Reported by Anthony Lin Senior Legal Editor Here are the key takeaways from today’s testimony. Former Archegos risk management head Scott Becker took the stand for his third day as one of the prosecution’s star cooperating witnesses, and the defense got its first shot at cross-examining him. Read full report: https://www.bloomberg.com/news/live-blog/2024-05-22/archegos-trial-may-22
Reported by Charlotte Edwards Fake Olympics and Taylor Swift tickets are the two biggest online scams consumers are likely to encounter this year, UK Finance has warned. The alert came as the banking lobby group reported that the number of people tricked by romance fraud and purchase scams jumped to new highs last year. Overall, […]
Reported by Nicole Sadek The U.S. Treasury Department will seek to operationalize use of the country’s new beneficial ownership information database by law enforcement and finalize moves to clamp down on real estate money laundering over the next two years, according to the latest national illicit finance strategy. The broad strategy document, released Thursday, details […]
Reported by Cheng Leng and Chan Ho-him UK engineering group Arup lost HK$200mn ($25mn) after fraudsters used a digitally cloned version of a senior manager to order financial transfers during a video conference, the Financial Times has learned. Hong Kong police previously revealed what is one of the world’s biggest known deepfake scams, but did not identify […]
Reported by U.S. Attorney’s Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York; Lisa Monaco, the Deputy Attorney General of the United States; and Thomas Fattorusso, the Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), […]
Reported by Kristen E. Larson, Beth Moskow-Schnoll & Peter D. Hardy The Financial Crimes Enforcement Network (“FinCEN”) recently issued a Financial Trend Analysis (“Analysis”) focusing on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation (“EFE”) involving scams or theft perpetrated against older adults. The Analysis is a follow up to FinCEN’s June 2022 EFE […]
Elder fraud reports to FBI’s Internet Crime Complaint Center rose by 14% in 2023 Reported by The FBI’s Internet Crime Complaint Center (or IC3) Elder fraud complaints to the FBI’s Internet Crime Complaint Center (or IC3) increased by 14% in 2023, and associated losses increased by about 11%, according to IC3’s 2023 Elder Fraud Report, released April 30. […]
Reported by Tad Simons Technology Journalist/Thomson Reuters Institute Fraud is on the rise almost everywhere, and there is no indication of a slowdown anytime soon, according to the statistics behind SARs filings The number of suspicious activity reports (SARs) — the documents that financial institutions must file with the federal government’s Financial Crimes Enforcement Network (FinCEN) […]
Reported by James J. Fredricks, Maria Cruz Melendez, Alessio D. Evangelista, Andrew M. Good, Ryan D. Junck, Bradley A. Klein, David Meister, and Bora P. Rawcliffe On April 15, 2024, the Department of Justice’s (DOJ’s) Criminal Division unveiled a new Pilot Program on Voluntary Self-Disclosures for Individuals that offers non-prosecution agreements (NPAs) to individuals who voluntarily disclose […]
Reported by Shannon Thaler Taylor Swift’s loyal legion of Swifties in the United Kingdom have reportedly been scammed out of $1.2 million in their quest to see the pop star’s coveted “Eras Tour.” Some 90% of the cons have targeted 25 to 34-year-olds seeking tickets to Swift’s record-breaking international tour on Facebook, including Facebook Marketplace, […]
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