New york weather december 20219/25/2023 However, it seems those involved worked hard to cover their tracks and distract those Vesttoo staff that were raising the red flags from pursuing them. We understand there is one more incident related to Citibank, likely the case reported in the above.īut internal red flags were getting raised, that could have potentially resulted in the fraud being caught much earlier. That occurrence was not mentioned in yesterday’s report, although we’re told it still stands, but pales by comparison to the much larger fraud that was ongoing through the last few years at Vesttoo, especially once China Construction Bank (CCB) was involved as provider of letters of credit (LOCs).Īs we reported yesterday, almost $3.36 billion of standby letters of credit (LOC) are potentially involved in the fraud, with $2.81 billion from China Construction Bank, $362.5m from Standard Chartered Bank and $186m from Santander. It’s important to remember that, according to reports, the first signs of fraud at Vesttoo are said to have actually emerged back in 2019, with a fake line of credit that appeared to be from Citibank. However, unless the report into the Vesttoo investigation is itself falsified, there now appears an abundance of evidence to support its claims, although it’s important to note the actual report from Kroll has not been made available, just the court filing which is a summary, at this stage. Vesttoo’s former CEO Yaniv Bertele has responded to the report, with his lawyers saying their client “strongly rejects all allegations,” again stating that this whole affair and investigation is a Board mission to secure a takeover of the company. The report reveals a fraud both sophisticated and at the same time amateur, in its implementation, featuring a tale of faked identities, forged documents, even made up persons, all designed to extract value from clients in the insurance and reinsurance industry, through the provision of fraudulent or forged letters of credit (LOCs) and other documents.Īs we said yesterday, questions remain over where the fraud reaches to and who were the real instigators, or masterminds behind it, but the implication of two Vesttoo co-founders appears clear, as well as of Ginati and Rurka, with a digital trail linking them all to the fraudulent activity, the report claims. As we were the first to report yesterday, the investigation and audit undertaken within beleaguered insurtech Vesttoo filed an initial report with the bankruptcy court, stating that co-founders Yaniv Bertele and Alon Lifshitz were complicit in the fraud, as well as two executives connected to the network that found capital for the company, Udi Ginati and Josh Rurka. Please review our full terms contained on our Terms of Service page.While the industry will spend its time poring over the initial findings of the fraud investigation at Vesttoo, one thing that stands out is the fact internal red flags were raised over the two purported Chinese “investor” groups as early as 2021, while the report also raises a question over whether they are even real investor groups as claimed. We further caution that our travel scores are only as good as the data that underpin them, that weather conditions at any given location and time are unpredictable and variable, and that the definition of the scores reflects a particular set of preferences that may not agree with those of any particular reader. While having the tremendous advantages of temporal and spatial completeness, these reconstructions: (1) are based on computer models that may have model-based errors, (2) are coarsely sampled on a 50 km grid and are therefore unable to reconstruct the local variations of many microclimates, and (3) have particular difficulty with the weather in some coastal areas, especially small islands. We draw particular cautious attention to our reliance on the MERRA-2 model-based reconstructions for a number of important data series. We assume no responsibility for any decisions made on the basis of the content presented on this site. Weather data is prone to errors, outages, and other defects. The information on this site is provided as is, without any assurances as to its accuracy or suitability for any purpose. See all nearby weather stations Disclaimer The details of the data sources used for this report can be found on the Greater Rochester International Airport page. Light Snow, Light Snow and Drizzle, Light Rain, Light Drizzle, Mist Light Snow, Light Freezing Drizzle and Snow, Light Freezing Drizzle, Light Freezing Rain, Light Rain, Mist Heavy Snow, Snow, Light Snow, Freezing Fog, Mist, Blowing Snow Light Ice Pellets and Snow, Light Snow, Light Rain, Mist
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