A court ruling knocks another hole in Swiss banking secrecy

The country’s supreme court decides that overseas employees of Swiss banks can leak away

The ruling matters because Swiss banks are among the world’s most international. They employ thousands of private bankers offshore, and many more in outsourcing operations in countries like India and Poland. Many foreign employees are involved in creating structures comprising overseas companies and trusts linked to a Swiss bank account. Thanks to the ruling, as long as their employment contract is local they can now leak information on suspected tax evasion or other shenanigans without fear of falling under Switzerland’s draconian secrecy law, which imposes jail terms of up to five years on whistleblowers. read more »

SEC Charges Investment Adviser With Stealing From Friends, Community Members

The Securities and Exchange Commission today announced charges against an investment adviser with a history of violating the securities laws for defrauding his close friends and community members. 

According to the SEC’s complaint filed Tuesday, from at least 2014 through at least 2017, Bruce J. Fixelle solicited investments from close friends he met through a local community organization, telling them that he was going to invest their money in initial and secondary offerings, which he would then sell before the end of the trading day. Fixelle described his trading strategy as safe and successful. In reality, rather than investing these funds, he allegedly used investor money to pay mounting personal debt and personal expenses. read more »  

UK recycling industry under investigation for fraud and corruption

Exclusive: Watchdog examining claims plastic waste is not being recycled but left to leak into rivers and oceans

The plastics recycling industry is facing an investigation into suspected widespread abuse and fraud within the export system amid warnings the world is about to close the door on UK packaging waste, the Guardian has learned. read more »