Tag: fraud
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Media Monitor: Colorado Couple Faces Fraud Charges Over "God-Guided" Cryptocurrency
MIT Technology Review reports a Colorado couple faces civil and criminal charges for allegedly defrauding over 500 investors of $3 million through a 'God-guided' cryptocurrency, INDXcoin, spending a significant portion on personal expenses.
Politics and GovernmentBusinessLaw EnforcementFinancial MarketsLegalFederal GovernmentState GovernmentsSocial Issues Eli RegaladoKaitlyn RegaladoINDXcoinCryptocurrencyFraudColoradoReligious CommunitiesMIT Technology ReviewMITsciencetechnology
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SSA Warns Public of Direct Deposit Scams Tied to Fake Prize Offers
The Social Security Administration warns beneficiaries about a scam where fraudsters demand direct deposit changes to claim fake prizes. This scheme can cut off access to benefits and compromise bank accounts. Never alter direct deposit information due to unsolicited prize…
Politics and GovernmentLaw EnforcementBusinessFederal GovernmentLegalSocial IssuesEconomy Social Security AdministrationSSAscamdirect depositprizefraudbenefits
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Governor Spanberger Appoints Daniel Young as Virginia's New State Inspector General
Governor Abigail Spanberger appointed Daniel Young as Virginia's State Inspector General. Young, with a strong background in prosecuting fraud and protecting taxpayers, will lead efforts to combat waste and abuse, ensuring government accountability for all Virginians.
Politics and GovernmentLaw EnforcementState GovernmentsGeneral PoliticsLegalEconomy Daniel YoungAbigail SpanbergerVirginiaState Inspector GeneralGovernment AccountabilityFraudPublic ServiceReston
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FinCEN Uncovers Nearly $13 Billion in Digital Asset Scams, Urges Vigilance
FinCEN warns financial institutions about nearly $13 billion linked to sophisticated digital asset investment scams, often called 'pig butchering,' operated by overseas criminal organizations, urging vigilance and reporting.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentBankingFinancial MarketsAsia FinCENDigital AssetsScamsFraudFinancial CrimesPig ButcheringSoutheast AsiaFinancial Crimes Enforcement Network
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Federal Agencies Clarify SAR Confidentiality for Banks on Customer Fraud Communications
Federal agencies clarified Suspicious Activity Report confidentiality for banks communicating with customers about fraud. The joint statement aims to guide financial institutions on balancing disclosure with regulatory requirements.
BusinessPolitics and GovernmentFederal GovernmentBankingLegalEconomy Suspicious Activity ReportsFinancial RegulationFraudFinCENOCCConfidentialityOffice of the Comptroller of the Currency (OCC)
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FinCEN and Federal Agencies Clarify SAR Confidentiality for Customer Communications
FinCEN and federal banking agencies clarify SAR confidentiality rules, allowing banks to discuss underlying facts of suspicious transactions and account closures with customers without revealing SAR existence, enhancing transparency in fraud investigations.
BusinessPolitics and GovernmentLaw EnforcementFederal GovernmentBankingLegalEducationSocial Issues Financial Crimes Enforcement NetworkSuspicious Activity ReportSAR ConfidentialityFraudCustomer CommunicationFinancial Regulation
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Arlington Police Warn Residents of Rising Scams, Offer Prevention Tips
The Arlington County Police Department is alerting residents to common scams like fake warrants, bank fraud, and spam texts. Learn how to recognize, avoid, and report these fraudulent activities to protect your personal and financial information.
Law EnforcementBusinessPolitics and GovernmentEconomyEducationSocial IssuesState Governments Arlington County Police DepartmentScamsFraudConsumer ProtectionCybercrimeJury Duty ScamBank Account ScamArlington County GovernmentReston
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SSA Warns Public Against Social Security Number Scams
The Social Security Administration warns against scams where fraudsters impersonate SSA or OIG employees to trick individuals into sharing their Social Security Numbers for 'verification,' leading to identity theft. Never share your SSN with unexpected contacts.
Politics and GovernmentLaw EnforcementFederal GovernmentLegalSocial IssuesEducation Social Security AdministrationSSAOIGscamidentity theftSocial Security Numberfraud
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SEC Charges 38 Entities Over False Filings to Lure Investors
The SEC has charged 38 entities for allegedly making false filings in Forms ADV between 2025 and 2026. These firms are accused of misrepresenting themselves as legitimate U.S. advisory firms to attract retail investors.
BusinessPolitics and GovernmentLaw EnforcementFederal GovernmentEconomyFinancial MarketsLegal SECInvestment AdvisersFalse FilingsRetail InvestorsFraudForms ADVSecurities Regulation
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SEC Charges Former Tricolor Executives with Fraud in $1.9 Billion Collapse
The SEC has charged former Tricolor Holdings executives Daniel Chu, Jerome Kollar, and Ameryn Seibold with fraud. The charges relate to an alleged multi-year scheme that contributed to the subprime auto lender's $1.9 billion collapse.
BusinessLaw EnforcementPolitics and GovernmentEconomyFinancial MarketsLegalFederal Government SECTricolor HoldingsDaniel ChuJerome KollarAmeryn SeiboldFraudSubprime Auto Lender
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SEC Charges Boiler Room Operator in $74 Million Pre-IPO Scam
The SEC has charged Andrew Spaventa and three entities with fraud in a $74 million pre-IPO investment scam, alleging unregistered securities offerings defrauded retail investors.
BusinessLaw EnforcementPolitics and GovernmentEconomyFinancial MarketsLegalFederal Government SECAndrew SpaventaFraudPre-IPO InvestmentSecurities OfferingsRetail InvestorsBoiler Room
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USPS Employees, Others Sentenced in Multi-Million Dollar Pandemic Relief Fraud
A joint investigation uncovered a multi-million dollar fraud scheme involving USPS employees and others who illegally obtained pandemic relief funds and workers' compensation. Eight co-conspirators received federal prison sentences and were ordered to pay over $2 million in restitution.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyEmployment and LaborLegal USPSFraudPandemic ReliefPPP LoansWorkers' CompensationMiamiFederal Prison
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Media Monitor: Washington Post Uncovers Widespread GI Bill Fraud
The Washington Post's investigation revealed over $300 million in GI Bill fraud involving for-profit trade schools, with some veterans participating to collect housing subsidies.
BusinessPolitics and GovernmentMediaLaw EnforcementEconomyEducationLegalFederal GovernmentSocial Issues GI BillFraudVeteransTrade SchoolsInvestigationWashington PostPublic Records LawsuitThe Washington Post
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FinCEN Renews Minnesota Fraud Targeting Order to Combat Billions in Diverted Funds
FinCEN has renewed its Geographic Targeting Order in Minnesota to combat extensive fraud schemes. This measure aims to protect taxpayers by identifying and recovering billions in state and federal funds fraudulently diverted, including money laundered overseas.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentState GovernmentsEconomyLegal FinCENMinnesotaGeographic Targeting OrderFraudMoney LaunderingTaxpayersGovernment BenefitsFinancial Crimes Enforcement Network
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Treasury Renews Order to Combat Minnesota Fraud, Target Overseas Money Laundering
FinCEN renewed its Geographic Targeting Order in Minnesota to combat extensive fraud diverting billions in state and federal aid. The order requires enhanced reporting on international money transfers over $3,000 from Hennepin and Ramsey Counties, aiming to recover taxpayer dollars…
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyBankingLegal FinCENGeographic Targeting OrderMinnesotaFraudMoney LaunderingUS TreasuryGovernment Benefits
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Rhode Island DHS Supervisor Pleads Guilty in SNAP Fraud Scheme
A Rhode Island DHS supervisor pleaded guilty to defrauding the SNAP program, misusing her position to access over $300,000 in benefits from vulnerable recipients. The scheme involved altering PINs and unauthorized inquiries.
Politics and GovernmentLaw EnforcementGeneral PoliticsFederal GovernmentState GovernmentsEconomyLegal Nadine Jean BaptisteRhode Island Department of Human ServicesSupplemental Nutrition Assistance ProgramFraudEBT cardsWarwickPublic CorruptionSocial Security Administration
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SEC Establishes New Unit to Combat Financial Reporting Fraud
The SEC has created a specialized unit within its Enforcement Division. This new unit will focus on combating accounting and financial reporting fraud, providing dedicated expertise and capacity to pursue complex cases more effectively.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentFinancial MarketsLegal Securities and Exchange CommissionSECEnforcement DivisionFinancial ReportingAccounting FraudFraudRegulatory Enforcement
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SSA Warns Public of Fake "Call Transfer" Scams
The Social Security Administration (SSA) and its Office of Inspector General (OIG) are alerting the public to a new scam involving fake call transfers from imposter retailers or agencies, aiming to steal personal and financial information.
Politics and GovernmentLaw EnforcementBusinessFederal GovernmentSocial IssuesLegalEconomy Social Security AdministrationSSA OIGscamidentity theftcall transferfraudconsumer alert
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IRS Celebrates National Whistleblower Day, Citing $8 Billion Recovered
The IRS celebrates National Whistleblower Day, acknowledging whistleblowers' vital role in recovering over $8 billion since 2007. The agency has enhanced its program with digital tools to boost tax compliance and combat fraud.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyLegalEmployment and Labor IRSWhistleblowerTax ComplianceFraudNational Whistleblower DayTax SystemEnforcement
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IRS Whistleblower Program Recovers Over $8 Billion Since 2007
The IRS Whistleblower Program has recovered over $8 billion and paid $1.4 billion in awards since 2007, highlighting its crucial role in tax compliance and fraud exposure ahead of National Whistleblower Day.
Politics and GovernmentBusinessLaw EnforcementGeneral PoliticsFederal GovernmentEconomyLegalComputers and Internet IRSWhistleblower ProgramTax ComplianceFraudNational Whistleblower DayFinancial ServicesGovernment
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Pennsylvania Woman Sentenced to Five Years for FEMA Fraud
A Pennsylvania woman received a five-year prison sentence for defrauding FEMA of over $1.7 million after Hurricane Ida. The DHS highlights the Trump Administration's crackdown on disaster assistance fraud, ensuring accountability and protecting taxpayer funds.
Politics and GovernmentLaw EnforcementFederal GovernmentLegalEconomyGeneral Politics FEMAFraudDisaster AssistanceHurricane IdaPennsylvaniaDHSTrump AdministrationU.S. Department of Homeland Security
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USPS Employee's Romance Scam Ordeal Uncovers Multi-Million Dollar Fraud Ring
A USPS employee, initially suspected of fraud, was a romance scam victim, unwittingly laundering millions. His case led investigators to a large-scale criminal conspiracy, resulting in a scammer's arrest and conviction.
Law EnforcementBusinessPolitics and GovernmentFederal GovernmentEconomyLegalSocial Issues Romance ScamsCatfishingUSPSFraudMoney LaunderingIdentity TheftCybercrime
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FinCEN Details Extensive Efforts to Combat Fraud and Modernize Financial Regulations
FinCEN Director Andrea Gacki outlined significant progress in fighting fraud, recovering nearly $2 billion, and modernizing the Bank Secrecy Act regime, including new rules for stablecoins and a whistleblower program, before a House Subcommittee.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyBankingFinancial MarketsLegal FinCENFraudBank Secrecy ActAML/CFTWhistleblower ProgramStablecoinsFinancial RegulationFinancial Crimes Enforcement Network
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Student Loan Scammer Permanently Banned by FTC
Dennise Merdjanian, a student loan forgiveness scam operator, faces a permanent ban from the debt relief industry and telemarketing. The FTC's proposed order resolves charges that her scheme defrauded consumers of over $45.9 million, aiming to protect against future financial…
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentLegalEconomySocial IssuesEducation Dennise MerdjanianFederal Trade CommissionStudent Loan ForgivenessDebt Relief IndustryTelemarketingFraudConsumer Protection
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DHS and DOT Partner to Combat CDL Fraud and Enhance Road Safety
The Department of Homeland Security and Department of Transportation are partnering to crack down on fraudulent commercial driver’s license schools. This initiative targets illegal aliens receiving non-domiciled CDLs, aiming to enhance road safety and system integrity.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentTransportationLegalEducationSocial Issues U.S. Department of Homeland SecurityU.S. Department of TransportationCommercial Driver's LicenseFraudHomeland Security InvestigationsFederal Motor Carrier Safety AdministrationRoad Safety
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Concord Casino Owner Pleads Guilty to Misusing Over $250,000 in CARES Act Funds
Andy Sanborn, owner of Concord Casino, pleaded guilty to misusing over $250,000 in CARES Act funds, diverting federal aid meant for his business to personal expenses, including a Porsche. Sentencing is set for October 2026.
Politics and GovernmentLaw EnforcementBusinessFederal GovernmentLegalEconomy Andy SanbornCARES ActTheft of Government FundsConcord CasinoEconomic Injury Disaster LoanFraudNew HampshireFBI
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Harrison County Woman Jailed for VA Benefits Fraud, Student Loan Discharge
Christina Nolte, a Bridgeport physician assistant, received 12 months in federal prison for falsifying VA medical records to steal disability benefits and discharge $242,528 in federal student loans, ordered to pay $355,179.13 restitution.
Politics and GovernmentLaw EnforcementBusinessFederal GovernmentLegalEducationEconomyGeneral Politics Christina NolteVA BenefitsStudent LoansFraudWest VirginiaFederal PrisonDepartment of JusticeFBI
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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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Two Men Sentenced to Prison for Identity Theft and Fraud Conspiracy
Christopher Alexander Jr. and Devin Latrell Coleman received federal prison sentences for an identity theft and fraud conspiracy. They used sophisticated fake IDs to secure loans and leases. This case highlights the Department of Justice's intensified efforts against fraud, supporting…
Law EnforcementPolitics and GovernmentBusinessFederal GovernmentLegalBankingEconomy Christopher Alexander Jr.Devin Latrell ColemanIdentity TheftFraudSyracuseFBIDepartment of Justice
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OCC Highlights FinCEN Guidance on Fraud Information Sharing
The OCC highlights FinCEN's updated guidance on Section 314(b), clarifying how financial institutions can share information about suspected fraud, money laundering, and terrorist financing under a safe harbor, encouraging participation to combat illicit activities.
BusinessPolitics and GovernmentLaw EnforcementBankingFederal GovernmentLegalEconomy OCCFinCENSection 314(b)FraudInformation SharingFinancial InstitutionsUSA PATRIOT ActOffice of the Comptroller of the Currency (OCC)