Financial

Five fraudsters who offered a ‘green' tax efficient investment scheme to wealthy investors in order to steal millions from them have been ordered to pay £20,611,738.

https://www.cps.gov.uk/cps/news/fraudsters-who-stole-millions-wealthy-investors-fake-green-investment-scheme-must-pay-ps20

John Rigas was born in Wellsville, New York, in 1924. He served in the second world war and graduated with a degree in engineering, later buying a cinema in a town in Pennsylvania. In 1952 he bought the local cable television station for $300, naming the new company Adelphia Communications Corporation. By borrowing large sums of money to fund takeovers, Adelphia was able to expand beyond the local area, eventually becoming one of the largest providers in the US of cable television, long distance telephone calls and then later broadband internet.

https://moneyweek.com/519832/great-frauds-in-history-john-rigas-and-adelphia/

Lloyds Banking Group has agreed to make a series of payments totalling around £7m to victims of the HBOS Reading fraud.

https://www.sharecast.com/news/news-and-announcements/lloyds-to-payout-additional-pound7m-over-hbos-fraud--7187530.html

He will take over the position from Mark Carney on 16 March 2020.

https://www.insuranceage.co.uk/people/4356556/fca-head-andrew-bailey-named-as-bank-of-england-governor

Three men were charged with helping run a $722 million cryptocurrency fraud that amounted to a “high-tech Ponzi scheme,” U.S. Attorney Craig Carpenito in New Jersey said in a statement.

https://fortune.com/2019/12/10/cryptocurrency-fraud-bitclub-network-ponzi-schemes/

Every year millions of individuals across the world fall victim to investment fraud, with many of the fraudsters particularly targeting novice investors. The types of fraud vary and some are easier to spot than others.

http://www.mondaq.com/uk/x/876130/White+Collar+Crime+Fraud/Forex+Fraud+Is+Still+One+Of+The+Leading+White+Collar+Crimes+Millions+Are+Lost+Every+Year+To+Fraudulent+Brokers

The Co-operative Bank has signed up to a voluntary scheme to help fraud customers get their money back.

https://www.yourmoney.com/saving-banking/co-op-commits-to-refund-scam-customers/

From 10 January 2020, we will be the anti-money laundering and counter terrorist financing (AML/CTF) supervisor of UK cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as amended (MLRs).

https://www.fca.org.uk/firms/financial-crime/cryptoassets-aml-ctf-regime

Regulator says fraudsters are using details of authorised firm MEM Insurance Brokers to target people in the UK.

Regulator is looking to extend the principles of open banking to other sectors including general insurance.