Hungarian nationals sentenced for $500,000 online fraud
Hungarian nationals Beatrix Boka and Aleksandar Kunkin were sentenced to serve 36 and 46 months in prison, respectively, for their roles in gaining approximately $550,000 in illicit proceeds from an international online marketplace fraud scheme. In addition to their prison terms, Boka and Kunkin were each sentenced to serve two years of supervised release and ordered to pay $464,581 in restitution. Boka and Kunkin each pleaded guilty in November 2012 to one count of conspiracy to commit bank and wire fraud.
Commodities firm owner sentenced for multi-million dollar fraud
The principal and co-owner of North Carolina-based Integra Capital Management LLC, was sentenced to 36 months in prison for his role in a scheme to defraud commodities trading investors of more than $3.2 million. In addition to his prison term, Cox was sentenced to serve three years of supervised release and ordered to pay $1,981,477 in restitution. Cox pleaded guilty in the Western District of North Carolina to one count of conspiracy to commit mail fraud, five counts of mail fraud and one count of conspiracy to commit money laundering.
US Treasury Department looks to hold bankers responsible for sanctions violations
The US Treasury Department plans to hold bankers personally responsible, and subject them to fines if they help countries evade economic sanctions. The Treasury’s Office of Foreign Assets Control (OFAC) has indicated that bank employees who are found to have been "directing" sanctions breaches will be subject to both civil penalties and criminal prosecutions. At a recent enforcement hearing Cohen (the Treasury's undersecretary for terrorism and financial intelligence) revealed he had instructed the Financial Crimes Enforcement Network to look more closely at existing civil powers that could be used to hold financial institutions' "partners, directors, officers and employees" responsible for lapses that allowed the laundering of criminal proceeds.