Money, Wealth & Power—A Daily Look at the Financial World
The discovery of 890 Nazi-linked accounts at Credit Suisse has shattered long standing assurances that the bank’s role in the Third Reich’s finances was limited and well understood. Instead, a fresh probe has exposed a deeper, more troubling web of relationships that extended into the postwar era and helped key figures in the Nazi apparatus…
Prosecutors in Upstate New York say a trusted finance executive turned a family electrical business into his personal bank account, siphoning off more than $4 million over five years. The former Chief Financial Officer of an Albany firm is now accused of orchestrating a sprawling embezzlement scheme that allegedly touched everything from company checks to…
A Detroit jurist entrusted with safeguarding people who could not care for themselves is now accused of looting their estates to bankroll liquor tabs and a luxury SUV. Federal prosecutors say nearly $300,000 meant for incapacitated and vulnerable individuals was siphoned off and spent on a bar, high-end car payments, and other personal indulgences. The…
New York’s long running Bay Ridge condo scandal has reached a turning point, with a court ordering landlord Xi Hui “Steven” Wu to repay more than $4.2 M to the immigrant families he deceived. The ruling forces the man who “sold” nonexistent or illegal apartments to finally return $4.2 Million, plus interest, to buyers who…
The latest lawsuit over a sprawling special needs trust scandal in Clearwater does not target only the indicted entrepreneur at its center. It now reaches into the banking system that handled the money, accusing a major institution of failing to shield vulnerable beneficiaries from a $100 m loss. At stake is not just $100 million…
Tiny firms that once chased down cheating spouses or missing relatives are now landing lucrative federal deals to help track undocumented immigrants. Under President Donald Trump, immigration enforcement has quietly opened the door to a new class of contractors, turning small private investigators and data brokers into key players in a national hunt for people…
Elizabeth Holmes, once celebrated as a visionary of Silicon Valley, is now a convicted fraudster serving an 11 year sentence and ordered to pay $452 million in restitution to victims of Theranos. After losing her appeals, she is turning to the one person who can unilaterally change her fate, President Donald Trump, asking him to…
Criminals have figured out that the easiest way to beat bank security is to go straight to the source: the person holding the card. Instead of hiding behind anonymous phishing emails, they are now showing up, literally and figuratively, at front doors to separate people from their debit cards and PINs. I want to walk…
Bill Hwang, the once obscure hedge fund manager whose leveraged bets detonated into a $10 billion margin-call disaster, is now asking the White House to wipe his record clean. After an 18-year prison sentence and one of the most spectacular collapses in recent Wall Street history, his plea for mercy forces a fresh reckoning with…
The woman at the center of Minnesota’s staggering $250 million welfare fraud scandal now says she has “lost everything,” a plea for sympathy that collides head‑on with the scale of the damage she helped inflict. Jurors found Aimee Bock, the founder of Feeding Our Future, guilty of orchestrating a vast scheme that siphoned pandemic meal…