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When the federal government launched financial aid programs during the COVID-19 pandemic such as the Paycheck Protection Program  (“PPP”) and the Economic Injury Disaster Loan Program (“EIDL”), many in the blogosphere and media predicted that South Florida, with its rich history of healthcare and many other fraudulent “get-rich-quick” schemes, would soon become the epicenter of COVID-19 fraud.  In 2022, the

Recent enforcement actions by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) highlight the critical importance of adhering to the rules requiring firms to maintain and preserve required records of communications with clients. SEC Rule 17a-4 under the Securities Exchange Act of 1934 mandates that broker-dealers maintain and preserve records of communications, including electronic

Effective and robust anti-money laundering (AML) policies are critical to maintaining the integrity of financial systems worldwide. Money laundering involves disguising the origins of illegally obtained funds to make them appear legitimate and , in essence, makes it possible for criminal to conceal, profit from, and continue their illegal operations. To combat this, AML processes are divided into three key

The Financial Crimes Enforcement Network (FinCEN) recently proposed a new rule aimed at tightening anti-money laundering (AML) regulations. This proposal, if enacted, will significantly impact financial institutions, their compliance obligations, and their clients. Fridman Fels & Soto, a Coral Gables-based law firm specializing in white-collar crime and AML defense, offers insights into the implications of this proposed rule and how

Anti-Money Laundering Guo Wengui, the exiled Chinese billionaire also known as Ho Wan Kwok, was recently convicted in federal court in New York for defrauding thousands of his followers of more than $1 billion. An Affinity Fraud Wengui, who has resided in the United States since 2015, was alleged to be the architect of an expansive and complex scheme to