Cetoex News – New York Republican Congressman George Santos has been charged by US prosecutors with money laundering and fraud. Moreover, the US Attorney’s Office has issued charges today as the culmination of an investigation that began more than five months ago.

According to the official statement, Santos is facing “seven counts of wire fraud, three counts of money laundering, one count of theft of public funds, and two counts of making materially false statements to the House of Representatives.”

US Congressman Charged Faces Fraud Charges

One 34-year-old Republican politician has found himself facing a host of charges from the US Attorney’s office today. Moreover, the congressman was known for a rather impressive Wall Street career. Yet, it appears as though success in that arena may have been completely fabricated.

New York Congressman George Santos has officially been charged with fraud and money laundering. Moreover, the prosecution has included theft of public funds and false statements to the House of Representatives as well.

Breon Peace, US Attorney for the Eastern District of New York, brought the charges against Santos. “This indictment seeks to hold Santos accountable for various alleged fraudulent schemes and brazen misinterpretations,” Peace stated. “Taken together, the allegations in the indictment charge Santos with relying on repeated dishonesty and deception to ascend to the halls of Congress and enrich himself.” 

Peace added, “He used political contributions to line his pockets, unlawfully applied for unemployment benefits that should have gone to New Yorkers who had lost their jobs due to the pandemic, and lied to the House of Representatives.”

Additionally, Assistant Attorney General Kenneth A. Polite Jr. issued similar statements. Subsequently, he noted, “Santos engaged in criminal conduct intended to deceive and defraud the American public.”

NEWS BY – CETOEX NEWS

Cetoex News – Following its closure last week, Silicon Valley Bank has been sued by shareholders for fraud, according to Bloomberg. Moreover, the sudden and unexpected collapse of the financial institution represents the largest bank failure since the 2008 financial crisis.

The weekend saw the Federal Reserve announce its intention to aid uninsured depositors at the now-closed bank. Conversely, CNBC reports that at the time of closing, Silicon Valley Bank has nearly $16 billion in unrealized losses.

SVB Sued for Fraud

The collapse of Silicon Valley Banks remains among the most concerning developments in the financial sector in years. Seemingly out of nowhere, the financial institution collapsed in a matter of a week. Thus, spiraling the public in fear of a bank run, and wreaking havoc on bank stocks the following Monday.

Now, Silicon Valley Bank is being sued by shareholders for fraud according to a Bloomberg report. Specifically, the lawsuit is regarding accusations of “mismanaging events that led to its collapse.” Moreover, Bloomberg notes the lawsuit is the “first of what will likely be many securities-fraud lawsuits,” directed at SVB.

Reports began to surface mid-last week, as the bank attempted to raise the capital needed to ensure its survival. Subsequently, it sought a potential sale in hopes of salvaging itself. Conversely, the effort proved ineffective, and the bank was sent into receivership on Friday, as California regulators announced the bank had been closed.

CNBC reports that the Silicon Valley bank maintained nearly $16 billion in unrealized losses. Similarly, reports have signified that trend in US banks potentially proving to be an issue in the near future. Currently, it is unknown if those losses have played a part in the now impending lawsuit.

NEWS BY – CETOEX NEWS