Connect with us

Crime

U.S. DOJ recommends 3 years imprisonment for Binance founder, Changpeng Zhao

Published

on

The United States Department of Justice (DOJ) has recommended that the founder and former chief executive of Binance, Changpeng “CZ” Zhao, should spend three years in prison for his role in enabling the crypto exchange to violate federal sanctions and money laundering laws.

The DOJ’s attorneys stated this in a sentencing memo filed in court on Tuesday. The attorneys argued that Zhao should pay $50 million in addition to spending 36 months in prison.

This comes as one of the officials of the crypto trading platform, Tigran Gambaryan, is also facing trial on charges of tax evasion, money laundering, and foreign exchange contravention.

Zhao had pleaded guilty to violating the Bank Secrecy Act last November. However, his attorneys argued he should serve no jail time, citing the fine he paid and his “extraordinary acceptance of responsibility.” Instead, they suggested he be sentenced to probation, which could include home confinement at his home in Abu Dhabi.

The DOJ in the sentencing memorandum said:

“Given the magnitude of Zhao’s willful violation of U.S. law and its consequences, an above-Guidelines sentence of 36 months is warranted.

That sentence, together with the agreed $50 million fine, is sufficient but not greater than necessary to balance the relevant 18 U.S.C. 3553(a) factors and achieve the goals of sentencing.

“The Court should impose the unlawful-proceeds Guidelines enhancement The Court should impose the two-level enhancement in USSG 2S1.3(b)(1) because a preponderance of the evidence shows that Zhao knew or believed that at least some funds his company processed were proceeds of unlawful activity.”

Much of the filing echoes arguments made by the DOJ when it first announced charges against Binance and Zhao last year, pointing to how the exchange operated within the U.S.

The filing also looked at how the Sentencing Guidelines address Bank Secrecy Act violations, saying they “are not designed to adequately punish either misconduct on this scale or misconduct that harms U.S. national security.”

“The sentence in this case will not just send a message to Zhao but also to the world. Zhao reaped vast rewards for his violation of U.S. law, and the price of that violation must be significant to effectively punish Zhao for his criminal acts and to deter others who are tempted to build fortunes and business empires by breaking U.S. law,” the filing said.

Crime

Thieves cart away cows meant for church harvest celebration

Published

on

By

Suspected thieves have carted away two cows from the premises of the Celestial Church of Christ (CCC) Testimony Parish in the Egbeda area of Oyo state.

In a post published on its Facebook page, the church said the stolen cows, bought at N1.9 million, were meant for its annual adult harvest thanksgiving celebration.

The incident happened on November 11 as the church prepared for the celebration slated for November 17.

After days of searching for the missing cows, the church solicited for financial contributions to buy new cows for the harvest celebration.

“Dear Celestians and The General public, This 2 Huge Cows was stolen where it was Tied in The Church Premises at CCC Testimony parish Elerumoke Area, Egbeda, Iyana Ajia and its meant for slaughter for the 9th adult harvest thanksgiving of the church coming up this Sunday 17th November 2024,” the church wrote on Facebook.

“We hereby solicit for your prayer for quick recovery of this harvest thanksgiving sacrificial materials.

“Anybody with useful information on how to recover these cows or any means of assistance to make the harvest thanksgiving a beautiful one should contact the parish shepherd.”

Continue Reading

Crime

NDLEA arrests businessman for smuggling cocaine through ingestion

Published

on

By

The National Drug Law Enforcement Agency has announced the arrest of a businessman caught with a large quantity of cocaine.

Femi Babafemi, the Director of Media and Advocacy, revealed the arrest on Sunday via his X account, accompanied by a video displaying the seized contraband.

The businessman, whose identity has not been disclosed, reportedly ingested a substantial quantity of cocaine in an attempt to avoid detection.

Babafemi wrote, “Detty December: Before you swallow those drugs, please remember that the new @ndlea_nigeria has the capacity and capability to catch you.

“The businessman who excreted this amount of cocaine will not only spend Christmas behind bars but also risks a life sentence at the end of his trial. Beware!”

Continue Reading

Crime

UK teenager risks 20 years in Dubai prison for sex with 17-year-old girl

Published

on

By

An 18-year-old British boy has been arrested for allegedly having sex with a 17-year-old girl in Dubai.

Detained in Dubai, a group of UAE legal experts, said the teenager was on holiday with his parents when he met the girl — who is now 18 — at the same hotel.

The teenagers who are both from London were said to have made plans to continue their romance when they returned to the UK.

The group, which campaigns to help people it says have suffered injustice in the UAE, said the young man was charged because the girl’s mother found their chats and pictures back in the UK.

It was gathered that the woman subsequently contacted police in Dubai and he was arrested.

The boy however claimed he was unaware that the girl was younger than him when they met. The teenager also disclosed that he was in police custody for three days and was unable to contact his parents.

“We had a wonderful time together. We really liked each other but she was secretive with her family because they were strict,” he told Detained in Dubai.

“My parents knew about our relationship but she couldn’t tell hers. She had to meet me without telling them it was to see a boy.

“When she left, I couldn’t wait to see her again when I got home. Then suddenly, police knocked on our hotel door. They said they were taking me in for questioning but wouldn’t tell me why. I was frightened and my parents were terrified.”

The teenager, it is understood, could face up to two decades in prison owing to Dubai’s strict laws regarding sex outside marriage.

Radha Stirling, chief executive of the campaign group, said Dubai recently legalised out-of-wedlock sex for tourists but “still hosts a strict Islamic legal system”.

“Sex outside marriage is legal for tourists but only if both parties are over 18. The girl was just a few months younger than Marcus and he didn’t know that at the time,” Stirling said.

“Since his arrest, she has turned 18. This is not something Dubai should be prosecuting.

“Parents will be scared to take their older teenagers on vacation with them where they could end up losing their lives over behaviour that’s completely legal in their own countries.”

The teenager and his family have called on foreign secretary David Lammy, their local MP, to intervene in the case.

The teenager is no longer being held in a police cell but is unable to leave the country, with his family facing bills of £2,000 for Airbnb accommodation until his case is resolved.

Continue Reading

Most Read...