Tag: financial_crime
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CFTC Secures Over $500,000 in Penalties and Trading Bans for Commodity Pool Fraud
The CFTC announced court orders against Steven Likos and Archie Rice, directing them to pay over $500,000 in penalties and imposing trading bans for their involvement in commodity pool fraud and related violations.
Law EnforcementBusinessPolitics and GovernmentLegalFinancial MarketsFederal GovernmentEconomy Commodity Pool FraudCFTCSteven LikosArchie RiceTrading BansFinancial CrimeLegal Action
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FinCEN Renews Order Targeting Illicit Cash Flows at Southwest Border MSBs
FinCEN renewed a GTO for southwest border MSBs, requiring reports on cash transactions of $1,000 or more. This targets drug cartels and illicit financial flows in New Mexico and Texas, effective September 3, 2026.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyLegalSocial IssuesFinancial Markets FinCENGeographic Targeting OrderMoney Services BusinessesSouthwest BorderDrug CartelsCurrency Transaction ReportsFinancial CrimeFinancial Crimes Enforcement Network
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CFTC Orders Gabriel Perez to Pay $172,000 for Insider Trading
Gabriel Perez was ordered by the CFTC to pay $172,000 for insider trading. He used confidential government information to trade event contracts on a prediction market platform for personal profit, settling charges with the commission.
BusinessPolitics and GovernmentLaw EnforcementFederal GovernmentFinancial MarketsLegal Gabriel PerezCFTCInsider TradingEvent ContractsPrediction MarketFinancial Crime
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Pittsford Man Pleads Guilty in Son's Credit Card Scam
Talib Hussain, 75, of Pittsford, pleaded guilty to misprision of a felony, admitting he knew his son used fraudulent credit cards to pay his property taxes but failed to notify authorities.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentLegalBanking Talib HussainMirza KhanPittsfordCredit Card ScamMisprision of a FelonyFinancial CrimeFederal Bureau of InvestigationSocial Security Administration
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Dartmouth Professor Eric Zitzewitz Cited in New York Times on Prediction Markets and Insider Trading
Dartmouth economics professor Eric Zitzewitz was featured in The New York Times for his analysis of prediction markets, including their role in flagging potential insider trading, a growing area of financial scrutiny.
BusinessScience & TechnologyMediaEconomyFinancial MarketsComputers and InternetEducationDigital and Print Publishing Eric ZitzewitzDartmouth CollegeEconomicsPrediction MarketsInsider TradingThe New York TimesFinancial Crime
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SEC Charges Toms River Trio in Alleged $47 Million Affinity Fraud
SEC charges three Toms River residents in a $47 million affinity investment fraud. Over 87 investors, mainly from Orthodox Jewish communities, were allegedly targeted in the scheme.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyFinancial MarketsLegalSocial Issues SECToms RiverNew JerseyInvestment FraudAffinity FraudOrthodox Jewish CommunitiesFinancial Crime
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FinCEN Report Flags Nearly $5 Billion in Suspected Human Smuggling Funds
A new FinCEN analysis reveals financial institutions identified nearly $5 billion linked to suspected human smuggling between 2023 and 2025, citing unverifiable relationships, migration route transactions, and excessive cash activity along the U.S. southwest border.
Politics and GovernmentLaw EnforcementBusinessFederal GovernmentLegalSocial IssuesEconomy FinCENHuman SmugglingFinancial CrimeBank Secrecy ActSouthwest BorderFinancial InstitutionsMoney LaunderingFinancial Crimes Enforcement Network
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CFTC Charges Goliath Ventures and CEO in $400 Million Fraud Scheme
The CFTC has filed a complaint against Goliath Ventures Inc. and CEO Christopher Delgado in Florida, alleging a $400 million fraud scheme, underscoring efforts to protect market integrity.
BusinessLaw EnforcementFinancial MarketsLegalFederal Government CFTCGoliath Ventures Inc.Christopher DelgadoFraud SchemeFloridaFinancial CrimeComplaint
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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