Category: Fraud

Jean-Claude Bastos settlement sees Quantum return two billion to Angola

Quantum Global companies are required to return two billion dollars to the sovereign fund of Angola, the FSDEA, in return for the Angolan authorities dropping charges against its CEO, Swiss-Angolan businessman Jean-Claude Bastos. The figure is mentioned in a dismissal order issued by the Office of the Attorney General of Switzerland on June 27 and …

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Credit Suisse under investigation by attorney general’s office over Bulgarian ‘Cocaine King’ accounts

Credit Suisse has been under criminal investigation since 2013 as part of a money laundering probe by the Office of the Attorney General of Switzerland connected to the Bulgarian “Cocaine King” Evelin Banev, Gotham City has learned. The involvement of the country’s second-largest bank is revealed in Swiss and Italian court documents. Opened on February 1, …

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Swiss financial regulator begins belated clean-up of Zug’s crypto valley

The Swiss financial regulator, FINMA, has blacklisted several companies active in the cryptocurrency sector. Among them are Zug-based Global Trade Solutions AG, suspected by the United States authorities of having played a key role in the disappearance of 850 million dollars in the Bitfinex case. The Swiss measure was imposed more than a month after the scandal broke. FINMA …

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Criminal investigation into founder of Swiss cryptocurrency Giracoin to remain closed

At the end of 2016, the State Secretariat for Economic Affairs (SECO) filed a fraud complaint against one of the founders of Giracoin, the newly launched cryptocurrency which was attracting positive media coverage. The Public Prosecutor’s Office of Nidwalden closed the investigation one year later, a decision just confirmed by the Federal Supreme Court. Launched in 2016 at the height …

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Swiss courts rule in favour of Vladimir Gusinsky in Russian TV rights case

Four years have passed since the Russian tax authorities requested legal assistance from Switzerland regarding a company controlled by the Russian media magnate Vladimir Gusinsky. The Federal Supreme Court had just ended the matter with its answer – nyet. Switzerland will not respond to the questions sent by Russia’s Federal Tax Service about Zug-based New Century Distribution GmbH. The Federal Supreme Court upheld …

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Geneva trading company Bunge SA settles a 2.5 million internal fraud case

A former employee of Bunge SA trading company and two accomplices managed to siphon off 2.5 million francs of company money in a sophisticated fraud before being caught. The three men have since reached an agreement with Bunge to return the money, while the Public Prosecutor’s Office of Geneva opted for a suspended fine. The affair has ended rather …

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Zurich authorities investigate trusts run by Neupert Vuille Partners law firm

Zurich public prosecutor’s office raided the offices of the law firm Neupert Vuille Partners in May 2017, a Federal Supreme Court judgement reveals. The case concerns two trusts based in Liechtenstein, Admintrust Verwaltungs Anstalt and Lopag Trust reg. Three lawyers from Neupert Vuille Partners applied for the documents seized by the Zurich authorities to be sealed. One of the lawyers is …

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Russia to receive information regarding ownership of mysterious Swiss company

The Federal Supreme Court has cleared the way for the Swiss authorities to grant administrative assistance to Russia as part of a tax investigation involving a Swiss company linked to Moscow coal magnate Ruslan Rostovtsev. The request from the Russian Federal Tax Service sought to identify the beneficial owner of Zug-based company Kaproben Handels AG. The authorities in Moscow claimed …

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12-month suspended sentence for facilitating 828-million-euro fraud

A former Julius Baer banker has been sentenced for his part in a massive fraud perpetrated against a Lithuanian bank, AB Bankas Snoras, in 2011, in which the bank lost almost a billion euros. The Federal Supreme Court has just upheld a 12-month suspended sentence for the culprit. The former employee also has to hand over his “illicit gains” of 128,000 francs. A.S. …

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