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posted by mrpg on Friday May 03 2019, @03:00AM   Printer-friendly
from the but-is-it-real-theft? dept.

The U.S. Department of Justice announced Tuesday that it has hit two individuals with bank fraud charges in connection to a system for depositing funds to cryptocurrency exchanges.

In a statement, U.S. Attorney's Office for the Southern District of New York alleged that Reginald Fowler of Arizona and Ravid Yosef, said to live in Tel Aviv, Israel, were part of a scheme that involved using bank accounts to move money into a series of unnamed cryptocurrency exchanges.

Court documents released by the Justice Department purport that the alleged money services business operated between February and October 2018. During that period, prosecutors say, the two "opened and used numerous bank accounts at financial institutions that were insured by the [FDIC]," including one based in Manhattan.

Two Charged With Running 'Shadow Banking' Service for Crypto Exchanges

AAF's initial lead investor is charged with bank fraud


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  • (Score: 0) by Anonymous Coward on Friday May 03 2019, @03:15AM (6 children)

    by Anonymous Coward on Friday May 03 2019, @03:15AM (#838275)

    The entire economy is based on the fed saying how much money they will create or not at this point.

    Who is auditing the people who might know that before it is announced? Oh, congress is legally allowed to insider trade, they don't even try to hide it...

  • (Score: 0) by Anonymous Coward on Friday May 03 2019, @03:38AM (5 children)

    by Anonymous Coward on Friday May 03 2019, @03:38AM (#838283)

    Oh, congress is legally allowed to insider trade, they don't even try to hide it...

    Examples, please. If it's right out in the open, that shouldn't be a problem, right?

    • (Score: 0) by Anonymous Coward on Friday May 03 2019, @03:49AM (4 children)

      by Anonymous Coward on Friday May 03 2019, @03:49AM (#838288)

      Did you even check? This is just the first link I found:

      In a little-noticed brief filed last summer, lawyers for the House of Representatives claimed that an SEC investigation of congressional insider trading should be blocked on principle, because lawmakers and their staff are constitutionally protected from such inquiries given the nature of their work.

      https://theintercept.com/2015/05/07/congress-argues-cant-investigated-insider-trading/ [theintercept.com]

      • (Score: 0) by Anonymous Coward on Friday May 03 2019, @04:16AM (3 children)

        by Anonymous Coward on Friday May 03 2019, @04:16AM (#838300)

        So the (at the time) R majority made that argument, which bumps right up against the law of the land [wikipedia.org] passed by enormous majorities from both parties:

        The Stop Trading on Congressional Knowledge (STOCK) Act prohibits members and employees of Congress from using "any nonpublic information derived from the individual's position ... or gained from performance of the individual's duties, for personal benefit". The bill also applies to all employees in the Executive and Judicial branches of the federal government. The STOCK Act requires a one-year study of the growing political intelligence industry, and requires every Member of Congress to publicly file and disclose any financial transaction of stocks, bond, commodities futures, and other securities within 45 days on their websites, rather than once a year as they do now. The Act also requires members of Congress and Executive branch officials to disclose the terms of mortgages on their homes, prohibits them from receiving special access to initial public stock offerings, and denies federal pensions to members of Congress who are convicted of felonies involving public corruption.

        • (Score: 0) by Anonymous Coward on Friday May 03 2019, @04:19AM (2 children)

          by Anonymous Coward on Friday May 03 2019, @04:19AM (#838303)

          So, what are the loopholes of this 2012 law?

          • (Score: 1, Funny) by Anonymous Coward on Friday May 03 2019, @04:22AM (1 child)

            by Anonymous Coward on Friday May 03 2019, @04:22AM (#838306)

            Do your own research. Or pay me USD$300/hour (minimum 10 hours) to do it for you.

            • (Score: 0) by Anonymous Coward on Friday May 03 2019, @04:41AM

              by Anonymous Coward on Friday May 03 2019, @04:41AM (#838311)

              Uh. No?

              I'm already a Scientologist...