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HSBC Hit, Morgan Stanley Probe, and ING Woes
Illicit Edge - Edition for May 7, 2026
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Hello! It’s May 7, and we’re tracking today’s top stories: HSBC Takes $400 Million Hit From Private-Credit Alleged Fraud, Morgan Stanley’s Investment Banking Program in Budapest Hit by U.S. Probe, ING settles Belgium money laundering probe for 1.6 million euros, U.S. sanctions spur a 'paradox' pushing allies away from American currency, and much more…
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🎯 FEATURED STORY
HSBC Takes $400 Million Hit From Private-Credit Alleged Fraud. Barclays was a key backer, lending money as well as providing banking services to MFS and some of its funding vehicles. WSJ
🔥 TOP STORIES
Morgan Stanley’s Investment Banking Program in Budapest Hit by U.S. Probe WSJ
ING settles Belgium money laundering probe for 1.6 million euros Reuters
U.S. sanctions spur a 'paradox' pushing allies away from American currency Fortune
China says wider US sanctions on Cuba are 'illegal' Reuters
Thirty Individuals Charged in Global Insider Trading Scheme Netting Tens of Millions in Illicit Profits DOJ
Four Defendants, Including Two Former U.S. Postal Service Employees, Plead Guilty to Conspiracy to Steal $84 Million in U.S. Treasury Checks DOJ
Ukrainian man's indictment for bilking billionaire out of $450 million runs through Chicago CST
Ohio brothers who posed as Middle Eastern royalty receive lengthy sentence for $21M fraud scheme NYP
Itron Hackers Accessed Critical Infrastructure Operators WSJ
China Is Still Supplying Drone Factories in Iran, Russia Despite U.S. Sanctions WSJ
U.K. Targets Russian Army Recruitment Network and Drone Suppliers in Latest Sanctions Package Moscow Times
Supermicro CEO insists 'no one' beyond indicted employees were involved in $2.5 billion smuggling scheme Fortune
FBI raids office of Dem state lawmaker in Virginia who led redistricting efforts Politico
In Venezuela, Trump Vowed to Show Accountability. But Secret Oil Deals Linger. NYT
He’s accused of running a Chinese spy outpost. His lawyer says it was a place to play ping-pong. AP
Spain asks European Commission to block US sanctions on ICC Reuters
UN considers threatening Iran with sanctions over strait closure AP News
Trump’s counterterrorism strategy puts focus on left-wing ‘violent secular groups’ The Hill
IN THE NEWS
🚩 RUSSIA & CHINA
Moscow Court Orders Seizure of Stake in Farming Giant Rusagro Moscow Times
Party boss of China’s emerging tech hub under corruption probe South China Morning Post
US prepared for visa sanctions on China over migrants issue Reuters
Africa loans help strengthen yuan Semafor
Two Russian physicists working in hypersonic research jailed for 12.5 years on treason charges in Novosibirsk The Insider
With Free Vodka, and a Few Protests, Russia Returns to the Venice Biennale NYT
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🚀 SANCTIONS & TERROR
Why Did California Award This Alleged Hamas Front $40 Million? City Journal
Lod court orders dissolution of Ra'am-linked charity over terror financing Times of Israel
Mali Is the Linchpin of West Africa—Now It's Under Jihadist Siege Council on Foreign Relations
Islamic State massacres Christians in front of their families The Telegraph
Palestine Action activists guilty of Elbit Systems site raid BBC
Georgetown 'Islamophobia' Initiative Required To 'Consult' With Qatar on Guest Speakers, University Contract With Qatari Regime Reveals Free Beacon
💸 CORRUPTION & FINANCIAL CRIME
India's Reliance hands over documents in bribery probe, executive gets bail Reuters
DOJ Leaders Clash on Expanding Fraud Division to Financial Crime Bloomberg
Minnesota fraudster cuts no-jail plea deal with key condition tied to alleged mastermind Fox News
Welfare fraud has blue states rushing — to shield the fraudsters NYP
Bulgaria exposed its corruption. Prosecuting it is Radev’s first test. Politico
Cambodian PM's Cousin Says Owned 30% Of Scam-linked Firm AFP
Singapore needs harsher penalties for money laundering Straits Times
Prediction Market Cheating Gets Creative WSJ
Hong Kong Justice Department Applies for Order to Freeze Prince Group Assets OCCRP
🔐 CRYPTO & CYBER
Anthropic and FIS Are Building an AI Agent to Help Banks Police Financial Crimes WSJ
How Solana Exchange Drift Plans to Repay Users After $295 Million Crypto Hack Decrypt
US firms could face exclusion under new EU cyber bill Politico
Colombian president seeks to transform the Caribbean into bitcoin mining hub The Block
DOJ says ransomware gang tapped into Russian government databases TechCrunch
Kaspersky suspects Chinese hackers planted a backdoor into Daemon Tools in 'widespread' attack TechCrunch
🚚 TRAFFICKING
U.S. military strike on alleged drug boat kills 3 in the eastern Pacific AP
3 plead guilty after $28M in cocaine found hidden on boat off Miami Beach NBC
Mexico’s Sheinbaum defies Trump, defends drug trafficking suspects The Hill
El Chapo managed to communicate with his sons from US maximum-security prison El País
Arizona man with Sinaloa cartel ties sentenced to 13 years for W. VA drug trafficking Washington Times
Alert customs officers at airport uncover illegal shipment of weapons, ammunition Washington Times
“I am extraordinarily patient, provided I get my own way in the end.” —Margaret Thatcher
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