Monday, December 31, 2012
Executives at collapsed Iceland bank jailed for fraud
REYKJAVIK | Fri Dec 28, 2012 12:17pm EST
Dec 28 (Reuters) - Two former executives at an Icelandic bank which collapsed in the 2008 financial meltdown were sentenced to jail on Friday for fraud which led to a 53 million euro loss, in the first major trial of Icelandic bankers linked to the crisis.
All three of the small North Atlantic island's top banks collapsed in quick succession in October 2008 due to big debts incurred during a rapid overseas expansion.
Glitnir was the first to fall after the collapse of Lehman Brothers caused international credit markets to freeze up.
A Reykjavik court sentenced Glitnir's former chief executive, Larus Welding, and former head of corporate finance, Gudmundur Hjaltason, each to nine months in jail, of which six months were suspended for two years. They had denied the charges.
Prosecutors said the two approved a loan to a company which owned shares in Glitnir so that the company could in turn repay a debt to Morgan Stanley.
The decision, taken outside the regular decision-making process, meant Glitnir was too exposed to the company and cost the bank at least 53.7 million euros ($71 million), the prosecution said.
The sentence was less than the jail terms of at least five years demanded by Iceland's special prosecutor, who is looking into alleged wrongdoing connected to the crisis.
"We have a conviction, which is of course the main thing," prosecutor Holmsteinn Sigurdsson told reporters outside the courtroom when asked whether he was disappointed with the length of the sentence.
The special prosecutor is also looking into alleged wrongdoing linked to the collapse of the other two former top banks, Landsbanki and Kaupthing. ($1 = 0.7563 euros) (Reporting by Omar Valdimarsson; Writing by Patrick Lannin in Stockholm; Editing by Pravin Char)
|Avigdor Lieberman, then Israel's|
foreign minister, is shown during
a Nov. 21 news conference at the
prime minister's office in Jerusalem.
(Abir Sultan / European Pressphoto Agency)
Israel's former foreign minister indicted on fraud charges
Ex-foreign minister indicted in Israel
By Batsheva Sobelman
December 30, 2012, 9:52 a.m.
JERUSALEM — Avigdor Lieberman, Israel's controversial former foreign minister, was indicted Sunday on charges of fraud and breach of trust.
The indictment, issued in a Jerusalem court, follows a long, drawn-out legal investigation into accusations of corruption against Lieberman, known for his uncompromising right-wing positions toward the Palestinians and Israel's own Arab population.
It also comes three weeks before general elections and casts a shadow over Prime Minister Benjamin Netanyahu's senior ally, whose political future depends on the legal outcome.
Originally investigated for more serious charges of money-laundering and bribery, Lieberman was ultimately indicted in a side case that grew out of the primary investigation over the past decade.
According to the indictment, Israeli investigators in confidence asked the Israeli Embassy in Belarus to ask local authorities for discreet assistance on the probe into Lieberman’s activities. Israeli Ambassador Zeev Ben-Aryeh passed this information on to Lieberman when the latter, then deputy prime minister, visited Belarus in 2008.
Sunday, December 30, 2012
Iran: Police announce more arrests around currency crisis
Source: Radio Zamaneh
The Tehran Police force has announced that 88 "gold and foreign currency brokers" have been arrested, as disputes have intensified between the Iranian government and the Central Bank over handling the crisis in the currency and gold markets.
Police officials reported today, December 30, that 88 people had been arrested for being engaged in the illegal and criminal handling of gold and foreign currencies, the Fars News Agency reports.
The detainees are charged with selling "fake gold coins, stealing money from their customers, and distributing counterfeit dollars and low-quality coins."
The possible distribution of $5 billion in counterfeit money was noted in Parliament in recent months.
The currency market has been highly volatile in Iran in the past several months, and the government previously had announced a number of arrests prior to this, also in connection with the fluctuations in the currency market.
Some MPs have accused the Ahmadinejad administration of deliberately keeping the foreign currency market in a state of fluctuation in order to make greater profit from the sale of state dollars.
The government has denied the allegations and blames the intensification of international sanctions for the steep fall in the national currency.
In first half of 2009, the dollar was traded in Iran at about 10,000 rials, but in the past year the exchange rate in the free market has risen to 35,000 rials.
EU and U.S. sanctions on Iran's oil and financial sector have reduced Iran's oil revenues by half, which has had a direct effect on Iran's foreign currency reserves.
... Payvand News - 12/30/12 ... --
Wednesday, October 24, 2012
This is not a new blog post, but one I haven't seen before on Iceland. -AK
Wednesday, May 9, 2012
ICELAND. No news from the Icelandic Revolution?
No news from Iceland? Why? How come we hear everything that happens in Egypt but no news about what's happening in Iceland:
In Iceland, the people has made the government resign, the primary banks have been nationalized, it was decided to not pay the debt that these created with Great Britain and Holland due to their bad financial politics and a public assembly has been created to rewrite the constitution. And all of this in a peaceful way. A whole revolution against the powers that have created the current global crisis. This is why there hasn’t been any publicity during the last two years: What would happen if the rest of the EU citizens took this as an example? What would happen if the US citizens took this as an example.
Monday, July 30, 2012
Iran sentences 4 to death in $2.6B fraud case
By NASSER KARIMI | Associated Press – 2 hrs 34 mins ago
TEHRAN, Iran (AP) — An Iranian court has sentenced four people to death and given two more life sentences on charges linked to a $2.6 billion bank fraud described as the biggest financial scam in the country's history, an official said Monday.
The trial, which began in February, involved some of the country's largest financial institutions and raised uncomfortable questions about corruption at senior levels in Iran's tightly controlled economy.
But few specific details have been released, possibly to avoid exposing too much internal scandal while Iran's leaders seek to assure the country it can ride out tightening sanctions over Tehran's nuclear program.
Prosecutors have only referred to the linchpin defendant by a nickname and have provided just general information about his purported business empire. The main charges included using forged documents to get credit at one of Iran's top bank to purchase assets, including major state-owned companies.
The official IRNA news agency gave no names at all for most of the other defendants in the Revolutionary Court, which deals with cases involving security and organized crime. The report did not say when the verdicts were issued.
The report quoted state prosecutor Gholam Hossein Mohseni Ejehei as saying a total of 39 defendants received sentences, including four death sentences, two life terms and the rest of up to 25 years in prison. He said officials including deputy ministers in the government were among those sentenced, but did not identify any of them.
The main defendant, referred to by a nickname "Amir Mansour Aria," was among those charged with a potential capital offense. In February, state TV said he was accused of being "corrupt on earth," an Iranian legal term that means that the defendant is an enemy of God, and which in practice is a catch-all term for a variety of offenses. The charge carries the death penalty.
Aria pleaded not guilty, but acknowledged that he has violated some laws, the Iranian media said.
The indictment described Aria as head of the Aria Investment Development Co. It said the owners used "incorrect connections with executive and political elements" to accrue wealth.
"Dozens of instances of bribe payments to staff and managers of banks have taken place under various titles," it said.
Ejehei said the sentences are appealable. By law the convicted have 20 days to appeal.
Meanwhile, President Mahmoud Ahmadinejad and his hardline rivals traded blows in their political power struggle. A court stripped one presidential ally of his job while officials in Ahmadinejad's government brought charges against the brother of one of his prominent critics, the speaker of parliament.
Ahmadinejad has faced more than a year of withering political attacks after challenging Supreme Leader Ayatollah Ali Khamenei over the selection of the intelligence minister. Dozens of Ahmadinejad's allies have been arrested or driven from power by backers of Khamenei, and Ahmadinejad has been left severely weakened with less than a year left in his second and final term.
Ahmadinejad was once the favored son of Iran's theocracy, but his defiance of Khamenei was considered to be a rebellion against the supremacy of the clergy and the president's conservative allies turned on him. He still retains a following among Iran's working classes and rural poor who see the ruling clerics as aloof and out of touch.
In the latest twist, a court stripped one of Ahmadinejad's top appointees of his job after claims he was linked to the deaths of anti-government protesters, the IRNA news agency said.
The ruling against Saeed Mortazavi, head of Iran's social security organization, followed a suit filed by a group of anti-Ahmadinejad lawmakers.
In 2010, a parliamentary probe found Mortazavi — then chief Tehran prosecutor — responsible for the deaths by torture of at least three anti-government protesters who were in custody. Angry lawmakers in April threatened to impeach the country's labor minister, who appointed Mortazavi, over the case.
In a separate report, IRNA said Javad Larijani — the brother of both the country's parliament speaker and its powerful judiciary chief — came under investigation over allegations he illegally took control of protected land.
Tehran's chief prosecutor Alireza Avaei was quoted as saying that a court is studying the allegations. The claims were filed by the government agency in charge of natural resources.
The Larijani family are prominent critics of Ahmadinejad.
Larijani's brother Sadegh heads the judiciary and another brother, Ali, is parliament speaker. Javad leads the judiciary's human rights council. No date has been set for a hearing.
Tuesday, July 24, 2012
This conversation was posted on Drake's web site. Its seems to be a response to someone other than Drake but sent through Drake. I don't know exactly what inquiry this is in reply to, if anyone knows, please point me to the URL for the conversation that preceded this. -AK
Good Morning my friend,
As always I want to keep things clear so no one gets confused most especially me. The case and the liens are two different issues. For the case I must return to Asia to receive the rest of the documentation, I have most recently been promised, that ties in much more than jurisdictional issues. It ties in actions.
Exposing the Euro is this simple.
Soon we will be auditing and validating what is real and what is not. The Indonesians have waited far to long for the long overdue promises to kick in. Asia has waited far too long. The Middle East has waited far too long. The world has waited far too long. Why? Because the Kazars/Nazis controlled US Corporation has stolen from the Collateral Accounts from Day One. Since when has a Kazar or Nazi ever kept even the simplest promise. In this case they saw the opportunity to financially control the world. Well, we are coming to close you down. Your days in the sun (you are all so white I think you hate sun) are over with. Exposure is already prevalent and in our hands but to literally take the money right out of your pockets will take just a little longer. When we shut you down then it is up to others to straighten out the wrongs.
To date we have closed up the BIS on you and frozen trading for 90 days and making it very difficult for you to do anything. The Central Banks are already in fault not default and in a few days they go into default. It is only going to get tougher and when it does you will become more desperate but guess what? There will be no corners to hide in so you will be forced to stay in the middle of the ring until this is over with. It is best you take a good long look at your situation because soon it will be too late.
Sorry Drake got carried away,
Wednesday, April 4, 2012
Goldman Sachs Engaged in Secret Re-Titling Into Goldman's Name Alone of Over 20 Million Shares Owned by Marvell Founders
March 28, 2012, 8:00 a.m. EDT
New Evidence Reveals Goldman Sachs Engaged in Secret Re-Titling Into Goldman's Name Alone of Over 20 Million Shares Owned by Marvell Founders
SIMILAR TO MF GLOBAL'S ALLEGED USE OF CLIENT FUNDS, NOW THE SUBJECT OF CONGRESSIONAL INVESTIGATION, GOLDMAN SACHS SECRETLY INSTRUCTED STOCK TRANSFER AGENT TO OBTAIN TITLE, WITHOUT CLIENTS' PERMISSION, TO CLIENT SHARES INTO GOLDMAN SACHS' NAME ALONE
SAN FRANCISCO, March 28, 2012 /PRNewswire via COMTEX/ -- The founders of Marvell Technology Group MRVL -1.45% , Dr. Sehat Sutardja and Ms. Weili Dai, are preparing to amend their claim filed with the San Francisco office of the Financial Industry Regulatory Authority (FINRA) against Goldman Sachs GS -1.75% and two account executives, alleging Goldman Sachs defrauded the two Silicon Valley executives of several hundreds of millions of dollars in the midst of the 2008 financial crisis. At that time, Dr. Sutardja and Ms. Dai were two of the largest victims of fraud by Goldman's Private Wealth Management Group. Today's breaking news reveals there will be an amended FINRA Claim based on new evidence that Goldman Sachs engaged in secret re-titling into Goldman's name alone of over 20 million shares owned by two founders of Marvell, Dr. Sutardja and Ms. Dai. In a series of transactions eerily similar to MF Global, currently under Congressional investigation for misusing client funds, the amended FINRA Claim will allege Goldman Sachs secretly instructed the stock transfer agent to obtain title to the Marvell shares only in Goldman Sachs' name, without their clients' permission.
Recent information revealed Goldman Sachs re-titled over 20 million shares of its clients' Marvell stock so that, as will be asserted in the amended FINRA Claim, Goldman could trade on its own account, create a market for its affiliated hedge funds and, ultimately, recapitalize its accounts to be used to help save the Firm from financial ruin at the height of the 2008 financial crisis. In the midst of a financial crisis, the FINRA Claim contends Goldman put its own interests ahead of its clients' interests.
A linchpin of Dr. Sutardja and Ms. Dai's FINRA Claim is the allegation Goldman unlawfully re-titled into Goldman's name alone over 20 million Marvell shares owned by Dr. Sutardja and Ms. Dai without client knowledge or authorization. Newly discovered hard evidence establishes this claim. It is questionable whether, under federal regulations, a brokerage firm is permitted to cause a client's shares to be placed in the brokerage firm's name absent the express consent of the client. It was not until April 2011 that Dr. Sutardja and Ms. Dai discovered Goldman's re-titling. Thus, Goldman Sachs had over 20 million shares in its name alone from January 2008 to April 2011, even though the shares were actually owned by its clients.