Axia Advisors, LLC

https://lnkd.in/euzuJJkE U.S. law firms have significantly expanded their presence in London over the past few decades. Initially seen as a risky move, firms particularly from the U.S. such as Paul Weiss, Rifkind, Wharton & Garrison, have grown into London powerhouses. Their dominance in London has reshaped the legal market, which has challenged traditional UK law firms known as the “magic circle.” This shift has been pushed by an increased demand from U.S. private equity firms in London, which led to a surge in competitive legal talent recruitment. U.S. firms offer substantially higher pay, with their top partners earning up to $20 million annually and new lawyers reaching £180,000. Despite concerns of high billing requirements and long working hours, U.S. firms are landing top law graduates. #law #UK #London #legal #lawfirms #recruitment #lawyers #USfirms https://lnkd.in/e7W4KC6b

https://lnkd.in/eA8hhg2Q Former Goldman Sachs banker and dual U.S. and Ghanaian citizen, Asante Berko, pleaded not guilty in federal court in Brooklyn to charges he bribed Ghanaian government officials to secure a lucrative power-plant contract for a client. Before his arraignment, Berko fought his extradition from the U.K., where he worked at Goldman Sachs’s London subsidiary. He was released on $600,000 bail. Federal prosecutors allege that Berko arranged $4.5 million in bribes from 2014 to 2017, and personally delivered funds to Ghanaian parliament members. Berko now faces charges for violating the Foreign Corrupt Practices Act and money laundering. #banking #GoldmanSachs #Ghana #ForeignCorruptPracticesAct #federalcourt https://lnkd.in/efbpuX2d

https://lnkd.in/gxNmRFW6 Germany’s financial watchdog, BaFin, criticized Deutsche Bank’s 2019 financial report, because it did not meet international accounting standards, such as  failing to disclose key details about the lender’s historic U.S. losses. According to BaFin, the bank failed to disclose €2.1 billion in deferred tax assets related to multiyear losses at its U.S. operations. The Bank also failed to disclose how it expected to generate future profits in the region, which is required under International Financial Reporting Standards (IFRS) rules. Deutsche hoped to offset the historic losses against future profits in the region. According to Deutsche Bank, BaFin’s finding “related to a footnote in our 2019 financial statements” and there was “no suggestion on BaFin’s part that there is any inaccuracy in Deutsche Bank’s 2019 accounts, and no restatement or other action is required.” #DeutscheBank #finance #accounting #international #financialreporting #standards https://lnkd.in/eZg54TJj

https://lnkd.in/euC5sxKW The Wall Street Journal surveyed compliance professionals and found that cybersecurity threats have significantly increased for businesses over the past year. Nearly all companies, particularly midsize ones with revenues between $50 million and $1 billion, reported heightened risks. The survey also highlighted concerns about regulatory scrutiny, digital transformation challenges, and geopolitical tensions impacting businesses. While challenges emerge, many companies expressed confidence in their cybersecurity compliance programs. Artificial Intelligence is also of interest to compliance professionals, although most have yet to use it as part of their compliance efforts. #cyber #cybersecurity #cyberthreat #compliance #artificialintelligence #digitalthreat https://lnkd.in/ea5ngpjT

https://lnkd.in/eBGahinZ A New York jury convicted Chinese businessman and government critic, Guo Wengui, for defrauding his followers of over $1 billion. Wengui was found guilty on nine of the twelve federal charges against him, including racketeering and fraud which may lead to substantial prison time and asset forfeiture. Prosecutors said that he used his influence to pitch schemes as ways to make money for personal gain while he undermined the Communist Party. Wengui used this money to fund a lavish lifestyle, which included stunning properties in New York, Connecticut, and New Jersey, a Lamborghini, Bugatti, Ferrari, a yacht and racks of Italian suits. Paul Doran, a corporate risk adviser with experience in China described Wengui as “public enemy No. 1 in China.'' #fraud #racketeering #China #defrauding https://lnkd.in/eienYauh

https://lnkd.in/eARHeeNy Operation Jackal III, an annual global law enforcement operation across 21 countries on five continents targeted online financial fraud and the West African groups behind it. It ran from April to July and resulted in about 300 arrests, over 400 identified suspects, and blocked more than 720 bank accounts. Additionally, it seized $3 million worth of assets and disrupted criminal networks involved in cyber fraud, human trafficking, and drug smuggling. Director of INTERPOL’s Financial Crime and Anti-Corruption Centre stated, “By identifying suspects, recovering illicit funds and putting some of West Africa’s most dangerous organized crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world.” #INTERPOL #WestAfrica #financial #fraud #criminalnetwork #cyber #illicitfunds https://lnkd.in/d7yCBJJq

https://lnkd.in/eARHeeNy Operation Jackal III, an annual global law enforcement operation across 21 countries on five continents targeted online financial fraud and the West African groups behind it. It ran from April to July and resulted in about 300 arrests, over 400 identified suspects, and blocked more than 720 bank accounts. Additionally, it seized $3 million worth of assets and disrupted criminal networks involved in cyber fraud, human trafficking, and drug smuggling. Director of INTERPOL’s Financial Crime and Anti-Corruption Centre stated, “By identifying suspects, recovering illicit funds and putting some of West Africa’s most dangerous organized crime leaders behind bars, we are able to weaken their influence and reduce their capacity to harm communities around the world.” #INTERPOL #WestAfrica #financial #fraud #criminalnetwork #cyber #illicitfunds https://lnkd.in/d7yCBJJq

https://lnkd.in/e_PHqEg8 Canadian grocery store Loblaw Cos. and its parent company, George Weston, agreed to a C$500 million class action settlement (about US$362 million) over a bread price-fixing scandal dating back to 2001. The class action was filed in 2017 after Canada’s competition regulator raided Loblaw’s corporate head offices looking into alleged price fixing. The class action lawsuit accused Loblaw Cos. and George Weston of colluding on bread prices. The settlement included C$404 million in cash plus C$96 million from a prior customer-card program. Loblaw and George Weston apologized and have committed to compliance reforms. Lawyers for the plaintiffs said they are now prepared for trial in actions against other companies that were also alleged to be involved in the price fixing, such as Sobeys, Metro, and Walmart Canada. #grocery #Canada #pricefixing #Loblaw #classaction #settlement https://lnkd.in/egPK9wbs

https://lnkd.in/e_PHqEg8 Canadian grocery store Loblaw Cos. and its parent company, George Weston, agreed to a C$500 million class action settlement (about US$362 million) over a bread price-fixing scandal dating back to 2001. The class action was filed in 2017 after Canada’s competition regulator raided Loblaw’s corporate head offices looking into alleged price fixing. The class action lawsuit accused Loblaw Cos. and George Weston of colluding on bread prices. The settlement included C$404 million in cash plus C$96 million from a prior customer-card program. Loblaw and George Weston apologized and have committed to compliance reforms. Lawyers for the plaintiffs said they are now prepared for trial in actions against other companies that were also alleged to be involved in the price fixing, such as Sobeys, Metro, and Walmart Canada. #grocery #Canada #pricefixing #Loblaw #classaction #settlement https://lnkd.in/egPK9wbs

https://lnkd.in/ewhUba68 Prominent short seller, Andrew Left, the founder of Citron Research was charged by a federal grand jury in Los Angeles for securities fraud. The Department of Justice alleges that Left made profits of at least $16mn from “a long-running market manipulation scheme.” In addition, the DoJ said, “Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors and posting recommendations on social media to manipulate the market and make fast, easy money.” Each securities fraud count carries a maximum penalty of 20 years in prison and Left could face decades in prison if convicted. The SEC also filed a separate civil case seeking to recover $20 million from Left and his firm, Citron. #shortsell #DOJ #SEC #securitiesfraud #marketmanipulation #stocks #investors https://lnkd.in/e_KurAVX