Core Points - Christopher Kirchner, founder and CEO of Slync.io, has been sentenced to 20 years in prison for multiple charges including wire fraud and money laundering, with a release date set for September 6, 2040 [1][2] - The court highlighted that Kirchner diverted millions of investor funds for personal use rather than for the company's development, leading to his conviction [2][3] - Slync.io attempted to recover from the financial scandal after Kirchner's firing but was ultimately unsuccessful [2] Fund Diversion and Mismanagement - Kirchner raised a total of $58.05 million across several funding rounds from early 2020 to mid-2022, including $7.2 million in early 2020, over $50 million later in 2020 and into 2021, and $850,000 in the first half of 2022 [3] - Guidelines were established to govern Kirchner's access to funds, but he circumvented these controls, leading to unauthorized transfers [4] - Personal expenditures from diverted funds included luxury items such as wine, golf clubs, private jet charters, and a luxury suite at AT&T Field, as well as personal credit card debts [5] Scheme Unraveling - The scheme began to collapse in spring 2022 when Slync.io started missing payroll, prompting an investor to alert the CFO about potential misrepresentations of the company's financial status [6] - Kirchner's conviction was challenged on two main grounds: the propriety of witness questioning during the trial and whether certain financial transfers constituted a criminal scheme [7]

22-year-old pleads guilty to money laundering for $263 million crypto syndicate https://t.co/XZgBHoDaMM ...

On “The Weekend Intelligence” we track the story of a multi-agency probe into how $100m, probably more, was stolen from a country at war: by its own elite https://t.co/7d4RsBWODH ...

RT zerohedge (@zerohedge)Top Obama DEA Official Charged With Laundering Money For Mexican Drug Cartel https://t.co/Nt2gL3l9HS ...

We're back with more breaking news this hour. President Trump in a new social media post just moments ago announcing he is pardoning Democratic Congressman Henry Quayar of Texas. Quayrar was charged last year with bribery and acting as a foreign agent facing allegations of taking hundreds of thousands of dollars from an Azerbaijan state-owned oil company and a Mexican bank.Obviously, this is a breaking scene and we are right now reaching out to a handful of White House officials to understand uh the the tru ...

Regulatory Landscape - The European Commission added Russia to its list of high-risk jurisdictions for money laundering and terrorist financing [1] Geopolitical Impact - This action represents a further financial fallout for Russia nearly four years after its full-scale invasion of Ukraine [1]

Core Insights - The Huione Group's banking services, Huione Pay, have ceased operations and cash withdrawals following sanctions from the U.S. and UK, aimed at disrupting Cambodia's $19 billion scam economy [1][2] - Huione has been identified as a critical infrastructure for money laundering and scam operations, with significant financial flows linked to illicit activities [3][4] Company Overview - Founded around 2014, Huione Group provides various financial services in Cambodia, primarily targeting Chinese-speaking users, including payments and financial transfers [5] - The company gained notoriety for its escrow service, Huione Guarantee, which facilitated connections for money laundering and scam-related activities [6] Industry Context - Cambodia has emerged as a center for large-scale online scamming, with over 100,000 individuals reportedly working in scam compounds, often under coercion [7] - The financial regulator in Cambodia revoked Huione Pay's banking license in March due to compliance violations, which Huione contested, claiming it no longer required a license [7] - The Financial Crimes Enforcement Network (FinCEN) designated Huione as a primary money laundering concern in May, highlighting its role in the country's scam economy, estimated to be 60% of the national GDP [8]

🚨UPDATE: CAMBODIA’S ALLEGEDLY LARGEST MONEY-LAUNDERING NETWORK, HUIONE PAY, HAS HALTED OPERATIONS UNTIL JANUARY 5 AMID A BANK RUN ...

Following US sanctions, Huione Pay, the world's largest money laundering network in Cambodia, experienced a massive run on its banks. On December 1, it abruptly announced a shutdown until January 5 of next year and initiated a deferred repayment plan. Large queues of users have formed outside its Phnom Penh headquarters. https://t.co/dQ8J98V3Sy ...

Switzerland’s attorney general filed criminal charges against UBS and a former Credit Suisse compliance officer, saying they failed to take steps to prevent money laundering in what later became known as the Mozambique “tuna bonds” scandal https://t.co/VrMBhCRpEP ...