Reported by Dale Smith and Nelson Aguilar Cyber Monday deals are here, with holiday prices on headphones and air fryers and soundbars, but with all of the money flowing from our wallets to stores, it’s no surprise that cybercriminals will be looking to get their hands on some of it. While scammers do work year […]
Reported by Ben Eisen and Ben Foldy Wells Fargo is struggling with its regulatory obligation to monitor financial crime, the latest challenge in the bank’s yearslong effort to recover from a series of scandals. Regulators have issued the bank formal orders to be better at catching criminals who may be using its accounts or products, […]
Reported by David Yaffe-Bellany, Emily Flitter, Matthew Goldstein and Glenn Thrush Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange in the world, pleaded guilty to money laundering violations, a stunning blow to the most powerful and influential figure in the global crypto industry. Binance itself also pleaded guilty and agreed to pay $4.3 […]
Reported by The Securities and Exchange Commission The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. The SEC also filed 162 “follow-on” […]
Reported by Tanasia Kenney Citibank will pay millions to rectify accusations that it “purposefully discriminated” against Armenian Americans applying for its credit cards. The New York-based bank was hit with a $25.9 million fine after federal officials said it singled out applicants “based on the spelling of their last name,” according to the U.S. Consumer Financial […]
Reported by Tim Wu When President Biden signed his sweeping executive order on artificial intelligence last week, he joked about the strange experience of watching a “deep fake” of himself, saying, “When the hell did I say that?” The anecdote was significant, for it linked the executive order to an actual A.I. harm that everyone […]
Reported by LIONEL LAURENT Justice has been served — and swiftly, too. A jury found fallen crypto mogul Sam Bankman-Fried guilty of seven counts of fraud and conspiracy after just five hours of deliberation, markedly less time than it took for jurors to puzzle over Elizabeth Holmes’ Theranos scandal or Raj Rajaratnam’s insider trading at […]
FTX founder Sam Bankman-Fried was found guilty of fraud! This is his story in under 5 minutes. Watch video.
Opinion by Matt Levine, Columnist If you are a publicly traded software company, and your customers access your product through a server, and you provide them with a default password to log into the server, and the default password is “password,” is that securities fraud? You know the answer! Yesterday the US Securities and Exchange Commission […]
Reported by Alex Dovbnya SafeMoon founders Braden John Karony, Kyle Nagy, and Thomas Smith have been arrested and charged with securities fraud, wire fraud, and money laundering. The charges stem from their alleged misuse of millions in investor funds for personal luxuries, according to a federal indictment that was unsealed earlier this Wednesday. Inside the fraud claims […]
Financial Crime News Briefs 