Welcome to This Week In Compliance: GAN’s weekly news roundup, where we curate the latest stories on compliance and anti-corruption to keep you informed. This week, the SEC has charged 18 in a stock manipulation scheme. Read the full story and more news below:
SEC Charges 18 People in Stock Manipulation Scheme
The United States Securities and Exchange Commission (SEC) has charged 18 defendants for their role in using hacked and fraudulent brokerage accounts to manipulate the price of several stocks for their personal gain. According to the SEC, the group coordinated with each other to illicitly access more than 31 retail brokerage accounts and purchase large amounts of various stocks and securities. They would then sell their own personal holdings in those companies at artificially inflated prices, raking in more than USD 1M in illegal profit. The investigation is ongoing and the group will likely be charged with violations of the antifraud and beneficial ownership reporting provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
Nearly 300 Human Trafficking Victims Saved in Sweeping US Investigation
Law enforcement agencies in the US have saved nearly 300 victims of human trafficking, including 84 children, as part of a sweeping series of investigations and more than 400 sting operations. In addition, the investigation, dubbed “Operation Cross Country”, saw 85 people who perpetrated human trafficking and child sexual exploitation arrested and charged with crimes as part of the stings. The coordinated efforts of every state, including some U.S. territories, went into the investigation.
Mexico’s Ex-President Peña Nieto Probed for Money Laundering
A money laundering probe has been launched into Mexico’s former president, Enrique Peña Nieto, according to the country’s attorney general. The official probe comes weeks after complaints of money laundering and illicit financial behavior were filed against the former president. The investigation uncovered several suspicious transactions made the Nieto during his term as president that were not disclosed in official financial reports.
17 Arrested in Nigerian Cybercrime Investigation
Nigerian authorities have arrested 17 individuals for their alleged involvement in a cybercrime and fraud ring. Cybercrime worldwide has been on the rise since the start of the COVID-19 pandemic, and these arrests are just the latest in a series of probes by Nigerian authorities to curb the rise of cyber criminals operating out of the country. Those accused are suspected of various cybercrimes, including e-mail and phishing scams.
DOJ issues further guidance, warnings on ephemeral messaging apps
Federal appeals court upholds 5.6B USD Visa and Mastercard settlement
The DOJ updates its guidance on corporate compliance programs