Tag Archives: investment fund

Futures Rise After Capitol Riot Inquiry Commission Is Announced | Instant News

AstraZeneca Covid-19 vaccine bottle

Getty Images

Text size


image source

The future of startup cryptocurrency Ripple hangs on the SEC’s case | Instant News

Brad Garlinghouse, Ripple’s chief executive, last year publicly contemplated at the World Economic Forum in Davos, Switzerland, the initial public offering for the San Francisco startup.

The company recently raised about $ 200 million in a venture funding round led by Tetragon Financial Group, with a valuation of $ 10 billion. The value of its flagship product, a cryptocurrency called XRP, has fallen over the previous year. But Ripple is poised to rebuild the infrastructure for cross-border trade, said Garlinghouse, promising that its future is bright.

A year later, the IPO was canceled. Instead, Ripple’s future hinges on the judge’s decision in a civil suit filed in December by the Securities and Exchange Commission.

Regardless of the outcome, this case is expected to set a major precedent for how US regulators create rules and laws covering cryptocurrencies. It also highlights a broader truth about most digital currencies: Beyond the two largest, bitcoin and ether, most of the hundreds of others have struggled to find utilitarian value beyond speculation.

At the heart of the SEC’s suit is the debate about XRP, a bitcoin-like digital asset created by the founder of Ripple that will grow to become the world’s third-largest cryptocurrency. It is designed to be part of a network that will help banks cut costs in cross-border transfers. The related software, however, never gained traction, the SEC accused, leaving XRP with no apparent purpose, other than to funnel sales to Ripple.


image source

FBI in LA Announces $ 300 Million Stolen Funds Returned to Malaysia – NBC Los Angeles | Instant News

The US Department of Justice announced Tuesday that it had returned to Malaysia $ 300 million in funds stolen from the Southeast Asian country’s investment development fund in a case that also involved luxury real estate and a luxury boutique hotel in Beverly Hills.

Combined with other funds that the DOJ previously returned to Malaysia in May, the United States has returned or assisted the country in recovering more than $ 600 million that was misused from 1MDB investment funds, according to the U.S. Prosecutor’s Office, which said recovery efforts were continuing.

In 2019, a federal judge in Los Angeles conducted an assessment that lost more than $ 700 million in assets acquired by Malaysian financier Low Taek Jho – commonly known as Jho Low – and his family in the United States, Britain and Switzerland.

Assets include high-end real estate in Beverly Hills, New York and London, a luxury boutique hotel in Beverly Hills, and tens of millions of dollars in business investment allegedly made with funds that can be traced to 1MDB funds stolen.

Low is the alleged theft leader of $ 4.5 billion from the fund, which was created in 2009 as a government-owned development company. The US has brought 30 lawsuits over foreclosures in search of $ 1.7 billion worth of real estate, investment, art and jewelry purchased by Low and his accomplices.

To date, prosecutors have recovered or assisted in the recovery of more than $ 1 billion in assets related to money laundering and bribery schemes, according to the DOJ. This is the largest recovery to date under the DOJ Asset Recovery Kleptocracy Asset and the largest civil confiscation ever
concluded by the department.

“The return of these stolen funds to Malaysians is the result of the tireless efforts of federal prosecutors and agents to prevent foreign kleptocrats and their colleagues from using the United States as a playground where they can enjoy the fruits of the wealth they stole,” US Attorney said Nick Hanna.

“The amount of money stolen from the people of Malaysia is very surprising, and we have been relentless in recovering assets that should always be used to their advantage,” he said.


image source