A bank was defrauded of US$150 million as a result of fraudulent transactions entered by an internal team of traders.
Having confirmed the trades through which the funds were misappropriated, the proceeds of the fraud were forensically traced using a combination of disclosure mechanisms (including Norwich Pharmacal orders, Section 1782 orders, and requests of overseas prosecutors), open-source research, and human intelligence sources. The proceeds had been laundered through structures and assets – including diamonds, Ferraris, and real estate – spread around the world including Azerbaijan, the Bahamas, Georgia, Israel, Latvia, Lithuania, Russia, Seychelles, Spain, Switzerland, UK, Ukraine, and the U.S. The tracing exercise enabled external legal counsel to obtain freezing orders and, ultimately, the repatriation of value.
The client recovered significant funds and the findings from the investigation contributed to two of the fraudsters receiving custodial sentences.
CPSC Redirects Lithium-Ion Battery Rulemaking for Micromobility Products
Regulatory updates don’t always make headlines, but they can shape the future of industries. The CPSC’s recent procedural move on lithium-ion battery safety for micromobility products is a perfect example. Sam Madden breaks down the latest developments in a short summary.
Shalabh Gupta and Amran Nawaz, Associate Directors in Secretariat’s Global Sports Consulting practice, were recently quoted in an S&P Global article discussing sports team acquisition and valuation trends.
Executive Scandals: Navigating Reputational and Financial Risks
Executive Scandals: 2025 Navigating Reputational and Financial Risks, authored by experts from FGS Global and Secretariat, provides a practical framework for boards, legal teams, and compliance professionals. It highlights four core practices including preparation, independent guidance, thorough investigations, and consistent communications that strengthen organizational resilience and protect corporate reputation.