San Francisco, CA – San Francisco-based venture capital firm GVA Capital has been slapped with a hefty fine of $215 million for managing investments linked to sanctioned Russian oligarch Suleiman Kerimov, using a network of shell companies and proxies. The firm reportedly utilized some of these funds to support startups and acquire a former church in Russian Hill for a “Startup Temple” project that ultimately failed.
The penalties come as part of a crackdown on entities doing business with those under U.S. sanctions, highlighting the ongoing scrutiny of financial dealings with Russian oligarchs. Kerimov, a billionaire with significant stakes in Russia’s largest gold producer, has been under U.S. sanctions since 2018 due to alleged money laundering and connections with the Kremlin.
The firm’s involvement with Kerimov’s funds drew attention when it was revealed that the investments were funneled into various projects, raising questions about compliance with international sanctions. Authorities assert that GVA Capital’s actions represent a blatant breach of these measures, designed to prevent money laundering and other illicit financial activities.
In a separate incident, a former manager at Nvidia has been charged with fraud for allegedly submitting 167 fake insurance claims, amounting to over $100,000. The manager, who worked in fraud prevention, reportedly manipulated documents to fabricate services over a span of three years.
Additionally, a Flywheel taxi overturned near Van Ness and Fell in San Francisco’s Civic Center area, although, fortunately, the driver and passenger emerged without serious injuries. Police have confirmed that neither drugs nor alcohol played a role in the accident.
In East Oakland, charges have been filed against Deshaun Mays, 43, for the murder of Sir Jewel Brooks during a brawl on May 23. Brooks, a witness in a previous homicide, had survived a shooting on a BART train in 2022. The incident further underlines the ongoing challenges with violence in the region.
Meanwhile, this weekend marks the launch of Sunday Streets, a community event in the Tenderloin, transforming Golden Gate Avenue into a car-free celebration with live music and family-friendly activities.
On the state level, the cannabis industry is facing a crisis, with some retail licenses, once valued at up to $3 million, now being given away for free due to market saturation and competition from illicit sellers.
These stories reflect a diverse and dynamic landscape of challenges and changes within the San Francisco Bay Area, as local businesses, residents, and authorities navigate complex issues ranging from financial compliance to public safety and community engagement.
