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Carousel fraud, explained by the Dutch State. Missing trader fraud (also called missing trader intra-community fraud or MTIC fraud) involves the non-payment of Value Added Tax (VAT) to a government by fraudsters who exploit VAT rules, most commonly the European Union VAT rules which provide that the movement of goods between member states is VAT-free.
The 2011 UBS rogue trader scandal caused a loss of over US$2 billion at Swiss bank UBS, as a result of unauthorized trading performed by Kweku Adoboli, a director of the bank's Global Synthetic Equities Trading team in London in early September 2011.
The current investigation involves what is reported to be the largest fraud in banking history. [24] [25] On 11 March 2008, Société Générale announced that another of their employees had been taken into custody in connection with the investigation of the fraud, and their headquarters searched by police. [26] Kerviel's trial began on 8 June ...
A British hedge fund trader has been sentenced to 12 years in prison in Denmark, after being found guilty of orchestrating a tax fraud that cost the Danish government more than £1bn. It is the ...
Kweku Adoboli (born 21 May 1980) is a Ghanaian investment manager and former stock trader.He was convicted of illegally trading away US$2 billion (£1.3 billion GBP) as a trader for Swiss investment bank UBS.
Jérôme Kerviel (French pronunciation: [ʒeʁom kɛʁvjɛl]; born 11 January 1977) is a French rogue trader who was convicted and imprisoned in the 2008 Société Générale trading loss for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion.
The U.S. Commodity Futures Trading Commission (CFTC) issued a press release on Friday, November 9, 2018, stating that it had fined Arizona resident Joseph Kim for perpetrating a fraudulent ...
A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of ...