Tag #Financial Crime

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foxnews.com

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Sep 14, 07:16

Georgia Church Leaders Indicted on $22 Million Fraud Charges

Federal prosecutors indicted the founder and leaders of the House of Prayer Christian Churches of America for a decades-long, $22 million fraud scheme targeting military members and veterans, resulting in an FBI raid and arrests in Georgia.

Georgia Church Leaders Indicted on $22 Million Fraud Charges

Federal prosecutors indicted the founder and leaders of the House of Prayer Christian Churches of America for a decades-long, $22 million fraud scheme targeting military members and veterans, resulting in an FBI raid and arrests in Georgia.

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How did the alleged fraud scheme operate, and what is the scale of its impact?

The scheme allegedly involved "straw buyer real estate purchases," misusing VA education benefits, and filing false tax returns. It spanned nearly two decades, involved 150-200 properties, and resulted in over $5.2 million in rental income from 2018-2020, with mortgages intentionally defaulted on. More than 200 grand jury subpoenas were issued.

welt.de

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Sep 10, 07:21

Investment Fraud in Baden-Württemberg Results in Millions in Losses

International investment fraudsters operating in Baden-Württemberg, Germany, have defrauded victims of millions of euros through a sophisticated scheme involving fake online trading platforms and promises of high returns.

Investment Fraud in Baden-Württemberg Results in Millions in Losses

International investment fraudsters operating in Baden-Württemberg, Germany, have defrauded victims of millions of euros through a sophisticated scheme involving fake online trading platforms and promises of high returns.

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How do the perpetrators establish trust, and what specific techniques are used to manipulate their victims?

Trust is built through messaging apps like WhatsApp and Telegram, presenting fake success stories and using fake profiles to appear legitimate. They direct victims to seemingly authentic trading platforms, showing early, fake profits before demanding additional fees or taxes, or blocking accounts, leaving victims with no access to their money.

bbc.com

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Sep 8, 19:21

Former NASA Scientist Jailed for £1m Investment Fraud

A former NASA scientist, 85-year-old John Burford, was sentenced to two years in prison for defrauding over 100 investors of £1m through his unauthorized investment firm, Financial Trading Strategies, between 2016 and 2021, using the funds for personal expenses including a house purchase.

Former NASA Scientist Jailed for £1m Investment Fraud

A former NASA scientist, 85-year-old John Burford, was sentenced to two years in prison for defrauding over 100 investors of £1m through his unauthorized investment firm, Financial Trading Strategies, between 2016 and 2021, using the funds for personal expenses including a house purchase.

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How did Burford attract investors and what methods did he use to perpetrate the fraud?

Burford, leveraging his NASA background and PhD in physics, attracted investors through blogs, self-published articles, and a book. He misled investors about fund performance, concealed losses, and misappropriated their money. The FCA found he only traded £760,000 of the over £1m he received, with much lost and substantial amounts used for personal expenses.

foxnews.com

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Aug 31, 07:20

Former Postal Investigator Charged with $330,000 Fraud

A former U.S. Postal investigator, Scott Kelley, 51, was charged with stealing over $330,000 from packages, using the funds for personal expenses including escorts, home renovations, and vacations.

Former Postal Investigator Charged with $330,000 Fraud

A former U.S. Postal investigator, Scott Kelley, 51, was charged with stealing over $330,000 from packages, using the funds for personal expenses including escorts, home renovations, and vacations.

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How did Kelley execute the fraud, and who were the victims?

Kelley allegedly deceived postal workers into sending him packages from victims of a Jamaican lottery scam, then stole the cash inside. The indictment identifies seven victims, aged 75-82, who each sent between $1,400 and $19,100, none of whom recovered their money or packages. He laundered the money using postal money orders and numerous bank deposits.

foxnews.com

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Aug 31, 07:19

New Hampshire Mother Accused of Embezzlement Kills Family in Murder-Suicide

Emily Long, a New Hampshire woman accused of embezzling over \$600,000 from her employer, committed murder-suicide, killing her husband, two children, and herself on August 18, 2023.

New Hampshire Mother Accused of Embezzlement Kills Family in Murder-Suicide

Emily Long, a New Hampshire woman accused of embezzling over \$600,000 from her employer, committed murder-suicide, killing her husband, two children, and herself on August 18, 2023.

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What was the immediate consequence of Emily Long's actions?

Emily Long's actions resulted in the deaths of her husband, Ryan Long (48), and two children, Parker (8) and Ryan (6), in a murder-suicide on August 18, 2023. Her surviving toddler was unharmed. This event also brought to light her alleged embezzlement of over $600,000 from her employer.

bbc.com

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Aug 29, 01:19

Brazil's Massive Crackdown on PCC's R$52 Billion Money Laundering Scheme

Brazilian authorities launched three major operations against the Primeiro Comando da Capital (PCC), seizing assets and arresting suspects in a scheme that allegedly laundered R$52 billion through investment funds and fuel sales, highlighting the infiltration of organized crime into the country's fi...

Brazil's Massive Crackdown on PCC's R$52 Billion Money Laundering Scheme

Brazilian authorities launched three major operations against the Primeiro Comando da Capital (PCC), seizing assets and arresting suspects in a scheme that allegedly laundered R$52 billion through investment funds and fuel sales, highlighting the infiltration of organized crime into the country's fi...

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How did the PCC utilize fintechs and investment funds to launder money and protect its assets?

The operations, dubbed Carbono Oculto, Quasar, and Tank, uncovered a four-stage process: (1) PCC-controlled importers purchased fuel abroad, (2) fuel was distributed through a network of approximately 1,000 gas stations across 10 states, evading taxes, (3) proceeds were laundered via gas stations, convenience stores, and fintechs like BK Bank, and (4) funds were invested in investment funds based near Avenida Faria Lima to shield assets.

forbes.com

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Sep 12, 04:16

Paul Regan Indicted on Multi-Million Dollar Ponzi Scheme Charges

Paul Regan, through his companies Next Level Holdings LLC, Yield Wealth Ltd, and Yield Capital Management, defrauded over 330 investors of more than $63 million in a Ponzi scheme involving fake high-yield term deposits and forged insurance documents, resulting in both criminal and civil charges.

Paul Regan Indicted on Multi-Million Dollar Ponzi Scheme Charges

Paul Regan, through his companies Next Level Holdings LLC, Yield Wealth Ltd, and Yield Capital Management, defrauded over 330 investors of more than $63 million in a Ponzi scheme involving fake high-yield term deposits and forged insurance documents, resulting in both criminal and civil charges.

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What are the broader implications and lessons learned from this case?

The case highlights the dangers of investing without understanding the investment and conducting thorough due diligence on the investment provider. Regan's prior history of fraud and FINRA lifetime ban underscore the importance of researching an individual's background before investing; in this case, the impossibility of investing in ACA policies was easily verifiable.

zeit.de

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Sep 10, 07:22

Investment Fraudsters Cause Millions in Damages in Baden-Württemberg

Investment scammers using messaging apps like WhatsApp and Telegram have defrauded numerous people in Baden-Württemberg, Germany, out of millions of euros by promising high returns and using deceptive tactics.

Investment Fraudsters Cause Millions in Damages in Baden-Württemberg

Investment scammers using messaging apps like WhatsApp and Telegram have defrauded numerous people in Baden-Württemberg, Germany, out of millions of euros by promising high returns and using deceptive tactics.

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What are the long-term implications of these scams, and what preventative measures can be taken by potential victims?

The long-term implications include severe financial hardship for victims, erosion of trust in legitimate financial institutions, and potential widespread financial instability. Preventative measures include ignoring unsolicited investment offers via messaging apps, independently verifying the legitimacy of trading platforms through the BaFin database, and never sharing sensitive financial data or making payments to unknown entities.

theglobeandmail.com

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Sep 5, 04:17

Canada's Lackluster National Risk Assessment for Money Laundering and Terrorist Financing

Canada's recently released national risk assessment for money laundering and terrorist financing is criticized for its lack of depth, outdated information, and insufficient guidance for businesses, contrasting sharply with the more frequent and comprehensive assessments of other countries like the U...

Canada's Lackluster National Risk Assessment for Money Laundering and Terrorist Financing

Canada's recently released national risk assessment for money laundering and terrorist financing is criticized for its lack of depth, outdated information, and insufficient guidance for businesses, contrasting sharply with the more frequent and comprehensive assessments of other countries like the U...

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What are the key shortcomings of Canada's 2025 national risk assessment on money laundering and terrorist financing?

The assessment is criticized for its shallow analysis, reliance on outdated data (e.g., a five-year-old estimate of money laundering), and insufficient quantification of terrorism financing and proliferation financing. It offers limited actionable intelligence for businesses mandated to use it for compliance.

t24.com.tr

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Aug 31, 10:20

Turkey Seizes \$22 Million in Assets During Cybercrime Crackdown

Turkish authorities announced the arrest of 198 suspects and the seizure of 189,087,000 Turkish Lira (approximately \$22 million USD) in assets during a 10-day cybercrime operation targeting online child abuse, fraud, and illegal gambling.

Turkey Seizes \$22 Million in Assets During Cybercrime Crackdown

Turkish authorities announced the arrest of 198 suspects and the seizure of 189,087,000 Turkish Lira (approximately \$22 million USD) in assets during a 10-day cybercrime operation targeting online child abuse, fraud, and illegal gambling.

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What were the key findings of Turkey's recent cybercrime operation?

In a 10-day operation across 19 Turkish provinces, authorities arrested 198 suspects involved in online child abuse, fraud, and illegal gambling. They seized 189,087,000 Turkish Lira (approximately \$22 million USD) in assets. 49 suspects were arrested, 10 were released on probation, and the cases of others are ongoing.

bbc.com

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Aug 30, 04:15

Brazil Tightens Fintech Regulations to Curb Money Laundering

Brazil's tax authority has implemented stricter regulations on fintechs, mirroring those for traditional banks, to curb money laundering and combat organized crime.

Brazil Tightens Fintech Regulations to Curb Money Laundering

Brazil's tax authority has implemented stricter regulations on fintechs, mirroring those for traditional banks, to curb money laundering and combat organized crime.

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How will these regulations impact fintech operations and costs?

Fintechs face increased operational costs due to the need for strengthened corporate governance, including enhanced internal controls, new systems, and dedicated personnel to monitor transactions for suspicious activities. They must report atypical transactions to the Central Bank and Coaf, potentially requiring client clarifications.

cnnespanol.cnn.com

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Aug 29, 04:15

Mexican Cartels Launder $312 Billion via Chinese Networks

The U.S. Treasury Department's FinCEN announced that Mexican drug cartels laundered approximately $312 billion through Chinese networks between 2020 and 2024, using trade-based money laundering, money mules, and mirror transactions, due to financial restrictions in Mexico and China.

Mexican Cartels Launder $312 Billion via Chinese Networks

The U.S. Treasury Department's FinCEN announced that Mexican drug cartels laundered approximately $312 billion through Chinese networks between 2020 and 2024, using trade-based money laundering, money mules, and mirror transactions, due to financial restrictions in Mexico and China.

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How do restrictions in both Mexican and Chinese financial systems facilitate the use of these transnational money laundering networks?

Mexican cartels leverage these Chinese networks due to restrictions within Mexico's financial system, forcing them to use methods outside the country to launder drug profits. The Chinese networks operate outside of China for similar reasons. The cartels involved include the Jalisco New Generation Cartel, Sinaloa Cartel, and Gulf Cartel, all previously designated as terrorist organizations.

Showing 1 to 12 of 213 results