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J. David “Jerry” Dominelli was born in Chicago in 1941, graduated from the University of San Diego, and went on to became a stockbroker. In 1979 he set up J. David & Company, an investment company that claimed it could make returns of around 40%-50% a year on the interbank and foreign-currency markets. While many people were sceptical, its apparent initial success led to a flood of investors and Dominelli broadened the fund’s activities into other ventures, such as real estate. By 1983 the fund had received more than $200m ($504m in today’s money) from 1,500 investors.
https://moneyweek.com/517742/great-frauds-in-history-jerry-dominellis-ponzi-scheme/#.XdBIiSRM8gU.twitter
A judge has warned that people who allow their bank accounts to be used by criminals "will now go to prison''.
http://www.irishnews.com/news/northernirelandnews/2019/11/14/news/judge-warns-that-people-who-allow-bank-accounts-to-be-used-by-criminals-will-now-go-to-prison--1764879/?param=ds441rif44T
Proposals by seven UK banks to levy a per transaction fee for for certain Faster Payment transactions as a means to provide a long-term, sustainable funding arrangement for the reimbursement of APP scam victims, have been knocked back by governing body Pay.UK following an industry-wide consultation.
https://www.finextra.com/newsarticle/34775/payuk-knocks-back-faster-payments-fees-to-cover-app-fraud
The industry cannot agree how an initiative to refund blameless victims of bank transfer victims should be funded, according to the UK’s payment scheme operator.
AMSTERDAM (Reuters) - A Dutch court has ordered Facebook to remove advertisements that misuse the likeness of a local celebrity to promote fraudulent Bitcoin-related investments.
https://uk.reuters.com/article/us-facebook-court-netherlands/dutch-court-orders-facebook-to-pull-financial-fraud-adverts-idUKKBN1XL1Z0
Belgium’s Financial Services and Markets Authority (FSMA) has made an additional update to its blacklist of cryptocurrency-related websites associated with fraud
LONDON (Reuters) - HSBC (HSBA.L) has been told by the Bank of England to tighten up compliance controls for fraud, staff conduct and other non-financial risks, a source close to the bank said on Thursday.
https://uk.reuters.com/article/us-hsbc-regulator/hsbc-warned-by-british-regulator-over-weak-fraud-and-staff-controls-idUKKBN1XH2H4
Scott M. Clements, Chief Executive Officer and President at OneSpan, talks to Finextra TV about innovation trends in digital banking, the rise of identity theft and mobile fraud, and the need for banks to increase agility as the threat environment evolves rapidly.
https://www.finextra.com/videoarticle/2261/digital-banking-strategy-for-2020-fraud-challenges
Fraudster Perry "King Perry" Santillo is likely to trade his fancy duds for prison attire when he is sentenced on criminal conspiracy and fraud charges.
UK banks may have longer than counterparts in other EU countries to implement ‘strong customer authentication’ (SCA) standards for online payments, according to a Financial Conduct Authority (FCA) statement.
https://www.pinsentmasons.com/out-law/news/fca-holds-firm-on-strong-customer-authentication-plan
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