Reported by Joseph Wilkins A Susan B. Anthony dollar coin. Wikimedia The vault where precious metals dealer Robert Higgins claimed to be storing over half a million of his clients’ silver coins was found by investigators to be empty – except for little boxes of paper IOUs. Now, the 68-year old has been ordered by […]
Reported by Kelley R. Taylor There’s a new IRS scam to watch out for. Some people are receiving cardboard envelopes in the mail containing the IRS masthead and the wording: “in relation to your unclaimed refund.” Monday, the agency warned that the mailings are a scam to trick taxpayers into providing sensitive information to thieves. The IRS says […]
Reported by finews.com There has been a turn of events in the case which would have seen the first Swiss company to be held accountable in court. The ex-CEO of Falcon Private Bank and the bank were acquitted in a ruling issued Monday, according to «AWP». The Appeals Chamber stated that it was not possible to […]
Reported by Benjamin Chou, President, Personable Traditional methods of investigating financial fraud rely on manual verification and human analysis. Unfortunately, these methods often fall short when dealing with today’s increasingly complex and sophisticated fraud schemes. These shortcomings make it imperative to explore the transformative potential of artificial intelligence and machine learning for revolutionizing financial fraud […]
Reported by Harry Cassin The trustee for bankrupt crypto giant FTX Group filed a civil complaint last week against former FTX general counsel and chief compliance officer Daniel Friedberg, alleging he acted as a “fixer” who helped divert billions to FTX insiders, paid off whistleblowers and their lawyers, and collected a $3 million bonus and […]
Reported by Michael Wines The former speaker of the Ohio House of Representatives was given the maximum 20-year prison sentence on Thursday for his central role in what prosecutors said was perhaps the biggest public corruption scandal in the state’s history. The former speaker, Larry L. Householder, was convicted in March of racketeering and bribery […]
Reported by Shayna Greene Hedge fund VR Global Partners LP sued Venezuela’s state-owned gas company Petróleos de Venezuela SA and related companies for common law fraud and violating the Securities and Exchange acts. VR Global claimed that PDVSA made false representations and/or omissions in an ongoing “fraudulent scheme” in connection with senior secured notes that it issued […]
Reported by Pedro Solimano Crypto exchange Kraken must provide a wide variety of information about its users to the Internal Revenue Service (IRS), according to a ruling in theU.S. District Court of Northern California yesterday. According to a Friday court filing, the company will need to produce full documentation for any Kraken user that bought, sold, or traded […]
Reported by Valentine Hilaire Panama expects international financial-crime watchdog FATF to remove it this October from a watch list for nations deemed to be doing too little to fight money laundering, the country’s deputy finance minister said, adding that other intergovernmental groups might follow suit. The Central American nation urgently needs to exit the watch […]
Reported by Weston Blasi Over 300 mail carriers have been robbed in the first half of FY23, and a recent series of thefts in Wisconsin led to more than 900 stolen checks The U.S. Postal Service has issued a new warning: be careful when mailing checks. The USPS reported a recent surge in attacks on […]
Financial Crime News Briefs 