#financial-crime

#financial-crime

The US Treasury's use of AI in fraud detection has significantly improved financial crime recovery, with over $4 billion recovered in fiscal 2024.

A Bay Area AI startup founder was sentenced to prison for defrauding investors out of millions

Shaukat Shamim raised $17 million through lies about company performance and product capabilities.

Illegitimate telephone mast used to send smishing messages bypassing network systems, first incident in the UK. Collaboration between law enforcement, regulators, and operators crucial for fraud prevention.

Niall's phone was stolen, leading to significant financial theft, highlighting the vulnerabilities of mobile banking and data security.

Consumers are being targeted by scams on WhatsApp, with Ireland experiencing a significant increase in such incidents.

Four Miami men were arrested for conspiring to trade stocks using insider information related to a corporate acquisition.

Three family members received prison sentences for insider trading in a high-profile case involving MasTec.

U.S. District Judge emphasized the need for balance in punishment and ethical messaging.

The IRS launches CI-FIRST to enhance collaboration with banks in combating financial crimes involving technology and AI.

Gonzalez defrauded the IRS for $28 million through a tax scheme involving false returns and fictitious corporations.

A Canadian man was charged with stealing and laundering $65 million in cryptocurrency through sophisticated hacks.

Paul Roberts, former CEO of Kubient, was jailed for a year for fraudulent financial practices including fake revenue reporting.

Silicon Valley couple charged with $60 million fraud scheme involving fake identities and investor deception.

TikTok users are engaging in a fraud scheme promoted as a 'free money' hack, risking severe legal consequences.

A bank branch manager was sentenced to prison for stealing over $200,000 from a customer's account using unauthorized access.

Lisa Schiff defrauded clients of millions through her art advisory business, leading to a prison sentence of two-and-a-half years.

Changing the narrative around fraud can empower victims and hold fraudsters accountable.

Yvonne was a victim of romance fraud, losing over £115,000, and now fears for her safety after her abuser's early release from prison.

TD Bank pled guilty and agreed to pay over $1.8 billion for serious violations in money laundering and Bank Secrecy Act compliance.

TD Bank's lax anti-money laundering practices led to a record $3 billion settlement for facilitating significant money laundering activities.

24% of Morgan Stanley's high-net-worth accounts flagged for money laundering risks highlights serious issues with client asset vetting.

A former TD Bank employee has been charged with facilitating money laundering, linked to a larger investigation resulting in massive fines against the bank.

Ikram Rafique defrauded 900+ people by selling fake insurance policies and was sentenced for unlicensed brokering and money laundering.

Canada's regulatory system might need to become more aggressive in punishing banks for allowing financial crimes.

TD Bank's CEO admitted failures in detecting and preventing criminal activity, involving instances of money laundering and bribery.

The Corporate Transparency Act requires businesses to report ownership information to combat money laundering and increase corporate transparency.

DARPA's A3ML program aims to automate and enhance anti-money laundering efforts while preserving privacy.

Starling Bank was fined £29 million for insufficient financial crime controls, allowing risks of fraud and money laundering.

DARPA aims to use AI algorithms to revolutionize anti-money laundering efforts by anticipating illicit financial activities before they occur.

Starling Bank was fined £29 million for severe lapses in financial crime controls, jeopardizing the UK's financial integrity.

The bank's supervised growth did not include robust anti-money laundering systems, leading to compliance failures.

A couple misused over $1.2 million in COVID-19 relief funds for personal expenses and laundering through real estate dealings.

Three Bay Area real estate professionals were sentenced for their roles in a $55 million mortgage fraud scheme, emphasizing accountability for financial crimes.

Caroline Ellison received a two-year prison sentence due to her cooperation in providing crucial testimony against Sam Bankman-Fried in the FTX case.

Trump's crypto venture with World Liberty Financial raises ethical issues due to links with the Tron platform associated with terrorist financing.

Tron, Tether, and TRM Labs are collaborating to combat illicit financial activities in cryptocurrency, particularly focused on the Tron blockchain.

Law enforcement agencies have new powers under ECCT to investigate financial crimes, including handling cryptoassets similar to bank accounts during investigations.

A former bank CEO embezzled $47 million after falling for a cryptocurrency scam, leading to a 24-year prison sentence.

Truong My Lan could avoid execution by repaying three-quarters of her embezzled assets, amid ongoing national economic concerns. She remains sentenced to death.

Two PetroSaudi executives were sentenced for embezzling $1.8 billion from Malaysia's 1MDB fund, marking a significant legal outcome in a vast corruption case.

Caroline Ellison received a two-year prison sentence for her role in FTX's collapse, highlighting issues of accountability and cooperation in financial fraud cases.

Caroline Ellison, the former CEO of Alameda Research, is sentenced to two years for fraud, with leniency for her testimony against Sam Bankman-Fried.

Cryptocurrency fraud caused over $5.6 billion in losses for Americans in 2023, highlighting the growing threat of financial scams.

Crypto-related financial crime cost investors $5.6 billion in 2023, driven mainly by investment fraud.

The rise in fraud schemes showcases increasing vulnerabilities among investors, especially older adults.