Welcome to our weekly newsletter that provides you with the most recent updates and insights regarding AML, financial crime compliance, and emerging risks.

This week we begin with Jet Airways Founder, Naresh Goyal, who was ordered by an Indian court to stay in custody till 11 September 2023 over a case involving USD 65 million in a bank fraud case. Moving on, we have an update on the Americanas fraud case where its former CEO, Miguel Gutierrez, denies any knowledge of accounting fraud.

Furthermore, we shed light on former First NBC Bank President, Ashton J. Ryan, who was sentenced to 14 years in prison over bank fraud and making false statements in the bank records case. In another significant story, Two brothers in the United States pleaded guilty to their participation in USD 7.6 million fraudulent loans given in forgivable PPP loans under the CARES Act.

Moving forth three executives at Aequitas Capital Management were handed long prison sentences for fraud and running a Ponzi scheme. Lastly, Thodex CEO, the Turkish crypto exchange was sentenced to 11,000 years in prison and USD 5 million in fine for a USD 2 billion scam.