Bitcoin Laundering, 'Gucci Goddess' Army Swindle And Healthcare 'Pump And Dump' Scam: Financial Crime Weekly
Portfolio Pulse from Neil Dennis
This week's financial crime news includes a trial of Jian Wen for laundering billions in Bitcoin, Janet Yamanaka Mello's guilty plea for defrauding the U.S. Army of $108 million, and a final judgment against RenovaCare Inc. (OTC:RCAR) for a pump and dump scheme involving the 'SkinGun'. Jian is accused of laundering for a fraudulent scheme in China, Mello used a charity as a front for her fraud, and RenovaCare's executives were charged with securities fraud.
March 01, 2024 | 6:35 pm
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RenovaCare Inc. faced a final judgment for a pump and dump scheme involving false statements and manipulative trading around its 'SkinGun' device, leading to significant penalties for its executives.
The final judgment against RenovaCare and its executives for securities fraud, including bans and financial penalties, is likely to negatively impact investor confidence and the company's stock price in the short term. The severity of the penalties and the nature of the fraud directly relate to the company's operations and leadership, making this news highly relevant and important to investors.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100