Fintech
SEC Charges Vika Ventures and its CEO in $6 Million Fraudulent Offering
Washington, D.C.–(Newsfile Corp. – December 7, 2022) – The Securities and Exchange Commission today charged venture capital firm Vika Ventures LLC and its CEO and co-founder, George Iakovou, with fraudulently offering and selling more than $6 million of securities to at least 46 individual investors in multiple states including California, Georgia, and New York. The SEC also announced settled charges against Vika Ventures’ other co-founder, Penelope Zbravos, for her role in the scheme.
The SEC’s complaint alleges that, between late 2019 and 2021, Iakovou and Vika Ventures offered to sell investors shares of private companies that might hold an initial public offering. However, as set forth in the SEC’s complaint, Iakovou and Vika Ventures did not own the shares at the time of the solicitations and never acquired them. Rather than purchasing the securities, Iakovou allegedly used investor funds for himself. As CEO of Vika Ventures, Iakovou allegedly used fraudulent documentation and statements to convince investors that Vika Ventures was a successful venture capital firm. According to the SEC’s complaint, Zbravos, Iakovou’s then-girlfriend, encountered but failed to act upon sufficient red flags regarding the company’s operations to make her a negligent participant in the scheme.
“Iakovou and Vika Ventures allegedly operated a straightforward fraud on investors by offering to sell them securities in highly sought-after pre-IPO companies without ever intending to buy any shares on behalf of the investors. Instead, Iakovou allegedly spent millions of dollars on private jets, expensive watches, and lavish travel,” said Carolyn M. Welshhans, Associate Director of the SEC Enforcement Division. “This case underscores our commitment to pursuing those that prey on investors by using fake company profiles, misleading websites, and false promises of lucrative pricing of securities.”
The complaint, filed in the United States District Court for the Middle District of Georgia, charges Iakovou, Vika Ventures, and Zbravos with violating the antifraud provisions of the federal securities laws. The SEC seeks permanent injunctive relief, disgorgement with prejudgment interest, and civil penalties against Iakovou and Zbravos. The complaint seeks permanent injunctive relief and a civil penalty against Vika Ventures.
Without admitting or denying the allegations, Zbravos has agreed to a permanent injunction from future violations and to pay disgorgement, prejudgment interest, and a civil penalty, as determined by the district court. The settlement is subject to the approval of the district court.
In a parallel action, the U.S. Attorney’s Office for the Middle District of Georgia today announced the filing of related criminal charges.
The SEC’s investigation was conducted by Allison M. Rochford and Michelle I. Bougdanos and was supervised by David Frohlich and Ms. Welshhans. The litigation will be led by James Carlson. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Middle District of Georgia and the United States Secret Service, Albany, Georgia Office.
Fintech
Central banks and the FinTech sector unite to change global payments space
The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.
Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.
Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).
At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.
The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.
As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.
Source: fintech.globa
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Fintech
TD Bank inks multi-year strategic partnership with Google Cloud
TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.
The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.
This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.
TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.
Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.
TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.
Source: fintechfutures.com
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Fintech
MAS launches transformative platform to combat money laundering
The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.
According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).
Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.
Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.
Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.
Source: fintech.global
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