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More on Ebix: FBI reportedly probing cross-border transactions

  • Three sources tell Bloomberg Ebix's (EBIX -15.3%) cross-border financial transactions are being investigated for evidence of money laundering.
  • One of the sources is a former Ebix exec who says he was questioned by FBI agents about Ebix wire transfers to places such as India, Sweden, and Singapore.
  • Top Ebix investor the Rennes Foundation is said to be an "area of interest" for both the FBI and SEC. The foundation's beneficiaries remain a mystery even to the SEC and former would-be Ebix acquirer Goldman.
  • Ebix has rebounded from its intraday low of $8.21, but is still off sharply.
  • Previous: Ebix plunges on money laundering probe
Comments (4)
  • Beans Counter
    , contributor
    Comments (15) | Send Message
    This "news" was copy and pasted from a nine month old article. Good job.
    6 Aug 2013, 02:52 PM Reply Like
  • Brandond
    , contributor
    Comments (362) | Send Message
    IF any of the investigations are real and there are money laundering activities, I would be most concerned about triggering the "No illegal acts" covenant in my line agreement and either having the line of credit called or reduced. Then that $200M buyback does not happen. No position here anymore-just way too much drama and concern over a bomb being dropped by the company on the earnings call.
    6 Aug 2013, 03:11 PM Reply Like
  • mgrisham
    , contributor
    Comments (3) | Send Message
    See the company's response to this anonymously-sourced attack:
    6 Aug 2013, 04:13 PM Reply Like
  • RobbyRob
    , contributor
    Comments (359) | Send Message
    Tempting to speculate or sell some puts, but there is no margin of safety for fraud or criminality. Jeez...
    6 Aug 2013, 09:17 PM Reply Like
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