{"id":21425,"date":"2021-05-21T11:10:37","date_gmt":"2021-05-21T11:10:37","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=21425"},"modified":"2021-05-21T11:10:39","modified_gmt":"2021-05-21T11:10:39","slug":"groupe-nduom-sued-in-the-us-for-63m-in-alleged-money-laundering-wire-fraud","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=21425","title":{"rendered":"Groupe Nduom sued in the US for $63m in alleged money laundering, wire fraud"},"content":{"rendered":"\n<p>Ghanaian businessman and politician, Dr Papa Kwesi Nduom and 18 others have been sued by a US-based company for $63m in alleged money laundering, wire fraud.<\/p>\n\n\n\n<p>An equity fund and securities investment company based in the United States, Birim LLC, them.<\/p>\n\n\n\n<p>\u201cThe Nduom family defendants, by and through their ownership, control and use of defendants GN Bank, Gold Coast Fund Management and over 60 undercapitalised interrelated companies, collected several million dollars of depositor\u2019s saving, investment contributions and insurance premiums, and in violation of U.S. and Ghana laws illegally laundered approximately $63,000,000 of depositors\u2019 funds through its Virginia-based sham \u2018procurement and consulting service\u2019 company, International\u00a0<a href=\"https:\/\/3news.com\/category\/business\/\">Business<\/a>\u00a0Solutions,\u201d it stated.<\/p>\n\n\n\n<p><a href=\"https:\/\/a8p5q6x6.rocketcdn.me\/wp-content\/uploads\/2021\/05\/ND-Ill-20-cv-07198-dckt-000001_000-filed-2020-12-04_210520_160741-1.pdf\">ND-Ill-20-cv-07198-dckt-000001_000-filed-2020-12-04_210520_160741-1Download<\/a><\/p>\n\n\n\n<p>Describing Dr Nduom\u2019s operations as one that would \u201cput Bernie Maddoff to shame\u201d, the writ further stated that the purported \u201ccriminal scheme\u201d involved \u201cinternational money wire system \u2013 of inflated, over-invoiced and above-market rate fees disguised as payment for \u2018management service\u2019\u201d.<\/p>\n\n\n\n<p>\u201cPlaintiff further alleges that Nduom family defendants dominate and control the Corporate Defendants and the related 60 or more companies, and in so doing, these entities commingle their funds and other assets and fail to segregate the funds of the separate entities. There is also the unauthorised diversion of corporate funds or assets to non-corporate uses\u201d.<\/p>\n\n\n\n<p>The plaintiff referred to the recent clean up in the banking sector which affected Nduom\u2019s bank, saying, \u201ca substantial portion of its [GN Bank] loans were illegally made to Nduom-related entities without the benefit of appropriate risk assessments, managements or determinants\u201d.<\/p>\n\n\n\n<p>\u201cGroupe Nduom-GH (GN-GH) is wholly owned, dominated and controlled by Nduom and his family for the sole personal benefit of Nduom. Having failed to meet its regulator\u2019s qualifying criteria, defendant GN-GH was initially downgraded and reclassified from a commercial banking house to a Savings and Loans Company.<\/p>\n\n\n\n<p>Source: 3<a href=\"https:\/\/3news.com\/category\/news\/\">news<\/a>.com|Ghana<\/p>\n\n\n\n<p><strong>Send your news stories to&nbsp;<a href=\"mailto:dannyboy744@gmail.com\">dannyboy744@gmail.com<\/a>&nbsp;and via WhatsApp on +233 266777777<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ghanaian businessman and politician, Dr Papa Kwesi Nduom and 18 others have been sued by a US-based company for $63m in alleged money laundering, wire fraud. An equity fund and securities investment company based in the United States, Birim LLC, them. \u201cThe Nduom family defendants, by and through their ownership, control and use of defendants [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":21426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[1],"tags":[762,763],"class_list":["post-21425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-dr-papa-kwesi-nduom","tag-gn-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Groupe Nduom sued in the US for $63m in alleged money laundering, wire fraud - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=21425\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Groupe Nduom sued in the US for $63m in alleged money laundering, wire fraud - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"Ghanaian businessman and politician, Dr Papa Kwesi Nduom and 18 others have been sued by a US-based company for $63m in alleged money laundering, wire fraud. 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