Reported by MICHAEL BROMBERG With cryptocurrency markets hovering at a global market capitalization of over $1.3 trillion, financial advisors are likely to encounter some clients who already own crypto and others with questions about investing in digital assets. Unfortunately, uncertainties around current and future regulations could create a quandary for financial advisors when they discuss […]
Reported by Emily Schmall Amazon has accused an international organization, including customers and several former employees, of conspiring to steal millions of dollars in online products through fraudulent refunds. In a lawsuit filed Thursday in the U.S. District Court in Seattle, the online retailer accused the group, called REKK, of perpetrating the fraud between June […]
Reported by Tara Siegel Bernard What was once a routine way to pay your bills — handwriting paper checks at the kitchen table, dropping envelopes into a blue metal box on the street — has become a high-risk endeavor: It provides the raw materials for low-level fraud artists and sophisticated crime rings, costing financial institutions […]
Reported by James Rothwell and Michael Bow Investors with prior knowledge of the Oct 7 Hamas massacre earned at least tens of millions of pounds short-selling Israeli stocks in the days before, according to a report. Traders with potential links to Hamas put huge bets against the Israeli economy in the run-up to the attack and […]
Reported by Orla McCaffrey The American Bankers Association is creating an information-sharing exchange that member banks will be able to use to get the names and account information of suspected scammers almost in real time. The exchange, which has yet to be named, is designed to combat a range of financial crimes from fraud to […]
Reported by Pete Syme The Forbes 30 Under 30 lists celebrate the achievements of young people making a mark in a range of sectors. Unfortunately, quite a few of the picks are now a little questionable, to say the least. It’s even become something of a meme, with users on X joking about federal authorities investigating those on the […]
Reported by Ron Piccolo, Galloway Professor of Management and associate dean for strategic initiatives in UCF’s College of Business Last week was International Fraud Awareness Week, which is dedicated to highlighting the prevalence and impact of fraud in all its terrible forms. Unfortunately, we do not have to look far to see flagrant examples of corruption, […]
Reported by Chris Dolmetsch A former Nuveen LLC trader admitted to tipping off an Oregon retiree about the asset management firm’s plans as part of an insider-trading scheme that netted them more than $47 million in illegal profits. Billimek, of Hailey, Idaho, admitted tipping off Alan Williams about upcoming Nuveen trades in companies including Lululemon […]
Reported by Eman Elshahawy South Florida has been coined the credit card scam capital of the nation this year. That’s according to U.S. Federal Trade Commission data analyzed by BackgroundChecks.org that found the Miami-Port. St. Lucie-Fort Lauderdale metropolitan area ranked No. 1 for credit card fraud with about 333 credit card fraud reports per 100,000 […]
Reported by Polly Thompson An AI bot on OpenAI’s GPT-4 large language model showed it was capable of making illegal financial trades and lying about its actions. The experimentwas presented at the UK’s AI Safety Summit this week by Apollo Research. Apollo shared a video on its website demonstrating a simulated conversation between a bot that was acting as an […]
Financial Crime News Briefs 