fraud
New York (AFP) - Archegos founder Bill Hwang will go on trial Monday for alleged securities fraud and market manipulation, prosecutors said, following the fund's spectacular 2021 implosion that cost large banks billions of dollars. The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses. The 2021 collapse of the fund sent shock waves through financial markets and caused $10 billion in losses for Credit Suisse, Nomura, Morgan Stanley an...
AFP
Chad’s military leader, Mahamat Deby Itno, was declared the winner of this week's presidential election, according to provisional results released Thursday. The national agency that manages Chad’s election released results of Monday's vote weeks earlier than planned. The figures showed Deby Itno won with just over 61 per cent of the vote, with the runner-up Masra falling far behind with over 18.5 per cent of the vote. Gunfire erupted in the capital following the announcement, though it was unclear if it was celebratory. Chad held its long-delayed presidential election following three years of ...
Euronews (English)
Fallen cryptocurrency exchange FTX says that nearly all of its customers will receive the money back that they are owed, two years after its spectacular implosion, and some will get more than that. FTX said in a court filing late on Tuesday that it owes about $11.2 billion (€10.4 billion) to its creditors. The exchange estimates that it has between $14.5 billion (€13.5 billion) and $16.3 billion (€15.1 billion) to distribute to them. The filing said that after paying claims in full, the plan provides for supplemental interest payments to creditors, to the extent that funds still remain. The in...
Euronews (English)
The iconic V-finger sign, commonly used to represent peace, is often a go-to gesture when people pose for pictures. However, a video being shared widely on WhatsApp and other social media networks warns people against using it. The clip claims fraudsters can use the images to take high-quality copies of their fingerprints, which they then use to hack into their phones and accounts to steal their money and data. But how well-founded are the claims? Simply put, it's technically possible but very unlikely in practice. Hackers could in theory extract copies of our fingerprints from the selfies we ...
Euronews (English)
Gold has recently reached record highs. Following the 2008 financial crisis, and amid the current commodity uncertainty, many people have turned to the precious metal as a safe investment. However, this has also created a hotbed for fraudsters who are looking to cash in on its value, but not in a good way and at your expense. There have been some 54,000 Google searches in the UK over in the past 12 months related to spotting fake gold, showing this is a clear concern for customers. Gold is typically considered fake when there is less than 37.5% or 9 carats. The first thing to do if you're unsu...
Euronews (English)
New York (AFP) - Donald Trump's $175 million bond to cover a possible civil penalty for fraud is inadequate because the company underwriting it is too small and opaque, New York's attorney general said in a filing Friday. The 77-year-old real estate magnate, the presumptive Republican nominee for president, is facing unprecedented legal headwinds in New York where he is also on criminal trial for allegedly covering up hush money payments to a porn star on the eve of his 2016 election victory. Trump was ordered to pay $355 million, rising to $454 million with interest, after being found liable ...
AFP
British music fans have lost more than a million euros in counterfeit money scams on social networks, according to Lloyds Bank. The British retail and commercial bank has issued a warning to fans after analysing reports of customers who have been scammed since tickets went on sale last year. More than 600 Lloyds Banking Group customers have reported being conned since Taylor Swift tickets went on sale in July 2023. Each victim lost £332 (€389) on average, though in some cases the loss was more than £1,000 (€1,170), according to Lloyds. With the figures based solely on its own customer data, th...
Euronews (English)
Have you, or someone you care about, been trapped by a financial predator? Don’t beat yourself up too much — you’re far from alone. Financial scams don’t just target the most vulnerable or gullible among us. The best con artists are the ones who know exactly what they’re doing, whether it’s a debt collection, credit card phishing, or imposter scam. According to the Financial Industry Regulatory Authority (FINRA), approximately one in ten adults in the United States fall victim to fraud each year, losing billions of dollars in the process. However, only people who report fraud are included in t...
Due
New York (AFP) - Fallen cryptocurrency wunderkind Sam Bankman-Fried has appealed his federal conviction and 25-year jail sentence in a sweeping fraud case, according to a legal filing made public Thursday. News of the appeal comes two weeks after US District Court Judge Lewis Kaplan set the prison term and ordered Bankman-Fried, known as "SBF," to pay $11 billion in forfeiture. Bankman-Fried had soared to the top of the crypto world, becoming a billionaire before age 30 and turning FTX, a small start-up he cofounded in 2019, into the world's second largest exchange platform. But in November 20...
AFP
Back in August 2022, Kim Kardashian opened the doors to her SKKN skincare HQ, offering fans a glimpse into the chic office space decked out by West Hollywood interior-design company Clements Design. In the video, the billionaire media personality and SKIMS co-founder shows off the office's sleek, neutral-toned aesthetic, highlighting a particular set of furniture: "These Donald Judd tables are really amazing and totally blend in with the seats," she remarks in the since-deleted video shared on SKKN's YouTube channel. But as it turns out, the tables aren't actually the work of Donald Judd, and ...
Euronews (English)
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