The fund is one of several lenders suing iron ore trader Radiant World for alleged fraud
Published Sun, Oct 11, 2026 · 09:41 AM
A JEFFERIES-run fund said in court proceedings that it has evidence of alleged fraudulent conduct by iron ore traders Radiant World and Sapphire Minmetals in receivables-financing deals with a face value of almost US$900 million.
The claim – made in an affidavit by a lawyer for the fund – significantly expands what is known about the scale of the alleged fraud, which Bloomberg has previously reported may be one of the biggest in the commodities industry since Enron Corp.
The US$900 million comes on top of about US$500 million of Radiant World invoices that other banks and other creditors including Mizuho Financial Group, Deutsche Bank, Intesa Sanpaolo and Incomlend have in separate legal proceedings alleged were fraudulent.
The companies “fabricated and…
THE TD BANK INSIDER “BRIBE-FOR-DATA” SCHEME (USA)
Date: February 17, 2026 Perpetrator: Edward Low (Former Bank Employee)
Case Description: In a high-profile case of “Insider Threat,” Edward Low, a former employee of TD Bank in New York, pleaded guilty in a New Jersey federal court to accepting bribes in exchange for confidential customer data. Between 2021 and 2022, Low leveraged his internal access to harvest the personal details of high-balance account holders. He then sold this “hot data” to external fraud syndicates for as little as $26,700 in personal kickbacks.
The external fraudsters used the information Low provided to conduct “Account Takeovers” (ATO), creating fraudulent checks and falsifying bank records to drain over $500,000 from unsuspecting customers. Low even went as far as helping co-conspirators open shell company accounts at a second financial institution where he was later employed. He now faces a maximum penalty of 30 years in prison. This case has sent shockwaves through the global banking sector, highlighting that even the most robust external firewalls cannot protect against a “rogue insider” with administrative credentials.
Link to Original: US Dept of Justice – TD Bank Insider Plea