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☆ Lawyer being sued, accused of creating fake clients to get loans and gamble '24/7', claims ex-husband manipulated her
▼ + stars: | 2023-03-29 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +7 min

A California lawyer allegedly spent $10 million in loans for fake clients to fund a Las Vegas lifestyle for six months. LDR International, the company claiming to have funded the loans, sued Sara Jacqueline King this month. King claims in a new court filing that her ex-husband manipulated her, and forced her to gamble. LDR claims this prevented it from ever knowing for sure whether their loans were actually given to the intended client. King allegedly served as an intermediary in the loan process separate from her law practice, King Reuben, starting when she formed the King Family Lending LLC in February 2020.

Companies Deutsche Bank AG FollowNEW YORK, March 24 (Reuters) - Deutsche Bank AG (DBKGn.DE) has settled a lawsuit in which it accused two offshore funds of reneging on an agreement to sell it $1.6 billion of claims in the bankruptcy of Bernard Madoff's namesake firm. Incorporated in the British Virgin Islands, the Kingate funds funneled client money to Madoff for many years before his Ponzi scheme collapsed in 2008. The funds sold their claims against the former Bernard L. Madoff Investment Securities LLC to Deutsche Bank for 66 cents on the dollar in 2011. But the bank said the Kingate funds later got "sellers' remorse" because the value of the claims rose substantially. The case is Deutsche Bank Securities Inc v. Kingate Global Fund Ltd et al, U.S. District Court, Southern District of New York, No.

☆ Emerging venture fund managers had few banking options to begin with. After Silicon Valley Bank's collapse, where do they turn now?
▼ + stars: | 2023-03-22 | by ( Melia Russell | Vishal Persaud | ) www.businessinsider.com time to read: +10 min

Silicon Valley Bank had long banked a class of startup investors known as emerging managers. He was able to quickly switch from Silicon Valley Bank with an email to his contact at AngelList. Novak is part of a contingent of investors who are shifting their banking strategy in the fallout of Silicon Valley Bank's failure. After Silicon Valley Bank's demise, the big banks have gotten more selective, the three investors said. The big banks like JPMorgan set account minimums for its private banking group, locking out emerging fund managers.

☆ Swiss regulator investigates 12 banks in Lebanese central banker corruption case
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Feb 27 (Reuters) - Switzerland's financial regulator has investigated 12 banks and launched enforcement proceedings against two of them in relation to corruption charges against longtime central banker Riad Salameh, it said on Monday. Lebanese authorities charged Salameh, his brother Raja and one of his assistants on Thursday with money laundering, embezzlement and illicit enrichment after months of delay in the high-profile case. The Swiss Financial Market Supervisory Authority (FINMA) on Monday said it has investigated 12 banks in relation to allegations of money laundering linked to the case. FINMA declined to comment on the nature of the enforcement proceedings in this case, or the banks involved. The Salameh brothers are alleged to have transferred $330 million to Swiss accounts via the offshore company Forry Associates, which is registered in the British Virgin Islands, Swiss newspaper SonntagsZeitung newspaper reported.

☆ Lawyer spent over $10 million in loans for fake clients to live in a Las Vegas hotel and gamble '24/7' for six months, lawsuit alleges
▼ + stars: | 2023-02-19 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +5 min

A California lawyer allegedly spent $10 million in loans for fake clients to fund a Las Vegas lifestyle for six months. LDR International, the company claiming to have funded the loans, sued Sara Jacqueline King this month. LDR claims King provided falsified documents to secure 97 loans in 2022. LDR claims this prevented them from ever knowing for sure whether the loans they thought they were funding were actually given to the intended client. King allegedly served as an intermediary in the loan process separate from her law practice, King Reuben, starting when she formed the King Family Lending LLC in February 2020.

Prime Trust made $650 million in wire transfer deposits into the Binance.US account during the quarter, the bank records show. The Binance global exchange, Binance CEO Zhao and Prime Trust did not respond to detailed questions about the transfers. Among the dealers on Binance.US was Merit Peak, according to company messages, the trading firm managed by CEO Zhao. From January to March 2021, the account records show that Merit Peak received 89 transfers from the Binance.US SEN account totalling $404 million. These transfers often immediately followed a deposit into the Binance.US account by Prime Trust, the crypto custodian firm for Binance.US client funds.

Downing Street referred requests for comment to the business ministry, which oversees Companies House, Britain’s public registry of companies. And, in most cases, if foreign companies purchased the property before 1999 or hold UK property in a trust they don’t need to publicly disclose the beneficial owners. The Cyprus-based company, A. Corp Trustee Limited, wasn’t listed on Britain’s new property register as of Tuesday morning. A listing on the UK’s new property register for Hanley Limited identifies the beneficial owner as a Swiss company called Pomerol Capital Sa. Ravellot also wasn’t on the new property register.

☆ Bankrupt crypto lender Genesis wants 'Bitcoin Jesus' to pay $20.9 million over expired options trades
▼ + stars: | 2023-01-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

A unit of Genesis Global says a trader known as "Bitcoin Jesus" has yet to settle all his crypto options trades. Genesis filed for bankruptcy this month after being impacted by the bankruptcies of FTX and Three Arrows. That's one of the names included in Genesis' bankruptcy filing. So-called Bitcoin Jesus was an early advocate for the world's most popular token, but has also been a polarizing figure within the crypto and blockchain communities. Meanwhile, crypto lender Genesis had been facing issues long before the recent collapse of FTX, as Insider previously reported.

☆ Where are the safest places to travel in 2023? It depends on how you define 'safe'
▼ + stars: | 2023-01-18 | by ( Monica Pitrelli | ) www.cnbc.com time to read: +4 min

Sharjah, United Arab Emirates Dubai, United Arab Emirates Doha, Qatar Abu Dhabi, United Arab Emirates Singapore, SingaporeParis topped market research company Euromonitor International's "Top 100 City Destinations" for 2022, but the United Arab Emirates' Sharjah, shown here, ranked highest in terms of health and safety. Its Travel Risk Map 2023 shows that much of North America and Western Europe — as well as places like Turkey, Israel, Japan, Singapore and the United Arab Emirates — have "low" medical risks. Medical risks by country. This map does not reflect the Covid-19 outbreak currently occurring in China, said Dr. Irene Lai, medical director at International SOS. Safest places: security risksInternational SOS's Travel Risk Map also assesses security risks, which include crime as well as political violence such as terrorism and war, social unrest and susceptibility to natural disasters, according to the company.

Kyle Davies and Su Zhu are listed under the founding members slide of a pitch deck obtained by CNBC for a distressed debt marketplace called GTX. Davies and Zhu founded Three Arrows Capital, a Singapore-based cryptocurrency hedge fund that was ordered to liquidate by a British Virgin Islands court. It aims to appeal to the more than one million FTX depositors that are now involved in a bankruptcy proceeding, a slide in the pitch deck said. GTX said in its pitch that, once scaled, the platform could fill a "power vacuum left by FTX" within crypto trading and move into the securities lending market. Mark Lamb and Sudhu Arumugam, co-founders of crypto trading platform CoinFLEX, are listed alongside Davies and Zhu as founding members.

Page purchased Hans Lollik and its smaller neighboring island, Little Hans Lollik, in 2014 for $23 million. The Hans Lollik Islands in the US Virgin Islands were bought by Larry Page in 2014 cdwheatley/Getty ImagesPage purchased the islands from Liberty Bankers Life Insurance Company using a limited-liability company called Virgin Island Properties LLC. Page's intentions for the Hans Lollik islands are unclear, but the larger island of the two may have personal significance for the Google cofounder. In the deposition, Osborne hinted that Larry proposed to his wife, the research scientist Lucinda Southworth, on Hans Lollik. Page expands to the South PacificIn 2020, Page added another island to his portfolio: the heart-shaped Tavarua island in Fiji's Mamanuca archipelago.

☆ Larry Page, Sergey Brin Post-Google Lives: Investments, Yachts, Islands
▼ + stars: | 2022-12-11 | by ( Hugh Langley | Rob Price | ) www.businessinsider.com time to read: +33 min

Even before their retirement from Google, Page and Brin relied heavily on their respective family offices to bring order to their worlds. The Bay Area headquarters of Koop, Larry Page's family office, is nondescript and gives little indication of the billionaire's empire. Insider; Marianne Ayala/Insider Show less Bayshore Global Management, Sergey Brin's family office, is based in Palo Alto and has a bit more of a public face. Insider; Marianne Ayala/Insider Show lessThe difference in styles holds true for Brin's family office, Bayshore Global Management. The CEO of Page's family office is Wayne Osborne, a former elder in the Presbyterian Church who attended Princeton Theological Seminary.

In this article BTC.CM=ETH.CM= Follow your favorite stocks CREATE FREE ACCOUNTKris Marszalek, CEO of Crypto.com, speaking at a 2018 Bloomberg event in Hong Kong, China. Paul Yeung | Bloomberg | Getty ImagesKris Marszalek wants everyone to know that his company, Crypto.com, is safe and in good hands. While no evidence has emerged of wrongdoing at Crypto.com, Marszalek's business history is replete with red flags. Over the course of 2008 and 2009, Marszalek and his partner were transferred nearly $3 million in payments from Starline, according to the documents. As a result, when the bank forced Starline into liquidation, Marszalek and his partner were forced into bankruptcy as well.

☆ Three Arrows Capital says its founders still not cooperating with asset recovery
▼ + stars: | 2022-12-02 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Dec 2 (Reuters) - Liquidators for bankrupt crypto hedge fund Three Arrows Capital (3AC) said on Friday that the company's founders are refusing to cooperate with asset recovery efforts, hindering the company's ability to return funds to creditors. Founders Kyle Davies and Su Zhu are more interested in rehabilitating their reputation than helping their own company's creditors, attorney Adam Goldberg said in bankruptcy court in New York. Davies has done interviews recently commenting on the implosion of crypto exchange FTX, attempting to shift blame for Three Arrows' own collapse, Goldberg said. Despite incomplete access to records and accounts, Three Arrows' liquidators have recovered some assets belonging to creditors, including $35 million in U.S. dollars and several different cryptocurrency tokens, liquidator Russell Crumpler said in court. They filed a parallel bankruptcy case in Manhattan to shield Three Arrows' U.S. assets.

☆ Factbox: Crypto companies crash into bankruptcy
▼ + stars: | 2022-12-01 | by ( Dietrich Knauth | ) www.reuters.com time to read: +5 min

The price of bitcoin has dropped 65% since the start of the year, the cryptocurrency Luna suffered a total collapse in value, and crypto exchange FTX went from buying Super Bowl ads to crash landing into bankruptcy. Here are the major crypto companies that have gone bankrupt in 2022. BLOCKFICrypto lender BlockFi was the first crypto company to follow FTX into bankruptcy, filing for Chapter 11 about two weeks after FTX's collapse. The proposed sale fell through following FTX's implosion, and Voyager reopened discussions with other potential buyers, including the crypto exchange Binance. Celsius' bankruptcy judge has appointed an examiner to investigate whether Celsius operated as a Ponzi scheme and to broadly review the company's finances.

☆ TuSimple Co-Founder Takes Control of Self-Driving Trucking Company
▼ + stars: | 2022-11-17 | by ( ) www.wsj.com time to read: 1 min

TuSimple Holdings Inc. co-founder Mo Chen has taken control of the self-driving trucking company as federal authorities continue to investigate TuSimple’s relationship with Mr. Chen’s other startup, a Chinese hydrogen-trucking company. A TuSimple filing with the Securities and Exchange Commission on Wednesday shows that Mr. Chen has 59% of the voting power at the San Diego-based company, giving him control as of Nov. 9, a day before the company announced it had ousted its board of directors. Mr. Chen acquired the stake through stock purchases using his family trust and British Virgin Islands-based entities, according to the securities filing.

☆ A petition calling for a sanctioned Russian oligarch's superyacht to be used as a hotel for Ukrainian refugees has gained almost 30,000 signatures
▼ + stars: | 2022-11-07 | by ( Stephen Jones | ) www.businessinsider.com time to read: +3 min

A petition is calling for a seized superyacht to become a hotel for Ukrainian refugees. A retired engineer set up the petition to reuse Amore Vero, which is linked to oligarch Igor Sechin. The 80-foot Amore Vero was seized by French authorities in March and is being held in the port of La Ciotat, east of the city of Marseille on France's southern coast. The owner of the Amore Vero is not publicly known, although it has been heavily linked to Igor Sechin, chief executive of the Russian oil giant PJSC Rosneft. In September, officials in Gibraltar completed the first sale of a seized superyacht since the beginning of the war.

Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading U.S. blockchain researcher Chainalysis. The scale of Binance's Iranian crypto flows – and the fact that they are continuing – has not been previously reported. The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million.

☆ Leonteq shares hammered after FT report on unusual trading activity
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

The FT reported on Monday that whistleblowers have accused auditor EY of whitewashing suspicious trades, including money laundering and tax evasion in an investigation it conducted this year for Leonteq, a long-standing client. It said that investigations by Leonteq and EY found there "were no material shortcomings". At the core of the complaints reported by the FT are two trades that Leonteq created for French workers co-operative society ID Formation at the start of 2021. Since Friday's close, the shares have lost more than 24%, marking the biggest two-day drop since late 2016. "Publication of the EY report or an additional appraisal through an external auditor would provide urgently needed visibility.

☆ The youngest female NYSE floor trader who earned $12,000 a year shares the 4 strategies she used to save money on a small salary and start investing
▼ + stars: | 2022-10-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

She lived with family to save on housing, checked her bank account regularly, and side hustled. Here are four strategies she used to save money and start investing on a tiny salary. She checked her bank account balance regularlyAfter overdrafting her bank account once, Simmons started checking her balance more consistently. Simmons admitted that it was scary to start regularly checking her bank account at first: "I used to avoid checking my bank account, but we have to hold ourselves responsible. If you are having fear or anxiety over checking your bank account, you have to work through that."

☆ A $227 million London mansion is up for sale after its Chinese billionaire owner's net worth fell by 83% in 2 years, report says
▼ + stars: | 2022-10-08 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

A $227 million mansion for sale in London is owned by Evergrande founder Hui Ka Yan, the FT reported. The home was originally thought to be owned by Chinese billionaire Cheung Chung-kiu. Hui saw his net worth plummet as he fire-sold assets when Evergrande defaulted on $300 billion debt. Hui has seen his net worth shrink by 83% since July 2020, according to the Bloomberg Billionaires' Index, as shares in Evergrande disintegrated amid a $300 billion loan default at the company. The FT's investigation suggests the London home, which was purchased in January 2020 when Hui's net worth was around $31 billion, is the latest asset to be auctioned off by the embattled billionaire.

☆ I make up to $5,000 a month as a yacht stewardess. I landed the job right out of college and love that I get to save money while traveling the world.
▼ + stars: | 2022-04-09 | by ( Sarah Prager | ) www.businessinsider.com time to read: +5 min

Emery Wallerich is a yacht stewardess based in South Florida. I got the details from the woman, graduated, moved to Florida, and at the age of 22 started my career as a yacht stewardess. I'm the second stewardess on board, working with the chief stewardess and third stewardessAs the second stewardess, Wallerich is responsible for serving the yacht's owners and keeping the interiors tidy. I take a two-hour break after running lunch service and then help the chief stewardess run dinner service. A chief stewardess, the highest level and most experienced of the stewardesses, can easily make $100,000 per year.

☆ Nawaz Sharif Fast Facts
▼ + stars: | 2013-05-27 | by ( Cnn Editorial Research | ) edition.cnn.com time to read: +7 min

CNN —Here is a look at the life of Pakistan’s former Prime Minister Nawaz Sharif. May 26, 1993 - Pakistan’s Supreme Court orders the reinstatement of Sharif, calling his dismissal unconstitutional and the charges false. August 23, 2007 - Pakistan’s Supreme Court lifts the exile imposed on Sharif. May 26, 2009 - The Supreme Court of Pakistan rules that Sharif is eligible to run in elections and hold public office. July 17, 2009 - Pakistan’s Supreme Court clears Sharif of hijacking charges, paving the way for him to legally run for office.

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