US gov’t sues Armstrong over Post Office money

GENEVA, SWITZERLAND – The US Department of Justice is reportedly suing former cycling champion Lance Armstrong for $100 million for sponsorship money provided by the US Postal Service. Ed. note: the DOJ web site is experiencing difficulties. The DOJ said Wednesday 24 April that the post office spent $40 million sponsoring the man who won […]

Geneva residents warned about upsurge in border scams

Mategnin récolte de fonds

Fake border guards threatening drivers for fictive charity collections Ignore them! say border guards – their stories are fake from start to finish GENEVA, SWITZERLAND – Customs officials warned of a scam at unmanned border posts near Geneva in recent days. Border guards say they have received reports of people, usually North African in appearance, […]

Kim Dotcom a step closer to US extradition

GENEVA, SWITZERLAND – Kim Dotcom, who founded Megaupload, which was shut down by US authorities in 2012, is one step closer to being extradited from New Zealand to the US. A New Zealand higher court overturned an earlier court’s decision that agreed with his demands to have access to extensive court documents when his extradition […]

Drugs & money laundering brothers get light sentences

Deal for first 2 of 19 arrested in French, N African drug, tax evasion scam GENEVA, SWITZERLAND – Two brothers who played key roles in a large North African-French-Swiss fraud scheme that involved money laundering for drug runners and supplying cash for French tax evaders, were given prison sentences Tuesday 29 January, in Geneva. The […]

Wegelin pleads guilty to charges of aiding US tax evaders

Switzerland’s oldest bank to pay $58 million fine and close ZURICH, SWITZERLAND – Wegelin & Co. pleaded guilty Thursday 3 January to criminal conspiracy charges in the US, the first bank to do so among a group of Swiss banks under investigation by the US Department of Justice (official DOJ statement 3 January). Switzerland’s oldest […]

Magnitski affair re-surfaces in Switzerland

Funds reportedly blocked at Credit Suisse on order of public prosecutor ZURICH, SWITZERLAND – The case that has come to be known as the Magnitski affair has re-surfaced in Switzerland, with Tages-Anzeiger in Zurich reporting that Credit Suisse has blocked additional funds with a link to the case. The Swiss federal public prosecutor has been […]

The strange world of Kweku Adoboli

GENEVA, SWITZERLAND – Kweku Adoboli, the UBS trader who famously lost Swiss bank UBS CHF2.2 billion in unauthorized trading before he was arrested in September 2011 was sentenced to seven years in prison Tuesday 20 November, in London. Adoboli’s argument that his managers knew what he was up to and that rule-breaking was necessary to […]

UBS German clients’ homes reportedly raided

ZURICH, SWITZERLAND – The public prosecutor’s office in Bochum, Germany, said Monday that the homes  of a number of clients of Swiss bank UBS have been raided by tax investigators who suspect them of tax evasion or fraud. The search for documents is the result of a number of legal cases brought in two German […]

Uganda promises Ireland to repay aid money that went astray

GENEVA, SWITZERLAND – Ireland has suspended €16 million in Irish money earmarked for Uganda, to be channeled through the Ugandan government, after it appears that €4m disappeared through fraud, from Ireland’s 2011 contribution to the African nation. Uganda has assured the Irish government the money will be repaid, Irish Foreign Affairs Minister Eamon Gilmore confirmed […]