[A] higher share of women on the boards of banks […] is associated with greater stability. As I have said many times, if it had been Lehman Sisters rather than Lehman Brothers, the world might well look a lot different today. – Christine Lagarde, Managing Director of the International Monetary Fund
In today’s finance & crime news:
“Swedbank AB has fired its chief executive officer, Birgitte Bonnesen, amid allegations the bank was used to launder billions of dollars in Russian money on her watch.” – Bloomberg
For your information, five of the eleven members of Swedbank’s Board of Directors are women.
A fascinating article from Canada’s Global News connects the North American opioid crisis, Chinese gangs, casinos, banks and the Vancouver real estate market:
Secret police study finds crime networks could have laundered over $1B through Vancouver homes in 2016
Createspace enables independent authors to publish their works and to distribute them through Amazon.
Amazon takes care of the printing, shipping, and payments. The author receives a monthly royalty payment. I used Createspace to publish Bankers are people, too.
Unfortunately, criminals have also discovered that they can use the platform for money laundering.
Brian Krebs explains how it works on his blog, KrebsonSecurity. Someone publishes a bogus book and sets an extremely high price for it, e.g. $555. They use stolen credit cards to buy the book. Amazon pays the “author” about 60% of the retail price in royalties. This money looks like a legit income. The stolen money has been laundered. Continue reading “Crooks with books: Laundering money as an “author” (part 1)”