All posts tagged "Embezzlement"
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759EnforcementKorea: Optimus Asset Management Accused of Fraud, Embezzlement
Optimus Asset Management CEO Kim Jae-hyun misappropriated investor funds to personally invest in stocks, futures and options since 2018.
July 24, 2020 -
726AML / KYCChina: Regulators Seize Nine FIs Linked to Tomorrow Group
The CBIRC has seized control of four insurance companies and two trust companies, while the CSRC has taken over two securities firms and one futures brokerage.
July 20, 2020 -
561AML / KYC
CBIRC Discloses List of ‘Illegal Shareholders’ of Banks, Insurers
20 of the 38 companies on the list are linked to either Baoshang Bank or Anbang Insurance, which both needed a state bailout in recent years.
July 7, 2020 -
1.8KAML / KYCEconomic Downturn Presents Opportunities for Corporate Fraud
Drawing from the Fraud Triangle Theory, Alvarez & Marsal's Chris Fordham discusses how the current crisis has created a perfect storm for fraud and misconduct.
July 3, 2020 -
369EnforcementKorea: Banks, Brokers Agree Plan to Recover Lime Asset Losses
Twenty firms, including banks and brokers, will set up a new entity to manage the estimated 1.7tr won in assets frozen by Lime Asset Management since October.
June 11, 2020 -
492KoreaWoori, Shinhan to Pay Compensation on Lime Asset Losses
Woori and Shinhan will pay about 50% of principal invested in three suspended Lime funds, preemptively, while the FSS decides on a final compensation ratio.
June 8, 2020 -
677ChinaPBOC Issues Record Penalty Against Payments Firm
Allscore Payment Service was also found to have providing services for illegal gambling websites, embezzled customer funds and misappropriated reserve funds.
May 10, 2020 -
687Enforcement
Korea: FSS Confirms ‘Bad Bank’ Plan to Recover Lime Asset Losses
FSS governor Yoon Suk-heun also pledged to establish a sustainable monitoring system, in light of events at Lime Asset Management and last year's derivative product mis-selling at banks.
April 29, 2020 -
475FeatureS. Korea Finalises Risk Management Rules for Private Equity Funds
Private equity funds will have to undergo regular audits, adopt new valuation guidelines, conduct regular liquidity stress tests, and cap leverage at 400% of assets, among other measures.
April 27, 2020 -
483Korea
Korea: Banks, Brokers Propose ‘Bad Bank’ to Recover Lime Asset Losses
19 banks and securities firms will likely comprise the new entity, which will be charged with acquiring and selling the assets of Lime Asset Management’s funds.
April 21, 2020
