Posts tagged DR. RICHARD SENNA

WILLIAM YAN (aka: Bill Liu, Yang Liu + Yong Ming Yan) HAS MILLIONS IN ASSETS FROZEN BY NZ MONEY LAUNDERING INVESTIGATION

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WILLIAM YAN

WILLIAM YAN (aka: Bill Liu, Yang Liu + Yong Ming Yan)

 

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11366073

 

The police have won the first of many legal battles with businessman William Yan after a High Court judge ruled they are not liable for losses incurred from the seizure of his fortune.

Millions of dollars worth of assets the police allege belong to Mr Yan have been restrained.

They include a $2 million apartment, a Bentley car, jewellery, shares and bank accounts.

Mr Yan – also known as Bill Liu, Yang Liu and Yong Ming Yan – made headlines over his links to the previous Labour Government and the decision to give him a New Zealand passport, despite his having multiple identities and an Interpol alert against his name.

Senior detectives have been working closely with Chinese authorities who claim the 43-year-old “orchestrated several complex deceptions” in a $129 million fraud when he was the chairman of a pharmaceutical company in 2000.

He has denied “any wrongdoing in any jurisdiction” and, with his wife Wei You, sought a court order to allow them to sue the police for damages or losses over the millions of dollars of assets seized in a money laundering investigation.

New details of the frozen assets are found in a judgment where the couple said they stood to lose millions of dollars because of the restraining orders held over:

•An 18.8 per cent stake in Mega, the online encryption service founded by Kim Dotcom.

•A $4 million investment in a property development in Albany.

•A share of profits in a proposed dairy factory.

•$4 million in bank accounts.

•Shares in a Chinese seafood company to be listed on the New Zealand stock exchange.

If any of the business deals failed because of the restraining orders, Ms You said, the couple stood to lose $44 million from the property development, “hundreds of millions” in profits from the proposed dairy factory and up to $18 million worth of shares in the seafood company.

They sought an order for the Commissioner of Police to undertake that the police would meet any damages or losses suffered as a result of the restrained properties.

Justice Graham Lang refused the application and said some of the claims of vast profits “must be regarded as highly speculative”.

The ruling is the first in what is likely to be a protracted case as the legal team, led by Paul Wicks, QC, fight the restraint of assets made under the Criminal Proceeds Recovery Act.

Police documents filed in court claim Mr Yan is an “economic fugitive” from China and had brought a significant amount of money into New Zealand since arriving in 2001 through alleged “large-scale money laundering transactions”.

“Police believe that Mr Yan and Ms You have accumulated a substantial asset base in New Zealand and are concealing the true ownership of those assets by registering or purchasing the assets in the names of associates …” Detective Inspector Bruce Good alleged in an affidavit.

The money laundering inquiry has probed Mr Yan’s gambling at SkyCity, the purchase of expensive homes and luxury cars and bank transactions, as well as shareholdings.

JUAN CARLOS CALDERA, FACING BRIBERY + MONEY LAUNDERING INVESTIGATION, RESIGNS FROM HIS POSITION IN VENEZUELA AN

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JUAN CARLOS CALDERA

TOP – Juan Carlos Caldera

BOTTOM – Wilmer Ruperti

Wilmer Ruperti

 

http://english.eluniversal.com/nacional-y-politica/141128/high-court-orders-trial-against-dissenter-caldera

 

The plenary session of the Venezuelan Supreme Tribunal of Justice (TSJ) admitted a request for pre-trial on the merits filed by Attorney General Luisa Ortega Díaz against Deputy of the National Assembly (AN), Juan Carlos Caldera, for opposition party Primero Justicia.

The action against Deputy Caldera commenced after the disclosure of a video featuring Caldera receiving money, according to the Deputy, from Wilmer Ruperti, a Venezuelan entrepreneur. For the Attorney General Office, the footage might involve malfeasance and money laundering.

Notwithstanding, such video, which was the main piece of evidence, was not analyzed by the TSJ, despite the fact that Caldera argued that the video was “tampered with and edited.”

On Thursday, Caldera announced his decision to resign as deputy to avoid political disqualification. The TSJ ruling provides that once the trial is admitted, he could be suspended or banned from public office. The decision of lifting Caldera’s parliamentary immunity was up to the plenary session of the AN.

ALEXANDER BELOV (aka: Alexander Potkin), DENIED BAIL, IN MOSCOW COURT FOR MONEY LAUNDERING + EMBEZZLEMENT

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ALEXANDER BELOV

ALEXANDER BELOV 2
ALEXANDER BELOV (aka: Alexander Potkin)

 

http://rapsinews.com/judicial_news/20141128/272675108.html

 

Moscow’s Tverskoy District Court on Friday extended until February 28 the detention of nationalist Alexander Belov (Potkin), accused of laundering money embezzled from BTA Bank, RAPSI reports from the courtroom.

The court thus granted the investigators’ motion.

On October 15, Belov was arrested at Hotel Intourist Kolomenskoe in Moscow. The court initially placed Belov under house arrest, but later sent him in pre-trial detention. Investigators filed a motion to detain Belov alleging that he could flee Russia or try to destroy evidence. Attorneys asked the court to release Belov on 5-million rubles bail (about $105,000).

Investigators believe that Belov (Potkin) was involved in laundering money embezzled from BTA Bank by its former chairman Mukhtar Ablyazov. Ablyazov who allegedly defrauded BTA Bank for more than $6 billion left Kazakhstan for the UK where he was granted political asylum in 2011.

The Kazakh government acquired in 2009 a stake in defaulted BTA Bank, which came under the control of its sovereign wealth fund Samruk-Kazyna. Ablyazov was on the run for more than a year after he had been sentenced by a London court to 22 months in jail for contempt.

Ablyazov was arrested in July 2013 in France. Kazakhstan, Russia and Ukraine are seeking his extradition. Last January a court in Aix-en-Provence gave priority to the application filed by Russia where a criminal case was opened against banker. However, in April a French appeals court blocked the extradition of Ablyazov due to procedural error.

FCA SAYS TOP 2 RISKS FACING WEALTH MGT INDUSTRY ARE AML + PEPs

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FCA

 

http://citywire.co.uk/wealth-manager/news/fca-the-three-risks-facing-wealth-management-industry/a786547

 

The Financial Conduct Authority’s wealth head has highlighted three key risks facing the private client industry.

In a speech at a Compeer conference, Robert Taylor (pictured) identified trust as a fundamental issue within the industry and believes more can be done to assuage clients’ anxieties

Taylor said: ‘The surveys that we have in our industry indicate that most of those clients are very anxious about whether or not they’re making the right decision. [And] they’re very anxious about whether or not the individual that they’re talking to is actually going to provide them with the right outcomes for them.

‘It’s that anxiety that those in the industry are not focusing on and not actually saying to themselves “this is how we’ve earned the ability for that client not to be anxious. What are we doing as an industry to assure ourselves that we have earned the trust of those clients who invest their money into our business?”.’

Taylor highlighted the progress made discretionary managers and private banks over the last few years, however.

‘We have some of the world’s best professions in the UK. It’s the sustainability of this industry and its credibility in that I think is really important,’ Taylor said. But he added there is more the industry can do to ensure the industry operates to the highest professional standards and highlights three key areas of risk.

Anti-money laundering & high profile clients

Taylor sees anti-money laundering and politically exposed people (PEP) high profile clients as two of the biggest risks facing the wealth industry.

‘Investors are attracted to [Britain]. They’re attracted to it for the stability, the ability to have a decent life, and the ability to avoid some of the troubles in the past,’ Taylor remarked.

‘Are we able to actually sort through the various client relationships we have to determine whether or not we’re doing business with any of the individuals that are currently on the list of customers that sanctions are to be applied to.’

Taylor does not expect the PEP risk to go away and wealth firms need to assure themselves that these individuals are not transacting business through their institutions.

‘These issues really need to be at the top of the agenda within your board rooms. They need to be at the top of the agenda when your executive committee is examining some of the risks that are part and parcel of the industry right now,’ Taylor stressed.

Sustainability

The third risk Taylor  identified was the high costs associated with running a wealth business and the negative implications this could have for the client.

‘One of the biggest concerns that’s not always obvious to everyone, but is apparent when supervisors talk to firms, is how we’re always quite taken aback by the high cost to income ratios that you’re operating to,’ Taylor said.

‘I know how tough it is to run these businesses, and I know there was a huge impact as a result of the credit crunch. [And] I’ve also realised that there’s been a lot of regulatory initiatives that have come about as a result of that to ensure that consumers are at the heart of your business models.’

Taylor believes there needs to be thorough review of how business models are able to meet the new standards, while ensuring they still deliver a quality service.

He pointed out the industry is still trying to do a lot of the same things that it has always done and build distribution capability without properly considering the associated costs.

‘What’s different from the past is that we could always assume that the markets moved, it was going to bring us out of the profitability doldrums,’ Taylor said. ‘This time around, we’re six years post the credit crunch and the market is back to record highs, yet as an industry we’re still suffering at high cost ratio.’

Taylor admitted the financial watchdog was concerned that in the event of another downturn clients may lose out if wealth firms are forced to downsize some of their oversight functions.

He believes technology could play a key role here. ‘Are we investing enough in the right technology to assure ourselves that we are quick, swift and part of the newly emerging modern world?’, Taylor asked.

Overall Taylor reckons firms are not preparing sufficiently for the evolving world.

‘We see some firms taking stakes in innovative firms like that one, which is a positive move, but there’s only a few firms emerging right now in the UK that are providing that space and we need to see some more activity to make certain that we have more long-term, sustainable business models out there,’ Taylor said.

‘With any changes, we expect firms to conduct their own due diligence and ensure that what they are adopting is suitable for their business model and, just as importantly, their clients.’

BANKING EXECUTIVES HAVE FLED DOMINICAN REPUBLIC DURING MONEY LAUNDERING, FRAUD INVESTIGATION

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Jose Luis Santorro gabriel

LEFT – Jose Luis Santorro – LAST KNOWN IN PANAMA

RIGHT – Gabriel Jiménez Aray – LAST KNOWN IN US


http://www.dominicantoday.com/dr/local/2014/11/27/53467/Raids-confiscations-in-US220M-Peravia-bank-fraudUpdate

 

Insurance superintendent Euclides Gutiérrez on Thursday afternoon said the insurance company Union de Seguros, a subsidiary of the collapsed Banco Peravia bank, was intervened since August 4 on deficits uncovered in its reserve investment.

FILE. The National District Office of the Prosecutor on Thursday raided and seized several properties of the executives of the shuttered Banco Peravia bank, seeking evidence in the alleged embezzlement of US$22.0 million by executives who’ve fled the country.

In simultaneous raids the investigators went to the bank branch on Churchill Av. in the capital, looking for evidence against Peravia president Jose Luis Santorro and vice president Gabriel Arturo Jimenez Aray.

Other searches were  made at Ben Gurrión St. in the sector Piantini, property of Jimenez and at  Hatuey St. in Los Cacicazgos, allegedly residence of Jimenez’s girlfriend, known only as “Megadiva,” for whom the executive reportedly installed two beauty salons in two major malls, and an apartment attributed to Santorro, on Cabrera St., in Naco.

Meanwhile the executives’ lawyers on Thursday filed a restraining order against the National District Office of the Prosecutor, the Banks Superintendence and the National Police, to cease and desist from the persecution of their clients.

More than 20 lawsuits have been filed against Peravia’s executives on charges of conspiracy, fraud, breach of trust, money laundering and tax evasion.