Tag: Laundering

Bank shares slide on report of rampant money laundering

dhita yudha

Shares of JP Morgan tumbled 4.4%.

The consortium’s investigation found the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity, and $1.3 trillion of that activity took place at Deutsche Bank. Shares of Deutsche Bank dropped 7.7%.

Deutsche Bank has been under scrutiny for years. The bank, based in Frankfurt, Germany, agreed to pay the state of New York $150 million to settle claims that it broke compliance rules in its dealings with the sex offender Jeffrey Epstein. Epstein killed himself last August in a Manhattan federal jail while awaiting trial on sex trafficking charges.

German newspaper Sueddeutsche Zeitung reported last year that Deutsche Bank gave expensive gifts to senior Chinese officials and hired family members of Chinese elite as it was trying to establish itself as a major player

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WA Tech Exec Charged With Laundering Coronavirus-Relief Money

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BELLEVUE, WA — A Washington tech executive has been charged for laundering millions of dollars that were supposed to be used supporting businesses and employees during the coronavirus pandemic.

The Department of Justice says 48-year-old Mukund Mohan of Clyde Hill filed eight fraudulent Paycheck Protection Program loans for six different companies. Paycheck Protection Program, or PPP, loans are supposed to be used to help struggling businesses stay afloat and pay their employees during the pandemic, but prosecutors say Mohan illegally used the money to support himself instead.

The complaint against Mohan alleges he lied several times about the companies he was requesting loans for, and about how many people were on their payroll. In one case, the DOJ says Mohan claimed a company of his, Mahenjo Inc., had dozens of employees who were receiving millions in wages during the pandemic. In fact, Mohan had bought Mahenjo online in May of

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