 2022, the state spent $13.015 million in matching funds given out to candidates, including Gov. The new bill would modify the existing restrictions on releasing state funds to eligible presidential candidates who live in Florida. AdvertisementPayments for candidates' legal fees through the fund would be replenished by voluntary taxpayer donations collected through driver's license registrations. He claimed late last year that he has racked up $100 million in legal fees, The Hill reported.

Persons: —, unraveled, Donald Trump, Florida State Sen, Ileana Garcia, Jimmy Patronis —, Trump, DeSantis, Ron DeSantis, kkc2yyqVK0, Garcia, @JimmyPatronis, Patronis, wieqYQ8Woq — Ileana Garcia, We've, — Donald Trump, that's Organizations: Service, Business, Fighters, state's Department of Financial Services, Florida State, Florida's, Bloomberg, Trump, Florida Republican, Fighters Fund, Free, Sunshine State, White, Gov, Department of Financial Services, Forbes Locations: Florida, New York, Washington, Atlanta, Free State of Florida, Citrus County

☆ Crypto Firm Genesis Global Trading to Pay $8 Million for Compliance Failings
▼ + stars: | 2024-01-13 | by ( David Smagalla | ) www.wsj.com time to read: 1 min

Genesis Global Trading closed its U.S. spot trading operations in September. Its parent company, Genesis Global Holdco, filed for bankruptcy a year ago. Photo: Gabby Jones/Bloomberg NewsCrypto brokerage firm Genesis Global Trading has agreed to pay $8 million in a settlement with New York state’s financial regulator over alleged failings in its anti-money-laundering and cybersecurity programs. Genesis Global Trading, part of the now-bankrupt Genesis Global Holdco LLC, closed its U.S. spot crypto trading operations in September and is in the process of winding down. As part of its settlement with the New York State Department of Financial Services, the trading unit will surrender its BitLicense, which allowed it to operate a crypto business in New York, the regulator said in a statement Friday.

Persons: Gabby Jones Organizations: Genesis, Bloomberg, New York, Global, New York State Department of Financial Services Locations: New, New York

☆ A sales practice at American Express is under scrutiny. Here's what we know about the investigation.
▼ + stars: | 2023-11-29 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +12 min

It's not clear how much scrutiny the company is under for management's role in developing and training employees to sell the product. Subpoenas are issued to compel parties such as company executives and employees, or former employees, to appear for interviews or turn over documents. In July, the OCC assessed a $15 million civil penalty against American Express National Bank. The IRS is also involvedBrooklyn attorneys are coordinating their criminal investigation alongside the IRS's criminal-investigation unit, the people BI spoke with said. Sinking morale among some sales employeesThe investigations are taking a toll on Amex's results-driven culture, current and former sales employees told BI, because compliance staff have gotten more involved in the sales process.

Persons: Amex, hadn't, salespeople, It's, Adam Isserlis, Isserlis, John Marzulli, Brian Morris, Hiral Mehta, Morris, Boies, Boies Schiller Flexner, Seth DuCharme, Charles Blazer, he's, Mehta, Hiral, Brian Organizations: American Express, Business, Justice, New York State Department of Financial Services, BI, Brooklyn, Eastern, of, OCC, American Express National Bank, Consumer Financial, Justice Department, Department of Financial Services, Department of Justice, IRS, Federal Deposit Insurance Corp, FDIC's, Government, Costco, Securities, Eastern District, Department of Homeland Security, Boies Schiller, FIFA, Taco Bell Locations: Brooklyn , New York, of New York, Eastern, Brooklyn

☆ Opinion: The Supreme Court may make America’s gun violence problem even worse
▼ + stars: | 2023-11-06 | by ( Opinion Shannon Watts | ) edition.cnn.com time to read: +7 min

It’s also a clear sign that the gun safety movement needs to get to work reforming the Supreme Court. Regardless of how Rahimi is decided, the Supreme Court has already done enormous damage to our ability to keep Americans safe from gun violence. We need Supreme Court expansion to restore balance and sanity to the Court. Fortunately, Supreme Court expansion is clearly constitutional: Congress has done it multiple times throughout American history and we can do it again. Expanding the Supreme Court would be yet another way we can fight the war against senseless gun violence.

Persons: Shannon Watts, Christopher Langford, It’s, Bruen, Rahimi, Sandy Hook, Bill Clinton, Sens, Ed Markey, Elizabeth Warren, Tina Smith, Jamie Raskin, Jerrold Nadler, Hank Johnson, Biden’s Organizations: CNN, York, National Rifle Association, Shooting Sports Foundation, NRA, New York’s Department of Financial Services, Supreme, US, Representatives, Democrat, Maryland Locations: America, Lewiston , Maine, United States, Bruen, Massachusetts, Minnesota, New York, Georgia

☆ US Supreme Court to hear NRA free speech case against New York official
▼ + stars: | 2023-11-03 | by ( John Kruzel | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +4 min

It represents the latest case to come before the Supreme Court involving the NRA, a group closely aligned with Republicans that has opposed gun control measures and backed pivotal lawsuits that have widened U.S. gun rights. The NRA was founded in New York in 1871 and was incorporated as a non-profit in the state. At issue was whether Vullo wielded her regulatory power to coerce New York financial institutions into cutting ties with the NRA in violation of its free speech rights under the First Amendment. Circuit Court of Appeals in 2022 said those also should have been dismissed, prompting the NRA's appeal to the Supreme Court. The NRA has been engaged in an extensive legal fight with the state of New York separate from the case involving Vullo.

Persons: Maria Vullo, Vullo, Lloyd's, Andrew Cuomo, Democrat Letitia James, James, John Kruzel, Andrew Chung, Will Dunham Organizations: U.S, Supreme, National Rifle Association, New York's Department of Financial Services, NRA, Republicans, New, Democratic, U.S . Congress, Parkland, Vullo, Circuit, Democrat, Republican, Thomson Locations: New York, Parkland , Florida, London, York, United States, Manhattan, . New York, Texas, Washington

☆ New York Adds Stiffer Requirements to Cybersecurity Rules
▼ + stars: | 2023-11-02 | by ( James Rundle | ) www.wsj.com time to read: 1 min

Adrienne Harris, the superintendent of the New York State Department of Financial Services, in May. Photo: Anna Moneymaker/Getty ImagesNew York’s financial watchdog published significant updates to its cybersecurity regulations Wednesday, adding strict provisions around board oversight and ransom payments that go further than recent federal rules. The New York State Department of Financial Services, which oversees banks, insurance firms, mortgage brokers and other financial institutions, expanded its initial cybersecurity rules, published in 2017, because rising cyberattacks require stronger protections, said Adrienne Harris , superintendent of financial services, in a statement.

Persons: Adrienne Harris, Anna Moneymaker Organizations: New York State Department of Financial Services

Sept 19 (Reuters) - Bitcoin isn't the only asset experiencing a late summer slump. It has shrunk by almost a tenth this year, standing at $124.4 billion as of Sept. 14. A jump in the dollar index on interest rate hikes last year was accompanied by a big rise in stablecoin volumes, he added. Yet all is not equal: Dollar-pegged Tether, the biggest stablecoin, is bucking the losing trend. Reporting by Hannah Lang in Washington; Editing by Michelle Price and Pravin CharOur Standards: The Thomson Reuters Trust Principles.

Persons: James Butterfill, CoinGecko, Paolo Ardoino, Paxos, USDC, TerraUSD, Dante Disparte, it's, Hannah Lang, Michelle Price Organizations: U.S ., New York Department of Financial Services, U.S, Silicon, Bank —, Thomson, Reuters Locations: South America, Central Asia, U.S, Washington

☆ US authorities interview Winklevoss over claims against DCG and its CEO -source
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucas Jackson/file photo Acquire Licensing RightsSept 7 (Reuters) - U.S. authorities are probing claims of fraud that Cameron Winklevoss, the co-founder of crypto firm Gemini Trust Co, has made against the Digital Currency Group (DCG) and its founder Barry Silbert, according to a source familiar with the inquiry. Winklevoss has said that DCG and Silbert misrepresented the financial health of DCG's lending arm Genesis, which filed for bankruptcy in January. Gemini was the largest creditor of the bankrupt firm and is suing DCG and Silbert. Federal prosecutors in New York and investigators from the FBI and the Securities and Exchange Commission asked Winklevoss about his claims during an interview in recent months, the source said. Authorities have not accused DCG or Silbert of any misconduct and investigations do not always lead to charges.

Persons: Cameron Winklevoss, Lucas Jackson, Barry Silbert, Winklevoss, Silbert, Gemini, DCG, Chris Prentice, Jaiveer Singh, Devika Syamnath, Cynthia Osterman Organizations: New York State Department of Financial Services, REUTERS, Gemini Trust, Digital Currency Group, FBI, Securities and Exchange Commission, Bloomberg, SEC, Gemini, Thomson Locations: Manhattan, New York, Bengaluru

REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - PayPal's (PYPL.O) stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. "From a policy perspective, there is a seismic difference between Facebook's Libra and PayPal's stablecoin," said Isaac Boltansky, director of policy research for brokerage BTIG. Dan Dolev, a senior analyst at Mizuho, said PayPal USD is not a game-changer for PayPal investors. When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. Facebook rebranded Libra, scaled it back and moved the project to the United States, in a bid to win U.S. regulatory approval.

Persons: Fabrizio Bensch, stablecoin, Facebook's, Christopher Giancarlo, PayPal's, Isaac Boltansky, Dan Schulman, Dan Dolev, Maxine Waters, Joe Biden's, Janet Yellen, Yellen, TerraUSD, stablecoins, There's, Jack Fletcher, Patrick McHenry, Hannah Lang, Andrea Shalal, Pete Schroeder, Niket, Michelle Price, Matthew Lewis Organizations: PayPal, REUTERS, Rights, U.S ., Facebook, U.S . Commodity Futures Trading Commission, Federal Reserve, Meta, Paxos Trust, New York State Department of Financial Services, Mizuho, Financial Services, Treasury, Congress, prudential, Republican, Thomson Locations: Berlin, Germany, Washington, U.S, Switzerland, United States, transact, stablecoins, Bengaluru

☆ PayPal is diving deeper into crypto by launching its own stablecoin—what investors should know
▼ + stars: | 2023-08-10 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

PayPal has added a new cryptocurrency to its roster: PayPal USD (PYUSD). On Monday, the online payments service became the first major U.S. financial company to launch its own U.S. dollar-backed stablecoin. PayPal USD is "100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents," according to a Monday press release. Additionally, PayPal's stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa. Notably, Paxos was ordered to stop issuing Binance's dollar-pegged stablecoin, BUSD, by the New York State Department of Financial Services in February.

Persons: PYUSD, Paxos, PayPal's, Dan Schulman Organizations: PayPal, U.S ., U.S, Paxos Trust Company, New York State Department of Financial Services

☆ New York State to Debut First Cybersecurity Strategy
▼ + stars: | 2023-08-09 | by ( James Rundle | ) www.wsj.com time to read: +6 min

The state of New York will debut its first cybersecurity strategy, including plans to modernize government networks, provide digital defenses at the county level and regulate critical infrastructure. In addition, the state plans to focus on developing its cybersecurity workforce and educating New York residents and companies about cybersecurity. In March, the White House published the National Cybersecurity Strategy, which touches on several of the themes in New York’s own document. The U.S. Office of the National Cyber Director coordinated with the New York state government during the drafting process, said acting National Cyber Director Kemba Walden. Kemba Walden, acting National Cyber Director Photo: U.S. OFFICE OF THE NATIONAL CYBER DIRECTOR“Certainly we appreciate points of alignment, where appropriate, between state cyber strategies and the National Cybersecurity Strategy.

Persons: Kathy Hochul, Kathryn Garcia, Lev Radin, ”, Garcia, Colin Ahern, Kemba Walden, ” Walden, ” Garcia, James Rundle Organizations: state’s, of Homeland Security, Emergency Services, New York, cybersecurity, Aging, U.S . Office, National Cyber, New, New York State Department of Financial Services, New York State Intelligence Center, Joint Security Operations Center Locations: New York, Suffolk County, Iowa, Michigan, West Virginia, New York’s Suffolk County, New, New York City, Albany, Telecommuting, Brooklyn, Albany , Rochester, Syracuse, Albany , New York City, Yonkers, james.rundle

☆ New York State Debuts First Cybersecurity Strategy
▼ + stars: | 2023-08-09 | by ( James Rundle | ) www.wsj.com time to read: +6 min

The state of New York debuted its first cybersecurity strategy, including plans to modernize government networks, provide digital defenses at the county level and regulate critical infrastructure. In addition, the state plans to focus on developing its cybersecurity workforce and educating New York residents and companies about cybersecurity. In March, the White House published the National Cybersecurity Strategy, which touches on several of the themes in New York’s own document. The U.S. Office of the National Cyber Director coordinated with the New York state government during the drafting process, said acting National Cyber Director Kemba Walden. Photo: U.S. OFFICE OF THE NATIONAL CYBER DIRECTOR“Certainly we appreciate points of alignment, where appropriate, between state cyber strategies and the National Cybersecurity Strategy.

Persons: Kathy Hochul, Kathryn Garcia, Lev Radin, ”, Garcia, Colin Ahern, Kemba Walden, ” Walden, ” Garcia, James Rundle Organizations: New York, state’s, of Homeland Security, Emergency Services, cybersecurity, Aging, U.S . Office, National Cyber, New, New York State Department of Financial Services, New York State Intelligence Center, Joint Security Operations Center Locations: New, New York, Suffolk County, Iowa, Michigan, West Virginia, New York’s Suffolk County, New York City, Albany, Telecommuting, Brooklyn, Albany , Rochester, Syracuse, Albany , New York City, Yonkers, james.rundle

☆ PayPal launches first dollar-backed stablecoin from a major U.S. financial institution
▼ + stars: | 2023-08-07 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

PayPal on Monday launched a U.S. dollar-backed stablecoin to help facilitate payments as its latest addition to its suite of crypto services. The new asset, called PayPal USD (PYUSD), was designed to address the "emerging potential" to "transform payments in web3 and digitally native environments." PayPal said the stablecoin's function is to reduce friction for in-experience payments in virtual settings and allowing direct flows to developers. PayPal USD is issued by Paxos, which also previously issued the dollar-pegged, Binance-branded stablecoin BUSD. Paxos was ordered by the New York State Department of Financial Services in February to stop issuing BUSD, which marked the beginning of this year's decline in the stablecoin market cap.

Persons: Dan Schulman, Paxos, they're Organizations: PayPal, Monday, U.S ., Paxos, New York State Department of Financial Services Locations: U.S, web3

☆ Nasdaq pauses crypto custody plans citing the 'shifting' regulatory climate
▼ + stars: | 2023-07-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Nasdaq is pausing its plans to release a crypto custody business, CEO Adena Friedman said on the company's earnings call Wednesday. "However, we continue to build and deliver technology capabilities that position Nasdaq as a leading digital asset software solutions provider to the broader global industry." Nasdaq still provides the company listing for Coinbase and filed the paperwork for recent bitcoin ETF applications from BlackRock and others. The exchange operator first revealed plans to develop the custody solution in September along with the formation of its crypto business, Nasdaq Digital Assets. Efforts have been underway this year to create new solutions that decouple the trading and custody functions of crypto exchanges.

Persons: Adena Friedman, we've, Coinbase, Friedman Organizations: Nasdaq, Nasdaq Digital Assets, New York Department of Financial Services Locations: BlackRock

☆ U.S. Virgin Islands seeks at least $190 million from JPMorgan Chase in Jeffrey Epstein case
▼ + stars: | 2023-07-14 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

The government of the U.S. Virgin Islands in a court filing Friday estimated that it will seek damages of at least $190 million from JPMorgan Chase in a lawsuit accusing the big bank of facilitating sex trafficking by its former long-time customer Jeffrey Epstein. The Virgin Islands also said it wants an order requiring JPMorgan to take a series of steps to protect young women and girls from other predators in the future. The filing says the Virgin Islands wants at least $150 million in civil penalties alone. JPMorgan in its own court filings has accused the Virgin Islands itself of being "complicit in the crimes of Jeffrey Epstein." Last month in the same court where the Virgin Islands is suing the bank JPMorgan agreed, without admitting wrongdoing, to pay $290 million to victims of Epstein to settle a suit by one of his accusers.

Persons: Jeffrey Epstein, Epstein, Jed Rakoff, Jeffrey Epstein's, JPMorgan Chase, Ariel Smith, Smith, Patricia Wexler, JPM, Virgin, Sergey Brin, Bill Gates, Lex Wexner, Glenn Dubin, Donald Trump, Bill Clinton, Prince Andrew of Great Organizations: New York State Division, Criminal, Services, Reuters, U.S . Virgin, JPMorgan Chase, Virgin, JPMorgan, Virgin Islands, Google, Microsoft, Limited Brands, Deutsche Bank, New York state's Department of Financial Services Locations: U.S, Manhattan, United States, Virgin, Eastern, Prince Andrew of Great Britain, Florida, New York

☆ JPMorgan Chase's drawn-out breakup with Jeffrey Epstein
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

Several months later, in October 2006, JPMorgan categorized Epstein as a "high-risk" client, according to a transcript of Dimon's deposition in May. Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. A 'faithless servant'One person who might know much more about the tangled relationship between Epstein and JPMorgan is Jes Staley. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

Persons: —, Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British

Artificial intelligence algorithms are increasingly being used in financial services — but they come with some serious risks around discrimination. And the problem of amplifying existing biases can be even more severe when it comes to banking and financial services. As for financial services, Manji said a lot of the backend data systems are fragmented in different languages and formats. "Individuals have little knowledge of how AI systems work and that their individual case may, in fact, be the tip of a systems-wide iceberg. Among the top worries industry insiders expressed are misinformation; racial and gender bias embedded in AI algorithms; and "hallucinations" generated by ChatGPT-like tools.

Persons: Nabil Manji, Manji, they've, we're, You've, Banks, Banking's, Rumman Chowdhury, Twitter's, Chowdhury, Angle Bush, Bush, Frost Li, Li, Niklas Guske, Guske, it's, Goldman Sachs, Kim Smouter, Smouter, ethicists Organizations: Photodisc, Getty, Deloitte, CNBC, Microsoft, Google, Black, Artificial Intelligence, Tokyo University, Apple, New York Department of Financial Services, European Network, United Nations Locations: AMSTERDAM, Worldpay, Amsterdam, Chicago, Loup, United

☆ 'Lots of smoke. Lots of questions': Internal emails show JPMorgan Chase execs worried about the bank's ties to Jeffrey Epstein. So why did it take so long to cut him loose?
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

That, of course, is the billion-dollar question: What did JPMorgan, America's largest bank, know about Epstein's alleged sex trafficking? Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. Lots of questions," declared a senior JPMorgan compliance officer reviewing Epstein's accounts as part of that 2011 compliance review, according to court papers filed by the US Virgin Islands. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

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