09.11.20

U.S. charges 57 with fraud involving pandemic paycheck aid, Justice Department says

Federal law enforcement authorities have charged 57 people with stealing $175 million from an aid program meant to help small businesses weather pandemic lockdowns, officials said on Thursday, adding that they are eyeing hundreds more suspected cases of fraud.



09.11.20

NFL player charged with fraud in coronavirus relief scheme

NFL wide receiver Joshua Bellamy is facing a slate of fraud charges for allegedly participating in a scheme to use coronavirus relief funds for personal use, the Justice Department said Thursday.



09.11.20

7 Accused of Stealing $390K Through PPP Loan, Casino Money Laundering Scheme, SC Feds Say

Three South Carolina residents and four Georgians were charged this week with conspiracy to commit wire fraud and conspiracy to commit money laundering in a major scheme involving a casino, drugs, and stealing hundreds of thousands through a Paycheck Protection Program (PPP) loan, U.S. Attorney for South Carolina Peter M. McCoy announced Thursday.



09.11.20

Startup that uses AI to foil online money laundering raises $35 million

Investors in EverC, formerly called EverCompliant, include Israeli VC Red Dot Capital Partners, Viola Ventures, Arbor Ventures, and American Express Ventures



09.11.20

Heroin, meth trafficking investigation reveals money laundering of Paycheck Protection Program loan, officials say

Seven people have been arrested and charged in connection to a money laundering scheme involving funds from the Paycheck Protection Program, according to the U.S. attorney's office.



09.10.20

"A Disaster": Small Business Administration Scrambling to Stop Pandemic Loan Fraud

After loaning out more than $160 billion over the course of several months, the Small Business Administration (SBA) scrambled in late July and August to stop fraud from consuming its Economic Injury Disaster Loan program, internal agency emails obtained by the Project On Government Oversight (POGO) show.



09.10.20

Special Report: How a small group of U.S. lawyers pushed voter fraud fears into the mainstream

For months, President Donald Trump has tried to convince Americans that the Nov. 3 election will be "rigged," claiming without evidence that mail voting will open the door to mass cheating.



09.10.20

AML: EU FinCrime Chief Eager to Crack Down on Money Laundering

The EU plans to close the legislative and technical loopholes that allow money laundering to remain rampant in many EU states, Raluca Pruna, the head of the European Commission's Financial Crime Unit, said in an interview with AML intelligence last week.



09.10.20

Ex-VW CEO to face charges of organized commercial fraud

Former Volkswagen (VOWG_p.DE) Chief Executive Martin Winterkorn will face charges of conspiracy to commit organized commercial fraud with a high likelihood of conviction, a court probing the carmaker's diesel emissions scandal said on Wednesday.



09.10.20

Report reveals how criminals launder money after a cyber heist

A new report explores how cyber criminals, who steal from banks, can cash out and launder the money so that it cannot be traced.



09.09.20

Former bank manager deserves no break after committing $379K loan fraud, federal prosecutor claims

A federal prosecutor is urging a judge to show no mercy to a former manager of a West Shore bank branch who used her position to commit a $379,000 loan scam.



09.09.20

Wife of Utah rare coin dealer charged with fraud says she also is a victim before judge sends her to prison

The now ex-wife of a Utah rare coin dealer accused of stealing tens of millions of dollars in a silver trading scam told a federal judge Tuesday that she had no idea what her husband was doing until a month before authorities shut down their business.



09.09.20

New Bern Dr. sentenced for unlawfully distributing Oxycodone, money laundering, tax evasion

A New Bern doctor convicted last year by a federal jury on charges he ran an illegal oxycodone distribution practice has been sentenced to decades behind bars.



09.09.20

JPMorgan Chase probing fraud in US stimulus programs

US financial behemoth JPMorgan Chase said Tuesday it was working with authorities after learning of unethical conduct by customers and employees connected to huge government pandemic relief programs.



09.09.20

Fraud by Numbers: Metrics and the New Academic Misconduct

According to Goodhart's Law, as soon as a measure becomes a target, gaming ensues, which undermines its function as a measure...



09.08.20

Money from bank hacks rarely gets laundered through cryptocurrencies

Despite being considered a cybercrime haven, cryptocurrencies play a very small role in laundering funds obtained from bank hacks; the SWIFT financial organization said in a report last week.



09.08.20

Why Your Fund Manager Isn't Looking for Fraud

For more than a decade, short sellers had questioned German payments processor Wirecard's accounting- so much so that hedge fund manager Leo Perry of Ennismore Fund Management called the company's suspect financials "the best documented fraud that we've ever come across."



09.08.20

Researchers Find New Way for Criminals to Launder Money Using Bitcoin

Criminals could use "Exclusive mining" to pass off their money laundering as Bitcoin mining income.



09.08.20

How clients of a financial guru facing fraud complaint lost bets on the dead

Since financial adviser Dean Vagnozzi was charged with fraud in a government lawsuit in July, he has been castigated by regulators for how he steered customers to Par Funding, a Philadelphia lender founded by a twice-convicted felon.



09.08.20

Amazon takes down a five-star fraud in the UK

The company deleted 20,000 suspicious reviews following Financial Times investigation



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