Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

weekend financial fraud reading

Posted by William Byrnes on August 23, 2014


Former Associate Dean of MIT Sloan School and His Harvard MBA Son Agree to Plead Guilty in Hedge Fund Scam of over $140 of million

Gabriel Bitran, 69, of Newton, a former professor and associate dean of the Massachusetts Institute of Technology (“MIT”) Sloan School of Business, and his son Marco Bitran, 39, of Brookline, a Harvard Business School graduate and money manager, were charged with conspiracy to commit securities fraud, wire fraud and obstruction of justice in connection with their hedge fund businesses, GMB Capital Management and GMB Capital Partners. Both Gabriel and Marco Bitran have agreed to plead guilty to the charge.

PwC pays $25 Million fine, 2 year consulting suspension for hiding sanction and anti-money laundering violations of Tokyo Mitsubishi

PricewaterhouseCoopers (“PwC”) Regulatory Advisory Services will be suspended for 24 months from accepting consulting engagements at financial institutions regulated by the New York State Department of Financial Services (NYDFS); make a $25 million payment to the State of New York; and implement a series of reforms after improperly altering a report submitted to regulators regarding sanctions and anti-money laundering compliance at Bank of Tokyo Mitsubishi (BTMU).

How Did a 21 Year Old, FAU Student Ponzi $10 million From Investors?

Donald R. French was a 21 years old FAU student, living in Boca Raton in 2008 when he opened an LLC online “D3 Funds LP”. He moved to Rome, Italy but from 50 investors in Florida, Massachusetts, and Michigan, he…

Billionaire Found in Middle of Bribery Case Avoids U.S. Probe

Alcoa Inc., the biggest U.S. aluminum producer, pleaded guilty to foreign bribery charges brought by the U.S. Justice Department. Alcoa also settled claims by the Securities and Exchange Commission and agreed to pay a $384 million fine — the fifth-largest such penalty ever.

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