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Samsung, DMX, and Pakistan's PM

Katherine O'Hara | July 14, 2017

In case you missed it this week, Samsung heir Lee Jae Yong decided against testifying, DMX is relevant again, a MS Word font outed a forgery by Pakistan’s prime minister, and more.

Rapper DMX arrested over $1.7m tax evasion charge. DMX is gonna lose his mind up in here, because he’s been accused of evading taxes to the tune of $1.7m. Authorities say that in addition to living a “cash lifestyle,” his income (like his career) was unknown between 2011 and 2012. If he’s found guilty, he could face up to 44 years in prison.

Shkreli Claimed to Have $100 Million While Overdrawn on Fund. The (unfortunately) infamous Pharma Bro, Martin Shkreli, let his mouth get the best of him (again). His big brags to investors of having $1m in the bank is what prosecutors are using against him in court to nail him for fraud. He had a little less than that—his account showed -$.33 at one point. Open mouth, insert foot.

Banksy tries to bribe U.K. voters to oppose government, gets shut down by police. Banksy and police have never been friendly (go figure, authorities don’t like graffiti that sometimes leans anti-authority), but they were particularly peeved after the artist offered original works in return for proof of opposition votes. U.K. law is strict when it comes to bribery—candidates are hesitant to even offer cookies at events. Police said they were going to investigate Banksy and anyone who accepted the offer, so the artist said, “Mmm never mind,” about 12 hours later.

How to manage risk from cyber-attacks. It’s not entirely shocking to hear that we may have some risk management issues when it comes to cyber-attacks. In the last few months, major breaches have brought companies to their knees in ways Y2K survivors could only dream of. Gregory Touhill has some solid advice, but mostly “Only you can prevent cyber-attacks.”

Pakistan PM faces pressure after damning corruption probe report. Pakistan’s prime minister is under fire for corruption after a probe report was leaked to the media. Nawaz Sharif swears up and down that he and his family are innocent, his daughter going so far as to produce alleged documents from 2006 to prove it. Experts pored over the doc and declared it a forgery. Why? It was written in Calibri, a font created in 2007. Should have stuck with Comic Sans.

This famous airline made female job candidates take pregnancy tests. An airline has been fined 25,000 Euros ($29,000) after forcing candidates to take pregnancy tests, which they said was to protect the employees well-being. Didn’t realize it was still 1960.

Samsung heir Lee Jae Yong refuses to testify at former president Park Geun Hye's trial. The Samsung heir, Lee Jae Yong, is giving a hard pass to testifying at former South Korean President Park Geun Hye’s trial. Quick backstory: Park was ousted after it came out that she was corrupt and abusing power—which included taking bribes from Samsung to secure a merger. Lee says testifying will incriminate him in his own corruption trial.

The Bank of England gave banks their starkest warning since 2008 not to ‘return to the punchbowl’. The Bank of England is well aware of the short attention span many banks seem to have. After the 2008 financial crisis, regulators cracked down hard on speculative trading and other risky business. But now that some years have passed and economies are starting to flourish again, the top U.K. regulator is seeing old habits emerge and warns banks not to return “to the punchbowl.”

Banks begin London exodus as hopes of transitional deal fade. Britain is a little late to the party. Recently the government has been trying to play nice with big banks in the capital, but they may have already begun relocating staff. The finance minister urged Britain to try for a transitional deal to help businesses, but it may be too little too late.

Cryptocurrencies need regulation, says CEO of Chinese bitcoin exchange BTCC. The CEO of Chinese-based bitcoin exchange is sending a warning that there needs to be further (read: any) regulation when it comes to cryptocurrency. And supporters don’t need to look very far for evidence. To add to their argument, now experts are saying bitcoin offers a new haven to tax evaders.

Thanks for reading! Keep your eyes glued to this column for another roundup of the latest news from the wider world of compliance. And as always, please send any questions, comments, or leads to katherine.ohara@complianceweek.com.