Tag: financial_crime
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FinCEN Alerts Financial Institutions to Federal Student Aid Fraud Schemes
FinCEN has issued an alert to financial institutions regarding widespread fraud targeting federal student aid. The alert details schemes involving 'ghost students' and 'straw students' and urges vigilance to detect and report suspicious activity.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyEducationLegalArtificial Intelligence FinCENFederal Student AidFraud SchemesFinancial CrimeGovernment Benefits FraudU.S. TreasuryScott BessentUS Treasury
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FinCEN Extends Comment Period for Huione Group Rule Due to Technical Glitch
FinCEN has extended the comment period for its proposed rule on Huione Group, a financial institution of money laundering concern, until August 2, 2026. This follows a six-day technical issue preventing electronic submissions.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentLegalBankingEconomy FinCENHuione GroupH-Pay Service PLCMoney LaunderingComment PeriodRegulatory AmendmentFinancial CrimeFinancial Crimes Enforcement Network
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Former Hominy Bookkeeper Sentenced for $393K Bank Fraud
A former Hominy bookkeeper, Susan Marie Garrison, received a 33-month prison sentence for bank fraud. She stole over $393,000 from a family business by writing more than 240 checks to herself between 2017 and 2022.
Politics and GovernmentBusinessLaw EnforcementLegalFederal GovernmentBanking Susan Marie GarrisonBank FraudHominySand SpringsFBISentencingFinancial Crime
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California Man Sentenced for $39M Bank Fraud Scheme
Gary Topolewski, 64, of Northridge, California, received a 78-month prison sentence for a nearly decade-long bank fraud scheme. He defrauded multiple financial institutions of $39 million, ordered to pay $19.4M restitution and $21.8M forfeiture.
BusinessLaw EnforcementBankingLegalFederal GovernmentFinancial Markets Gary TopolewskiBank FraudFinancial CrimeNevadaSentencingFBIRestitution
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Securities Filing Agent Employee Sentenced to 27 Months for $2.3 Million Insider Trading Scheme
Justin Chen received a 27-month prison sentence for insider trading, profiting $2.38 million from 13 companies by misusing non-public information from his role at an EDGAR filing agent. He was also ordered to forfeit gains and pay restitution.
BusinessLaw EnforcementFinancial MarketsLegalFederal GovernmentEconomy Justin ChenInsider TradingSecurities FraudBrooklynEDGARSECFinancial CrimeFBI
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Treasury Targets Iran's Financial Network Supporting Supreme Leader and IRGC
The U.S. Treasury sanctioned Ali Ansari, a key financier for Iran's Supreme Leader, and several exchange houses. These actions target a global embezzlement network and illicit financial activities supporting regime elites and the IRGC, following recent Strait of Hormuz attacks.
Politics and GovernmentBusinessConflictIranEconomyBankingMiddle EastMilitaryLegal Ali AnsariIran sanctionsU.S. Department of the TreasuryOFACMojtaba KhameneiIslamic Revolutionary Guard CorpsFinancial CrimeUS Treasury
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Postal Employees Sentenced for $320,000 Fraud Scheme in Long Island City
Three U.S. Postal Service employees in Long Island City, NY, were caught in a $320,000 fraud scheme involving stolen Treasury checks and money orders. A whistleblower's tip led to their arrests, convictions, and significant restitution for victims.
Politics and GovernmentLaw EnforcementBusinessFederal GovernmentLegalEmployment and LaborEconomy Long Island CityPostal Servicefinancial crimefraudU.S. Treasury checksPostal Money OrdersWhistleblower
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Florida Woman Pleads Guilty in $3 Million Business Email Compromise Scam
A Florida woman pleaded guilty to a business email compromise scheme, defrauding victims of over $3 million. Zamar McPherson admitted to bank and wire fraud, agreeing to restitution and forfeiture, and faces up to 30 years in prison.
Law EnforcementBusinessPolitics and GovernmentFederal GovernmentState GovernmentsBankingComputers and InternetLegal Zamar McPhersonBusiness Email CompromiseWire FraudBank FraudFloridaFBIFinancial Crime
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Former Western Asset Management CIO Pleads Guilty to Obstructing Fraud Investigation
Former WAMCO Chief Investment Officer S. Kenneth Leech II pleaded guilty to obstructing an SEC investigation into his $600 million 'cherry-picking' scheme, favoring some clients while causing losses for others. He faces up to five years in prison.
BusinessLaw EnforcementPolitics and GovernmentFinancial MarketsLegalFederal GovernmentEconomy S. Kenneth Leech IIWestern Asset Management CompanyObstruction of JusticeInvestment FraudSECCherry-pickingFinancial CrimeFBI
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Last Defendant Pleads Guilty in Multi-State Penny Stock Fraud Scheme
The final defendant in a multi-state penny stock manipulation scheme has pleaded guilty, concluding a case that saw investors lose over $26 million. Six men from Florida conspired to inflate stock prices and fund lavish lifestyles.
Law EnforcementBusinessPolitics and GovernmentFederal GovernmentFinancial MarketsLegal Securities FraudPenny StockStock ManipulationFinancial CrimeCharles VaccaroClevelandFBI
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Postal Employees Convicted in Long Island City Check and Identity Theft Scheme
A whistleblower exposed a $320,000 check and identity theft scheme by three U.S. Postal Service employees in Long Island City, leading to convictions, restitution, and forfeited assets, safeguarding postal operations and customer funds.
Law EnforcementBusinessPolitics and GovernmentFederal GovernmentEmployment and LaborLegal U.S. Postal ServiceLong Island CityCheck TheftIdentity TheftPostal Money OrdersU.S. Treasury Inspector General for Tax AdministrationFinancial Crime
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Shavertown Man Convicted of Bank Fraud and Conspiracy
James Mahon, IV, a former Tammac Holdings executive, was found guilty of bank fraud and conspiracy. He manipulated loan portfolios, falsified payments, and misled investors from 2008 to 2021, facing significant penalties.
Law EnforcementBusinessLegalBankingFederal GovernmentFinancial Markets James Mahon IVBank FraudConspiracyTammac HoldingsShavertownFBIFinancial Crime
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SEC Establishes New Retail Fraud Working Group
The SEC has formed a new Retail Fraud Working Group to bolster the Division of Enforcement's efforts. This group will focus on identifying and combating fraud specifically targeting everyday investors, enhancing protection in financial markets.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyFinancial MarketsLegal Securities and Exchange CommissionRetail Fraud Working GroupFraudInvestorsEnforcementFinancial CrimeGovernment
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Former Trading Executive Sentenced to 24 Years for $179 Million ForEx Fraud
Former trading executive Michael Shawn Stewart received a 24-year prison sentence and $93 million restitution for defrauding investors of $179 million. He and co-defendant Bryant Edwin Sewall used Mediatrix Capital and Blue Isle Markets to run a fraudulent ForEx trading…
BusinessLaw EnforcementPolitics and GovernmentEconomyLegalFederal GovernmentFinancial Markets Michael Shawn StewartBryant Edwin SewallWire FraudForeign Currency ExchangeMediatrix CapitalBlue Isle MarketsFinancial CrimeFBI
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Venezuelan Nationals Charged in $500K ATM Jackpotting Scheme
Four Venezuelan nationals face federal charges for allegedly stealing over $500,000 from Connecticut ATMs in an elaborate "jackpotting" scheme, involving specialized hardware and malware.
Law EnforcementPolitics and GovernmentBusinessFederal GovernmentLegalEconomySocial Issues ATM jackpottingFinancial CrimeConnecticutVenezuelan nationalsFBIConspiracyStolen property
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Former Tomball ISD Officer Charged in Nearly $1M Wire Fraud Scheme
A former Tomball ISD financial officer faces wire fraud charges for allegedly stealing nearly $1 million by reversing property tax payments. Kristi Williams is accused of diverting funds for personal use between 2018 and 2023.
Law EnforcementPolitics and GovernmentLegalEducationFederal Government Kristi WilliamsTomball ISDWire FraudProperty TaxFinancial CrimeFBIHouston
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Nashville Man Pleads Guilty in $1.5 Million Fresno County Wire Fraud Scheme
A Franklin, Tennessee man pleaded guilty to wire fraud conspiracy, admitting to his role in a scheme that diverted over $1.5 million from Fresno County by impersonating a nonprofit's finance director and altering bank details.
Politics and GovernmentLaw EnforcementFederal GovernmentLegalEconomyEurope Jafaar September NyangoroFresno CountyWire FraudConspiracyFBIFranklin, TennesseeFinancial Crime
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Former CEO Pleads Guilty to $24 Million Embezzlement Scheme
Former CEO Patrick Alan Bucknum admitted to wire fraud, embezzling over $24 million from Community Clinic Network. He used company funds for risky investments and luxury personal items, leading to significant losses. Sentencing is set for September 23, 2026.
Law EnforcementBusinessLegalFinancial MarketsFederal GovernmentEconomy Patrick Alan BucknumCommunity Clinic NetworkWire FraudEmbezzlementWenatchee, WashingtonFBIFinancial Crime
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Addiction Recovery Care Founder Indicted for Multi-Million Dollar Wire Fraud and Money Laundering
Timmy G. Robinson, Jr., founder of Addiction Recovery Care, faces wire fraud and money laundering charges in Lexington, KY. He allegedly sold the same Employee Retention Credits twice for millions, then directed his company not to repay buyers.
BusinessLaw EnforcementPolitics and GovernmentEconomyLegalFederal GovernmentFinancial Markets Timmy G. Robinson Jr.Addiction Recovery CareWire FraudMoney LaunderingEmployee Retention CreditLexington, KYFinancial CrimeFBI
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Urbandale Businessman Pleads Guilty to PPP Loan and Bankruptcy Fraud
An Urbandale businessman admitted guilt to PPP loan fraud and bankruptcy fraud, having inflated business financials for a $265,567 loan and made false statements during bankruptcy. Sentencing is set for October 2026.
BusinessLaw EnforcementPolitics and GovernmentEconomyLegalFederal GovernmentFinancial Markets Henry J. SchappertUrbandalePPP Loan FraudBankruptcy FraudFBIU.S. BankFinancial Crime
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Jury Convicts Former South Lake Tahoe Man in Nearly $1 Million Crypto and Investment Fraud
Daniel Chartraw, 53, was found guilty of defrauding investors of nearly $1 million through cryptocurrency and sham business ventures. He used aliases and false promises, never investing funds as represented. Sentencing is set for September 2026.
Law EnforcementBusinessLegalEconomyFinancial MarketsFederal Government Daniel ChartrawCryptocurrency FraudInvestment FraudSacramentoSouth Lake TahoeFBIFinancial Crime
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Ann Arbor Commodities Trader Pleads Guilty to Multi-Million-Dollar Fraud
Ann Arbor commodities trader Brian Mitchell pleaded guilty to wire fraud, admitting to a multi-million-dollar scheme that defrauded investors of over $2.7 million. He violated a CFTC ban, falsely guaranteeing returns and misrepresenting fund security.
BusinessLaw EnforcementLegalFinancial MarketsEconomy Brian MitchellAnn ArborCommodities TradingFraudWire FraudFBICFTCFinancial CrimeLegal IssuesInvesting
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Texas Man Indicted in $4 Million Investment Fraud Scheme
A Texas man faces wire fraud charges for allegedly swindling over $4 million from more than twenty victims through false investment promises. He reportedly spent funds on luxury items, facing significant prison time if convicted.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyLegalFinancial Markets Shawn R. Ware Sr.Wire FraudInvestment ScamNew OrleansFBIFinancial CrimeTexas
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FinCEN Honors Law Enforcement for Combating Financial Crime with BSA Data
FinCEN honored seven law enforcement cases for using Bank Secrecy Act data, leading to 96 convictions, $1.1 billion seized, and $347 million in restitution. Cases included major fraud, human trafficking, and money laundering, highlighting public-private collaboration.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyBankingLegalSocial Issues FinCENFinancial CrimeBank Secrecy ActMoney LaunderingHuman TraffickingTD BankFinancial Crimes Enforcement Network
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Federal Jury Convicts Duo in $25 Million Wire Fraud and Money Laundering Scheme
A federal jury convicted Demani and Tanya Bosket for their roles in a $25 million wire fraud and money laundering scheme. The duo managed U.S.-based operations, diverting funds from various transactions, with over $2.5 million recovered.
Law EnforcementBusinessScience & TechnologyLegalEconomyComputers and InternetFederal Government Demani Jawara BosketTanya Lashawn BosketWire FraudMoney LaunderingBusiness Email CompromiseSouth CarolinaFinancial CrimeFBI
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Media Monitor: Check Fraud Skyrocketing, FBI and Postal Service Warn
The Washington Post reports a joint warning from the FBI and U.S. Postal Service about skyrocketing check fraud. Criminals are using household chemicals to alter checks, rewriting them to themselves.
Law EnforcementBusinessPolitics and GovernmentFederal GovernmentLegalEconomySocial Issues Check fraudFBIU.S. Postal ServiceCriminalsHousehold chemicalsFinancial crimeFraudThe Washington Post
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Four Arrested in Puerto Rico for Identity Theft, Fraud, and Forced Labor Scheme
Four individuals were arrested in Puerto Rico for a 21-count indictment involving identity theft, wire fraud, bank fraud, and forced labor. The scheme defrauded banks of over $114,000 and exploited vulnerable victims.
Law EnforcementBusinessPolitics and GovernmentBankingEmployment and LaborSocial IssuesLegalFederal Government Puerto RicoIdentity TheftWire FraudBank FraudForced LaborFBIFinancial Crime
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Florida Man Sentenced to 41 Months for Defrauding Virginia Doctor of Nearly $500,000
A Florida man received 41 months in federal prison for defrauding a Lynchburg doctor of nearly $500,000. Tommie Lee Nelson posed as a hard money lender, diverting funds intended for a commercial building purchase to casinos and personal use.
Law EnforcementBusinessLegalFederal GovernmentReal EstateEconomy Wire FraudTommie Lee NelsonLynchburg, VirginiaMiramar, FloridaFederal PrisonFBIFinancial Crime
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FBI Warns Americans of Rising Elder Fraud Ahead of Awareness Day
The FBI is urging vigilance against elder fraud, reporting $7.7 billion in losses in 2025, a 37% increase. Ahead of World Elder Abuse Awareness Day on June 15, the agency highlights common scams and offers protection tips, emphasizing daily awareness…
Law EnforcementBusinessPolitics and GovernmentFederal GovernmentEconomyLegalSocial Issues Elder FraudFBIScamsFinancial CrimeWorld Elder Abuse Awareness DayInternet Crime Complaint Center (IC3)Consumer Protection
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Norfolk Woman Sentenced for Embezzling Over $123,000 to Cover Gambling Debts
A Norfolk woman received a year and six months in prison for wire fraud. Katherine Louise Henderson embezzled over $123,000 from her employer, a brake products manufacturer, to pay online gambling debts and support a shopping habit.
Law EnforcementBusinessLegalEmployment and LaborSocial Issues Katherine Louise HendersonNorfolkwire fraudembezzlementgambling debtsFBIFinancial Crime