William Byrnes' Tax, Wealth, and Risk Intelligence

One Million Uses of SARs/CTRs via FINCEN Query in First Six Months of Year

In the first six months of 2014 alone, over 350 unique agencies, representing a broad cross section of federal, state, and local law enforcement and regulators operating nationwide, accessed BSA reporting via FinCEN Query. Thousands of agents, analysts, and investigative personnel from each of these agencies have conducted in excess of 1 million queries against the database during that period.

FinCEN: Some Banks Banking Marijuana Dealers

As we reported earlier, there has been new guidance by FinCEN on banking marijuana dealers in legal states. In an article in the Denver Post, it is reported that “[m]ore than 100 banks nationally say they are working with legal…

Petroleo Brasileiro in a $4.4 Billion Money Laundering Probe

Bloomberg reports that a $4.4 billion money-laundering probe linked to state-run Petroleo Brasileiro SA is spreading to financial institutions as prosecutors investigate whether they met compliance requirements. Court documents cite units of banks including New York-based Citigroup Inc., Madrid-based Banco…

Jamie Dimon’s $13 Billion Secret

In a recent article in The Nation, “Dimon, the chairman and chief executive of the formidable JPMorgan Chase & Company, was telling anyone who would listen that it was unfair and unjust for federal and state prosecutors to blame him…

Behind Collapse of Portugal’s Espirito Santo Empire

The Wall Street Journal reports on the Espirito Santo collapse. “[T]he heart of the affair lies a small Swiss financial company now called Eurofin Holding SA, which was set up 15 years ago largely to handle financial transactions for the…

SEC Charges N.Y.-Based Linkbrokers Derivatives With Overcharging Customers in $18 Million Scheme

The Securities and Exchange Commission yesterday charged New York-based brokerage firm Linkbrokers Derivatives LLC for unlawfully taking secret profits of more than $18 million from customers by adding hidden markups and markdowns to their trades.

RCS Capital buys San Diego based Girard, Cetera on way to reaching 10,000 advisors

Based in San Diego, California, Girard has over $10.0 billion of assets under administration and 250 producing financial advisors with an average annual production of approximately $210,000 per advisor.

Consumer Financial Protection Bureau Issues Warning on Bitcoin

The Consumer Financial Protection Bureau (CFPB) is now warning consumers of the risks of using virtual currency. “The Bureau’s Consumer Advisory notes that there are certain “associated risks” of using virtual currency – including hackers, costs, and scams – and…

Canadian Banker Guilty of Investment Fraud

The British Columbia Securities Commission has convicted Victoria-area financial adviser David Michael Michaels of perpetrating a massive fraud that cost hundreds of investors a total of $65 million. According to CBC news, “[the commission] found Michaels guilty of improperly advising…