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DOJ Charges Former Federal Agents with Bitcoin Wire Fraud and Money Laundering

On March 30, the DOJ filed a criminal complaint against two former federal agents on charges of wire fraud and money laundering of digital currency stolen during the investigation of Silk Road. According to the DOJ, both...more

Heard at the SIFMA Conference

Recently, partners from K&L Gates’ Government Enforcement, Broker-Dealer and Investment Management practice groups attended the Securities Industry and Financial Markets Association’s (“SIFMA”) Compliance and Legal Society...more

Guard Your Sheep, The Dyre Wolf is Coming

IBM announced this week that it had uncovered a highly-sophisticated scheme to steal funds from medium to large U.S.-based companies. The scheme dubbed “The Dyre Wolf” only targets companies, unlike past schemes which also...more

Red Notice Newsletter - March 2015

Welcome to the March 2015 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, two individuals receive multi-year sentences for Venezuelan bribery,...more

Cyber Extortion: What to Do When Your Data is Being Held for Ransom

Imagine you are the IT systems administrator of a large corporation. Coffee in hand, you sit down one morning and log in. You receive a message that there has been an intrusion into the corporate database, a large amount of...more

UK: Government confirms its intentions to wrap its arms around crypto-currency

In his Budget speech delivered in 17 March, the Chancellor confirmed the Government’s plans with regard to crypto-currency, with detailed contained within a published Treasury document....more

U.S. Marshals Announce Latest Bitcoin Auction Results

On March 5, the U.S. Marshals Service auctioned 50,000 bitcoins seized in relation to the case involving the black market website Silk Road. Three individuals – out of the 14 registered bidders – were the winning bidders....more

New York Proposes Tough New Anti-Money Laundering and Cybersecurity Measures on Financial Services Companies

Action Item: Benjamin Lawsky, the Superintendent of Financial Services for New York State, one of the country’s most aggressive regulators, is seeking to increase regulatory pressures on the financial services industry,...more

U.S. Marshals to Auction 50,000 Bitcoins Seized During Investigation of Silk Road Operator

On February 18, the U.S. Marshals Service announced that it will auction 50,000 bitcoins seized from wallet files found on computer hardware belonging to Ross Ulbricht, who was recently convicted in connection with his...more

Silk Road Operator Found Guilty

On February 4, a federal jury found Ross Ulbricht guilty on all seven federal charges brought against him in connection with his role in operating the Silk Road website, including narcotics and money laundering charges....more

Not So Silky Road

The founder of Silk Road, the black market website where illegal goods were bought with bitcoin, was found guilty on all 7 counts, including money laundering, drug trafficking and computer hacking. While this is an...more

"United Kingdom: The SFO Focuses on Corporate Fraud and Corruption"

Once the subject of speculation regarding its possible consolidation with other agencies, the Serious Fraud Office (SFO) had an exceedingly busy 2014, with all signs suggesting that it will continue its aggressive enforcement...more

Ethics in Pharmaceutical Sales: Strengthening Corporate Culture and Preventing False Claims Act Violations

“I didn’t set out to commit a crime. I certainly didn’t set out to hurt anyone… I was kind of a hero, because I helped the company make its numbers every quarter. And I thought I was doing a good thing. I thought I was...more

Chicago Court Hands Out Harsh Sentences for Hedge Fund Trade Secret Theft

Following earlier plea agreements, “Ben” Pu (“Pu”) and Sahil “Sonny” Uppal (“Uppal”) were sentenced today for stealing trade secrets related to high-frequency trading platforms from Chicago-based hedge fund Citadel. In what...more

This Is One Form 8-K, You’ll Never Want To File

In a recently filed Form 8-K, an international money transmitter, Xoom Corporation, reported that been the victim of a criminal fraud. This was no small heist. According to company, over $30 million had been transferred to...more

FinCrimes Update - December 2014, Volumn 1, Issue 10

In this Issue: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement...more

New York Federal Prosecutor Intensifies Scrutiny of Illegal Bitcoin Activity

The U. S. Attorney for the Southern District of New York, Preet Bharara, has issued several recent statements signaling a steady pursuit of criminal conduct related to bitcoin. First, on Thursday, November 6, 2014, Trendon...more

Financial Regulatory Developments Focus - November 2014

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Derivatives - Enforcement - Financial Market Infrastructure - Financial Services -...more

Digital Insights and Trends: Can Bitcoin Support Money Laundering Charges?

Bitcoin owners and exchange operators are coming face-to-face with prosecutors focused on money laundering crimes, leading to novel legal arguments about whether the virtual currency is money, or sufficiently “money-like” to...more

Bit Bites: Latest Legal Developments in Digital Currencies

When Is Bitcoin “Money” Versus a “Security”? In motions involving a high-profile criminal prosecution with ties to Silk Road and a Securities and Exchange Commission (SEC) enforcement action, two federal courts have clarified...more

European Union Sanctions Against Russia - September 2014 Expansion of Sanctions

As NATO and the EU seeks to increase pressure on Russia and the Crimea, the EU expanded its sanctions against Russia on 12 September. This is the latest in a series of measures introduced since March in response to the...more

Federal District Court Holds Bitcoin Is Money

On August 19, the U.S. District Court for the Southern District of New York found that Bitcoin is “money” in a memorandum order denying a defendant’s motion to dismiss a federal money laundering charge. Faiella et al. v....more

Judge Rakoff Rules that Bitcoin Is Money in New York Federal Court

On August 19, Judge Jed S. Rakoff of the US District Court for the Southern District of New York issued a ruling in the case of Robert Faiella, holding that bitcoins are “money,” citing the plain meaning of the term in The...more

Secret Service Raises Warning About Backoff POS Malware

The Secret Service, which investigates financial crimes, issued a security Alert on July 31, 2014, warning of malware named “Backoff” that was being used to steal payment card data from point-of-sale (POS) systems. The Alert...more

Cybersecurity: How well are Latin American banks protected against cyber attacks?

Inter-American Dialogue's Latin America Advisor asked Marcela Cristina Blanco, associate attorney in Diaz Reus’ Bogota, Colombia office: How Well Do Latin American Banks Protect Against Cyber Attacks?...more

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