CFTC Charges Texas Resident and Costa Rican Firms for Running Forex Fraud

The US Commodity Futures Trading Commission (CFTC) has filed on Tuesday an enforcement action to charge a Texas resident and several Costa Rican companies with charges related to forex and commodities fraud. According to the press release, Rudy Avila and six firms were allegedly involved in fraudulent solicitation to trade in commodity futures, options on… Continue reading CFTC Charges Texas Resident and Costa Rican Firms for Running Forex Fraud

CFTC Charges Texas Resident and Costa Rican Firms for Running Forex Fraud

The US Commodity Futures Trading Commission (CFTC) has filed on Tuesday an enforcement action to charge a Texas resident and several Costa Rican companies with charges related to forex and commodities fraud. According to the press release, Rudy Avila and six firms were allegedly involved in fraudulent solicitation to trade in commodity futures, options on… Continue reading CFTC Charges Texas Resident and Costa Rican Firms for Running Forex Fraud

CySEC Cautions against Regulator Impersonators

The Cyprus Securities and Exchange Commission (CySEC) issued a notice on Friday warning against the rampant impersonation of the regulatory executives by fraudsters. According to the regulator, it has received several complaints from market participants who said that persons impersonating CySEC officials and representatives are soliciting investors for fees, promising settlement of bogus compensation claims.… Continue reading CySEC Cautions against Regulator Impersonators

Fiat is a Fraud, Buy Bitcoin Says Billionaire Salinas

“Fiat is a fraud. Look, I started my career in 1981, the Mexican Peso was 20 to $1. Today we are at 20,000 to 1. And that is in Mexico, but if we look at Venezuela, Argentina or Zimbabwe, the numbers lose all proportions.” So said one of Mexico’s most powerful man, Ricardo Salinas Pliego,… Continue reading Fiat is a Fraud, Buy Bitcoin Says Billionaire Salinas

US CFTC Charges Texas Man for Allegedly Running a Forex Trading Pool Fraud

The US Commodity Futures Trading Commission (CFTC) announced on Wednesday that it had filed a civil enforcement action against Troy Manson and his company ZTegrity, Inc., for allegedly being involved in a forex-related fraud. According to the press release, Mason and the firm were charged before the US District Court for the Southern District of… Continue reading US CFTC Charges Texas Man for Allegedly Running a Forex Trading Pool Fraud

Benefit fraud prosecutions by Ministry of Social Development drop 90 per cent in five years

The Government is prosecuting 90 per cent fewer people for benefit fraud than it was five years ago. It accompanies a drop of more than 80 per cent fewer investigations into benefit overpayments, the value recovered dropping from $48.8m to $12.3m. The Ministry of Social Development says it stems from an early intervention and less… Continue reading Benefit fraud prosecutions by Ministry of Social Development drop 90 per cent in five years

BoE governor wants UK bill to make Google tackle online scams: Sunday Times

FILE PHOTO: The Google name is displayed outside the company’s office in London, Britain, November 1, 2018. REUTERS/Toby MelvilleLONDON (Reuters) – Bank of England Governor Andrew Bailey has been lobbying the British government to introduce a legal requirement for internet giants such as Google to take down financial fraud websites, according to a report in… Continue reading BoE governor wants UK bill to make Google tackle online scams: Sunday Times

Fraud overwhelms pandemic-related unemployment programs – The Denver Post

COLUMBUS, Ohio — With the floodgates set to open on another round of unemployment aid, states are being hammered with a new wave of fraud as they scramble to update security systems and block scammers who already have siphoned billions of dollars from pandemic-related jobless programs. The fraud is fleecing taxpayers, delaying legitimate payments and… Continue reading Fraud overwhelms pandemic-related unemployment programs – The Denver Post

Man Who Laundered $13 Million in Bitcoin Pleads Guilty

Hugo Sergio Mejia, a 49-year-old man, pled guilty to charges of running an unlicensed company that illegally exchanged millions of dollars in Bitcoin for fiats and vice versa. According to the guilty plea agreement submitted on Friday, Mejia pled guilty to the two-count information against him for running an unlicensed money transmitting business and money… Continue reading Man Who Laundered $13 Million in Bitcoin Pleads Guilty

Fears fraud and bankruptcy will cost Rishi Sunak’s flagship Covid business loans scheme £26billion

FRAUD and bankruptcy will cost Rishi Sunak’s flagship Covid business loans scheme £26billion, it is feared. And five of Britain’s biggest banks will pocket £1billion from the Bounce Back Loan Scheme, the National Audit Office report also found. It said the high risk of fraud and loan defaults was due to the lenient criteria —… Continue reading Fears fraud and bankruptcy will cost Rishi Sunak’s flagship Covid business loans scheme £26billion

Fears fraud and bankruptcy will cost Rishi Sunak’s flagship Covid business loans scheme £26billion

FRAUD and bankruptcy will cost Rishi Sunak’s flagship Covid business loans scheme £26billion, it is feared. And five of Britain’s biggest banks will pocket £1billion from the Bounce Back Loan Scheme, the National Audit Office report also found. It said the high risk of fraud and loan defaults was due to the lenient criteria —… Continue reading Fears fraud and bankruptcy will cost Rishi Sunak’s flagship Covid business loans scheme £26billion

Malta Disputes Crypto Arbitrage Hub Arbitly's Registry Claims

Malta’s Financial Services Authority (MFSA) is calling out Arb Signals LTD, which describes itself as a cryptocurrency arbitrage trading platform, for claiming to be registered in Malta. Arb Signals, otherwise known as Arbitly, “is NOT a Maltese registered Company NOR licensed” to handle crypto in Malta, MFSA said Thursday. Arbitly’s website describes a platform that… Continue reading Malta Disputes Crypto Arbitrage Hub Arbitly's Registry Claims

With Blockchain, Fraud Will Not Be Able to Steal Digital Ad Revenues

Recent statistics show that digital advertising spending worldwide will reach a total of $335 billion dollars in 2020. While impressive, the digital media landscape is rife with issues due to a lack of supply chain transparency. As a result, digital ad fraud increases annually. Even with automated advertising technology designed to efficiently power digital advertising… Continue reading With Blockchain, Fraud Will Not Be Able to Steal Digital Ad Revenues

Forget voter fraud — the mail-in process itself is the biggest worry

It’s not voter fraud; it’s the process itself — the laws and the lawyers, the incompetence and the bungling bureaucrats — that makes mail-in ballots an almost inevitable nightmare. As The Post reports, as many as 25 percent of the 120,000 mailed-in ballots cast in Brooklyn alone for June’s primaries may have been disqualified, according… Continue reading Forget voter fraud — the mail-in process itself is the biggest worry

Inside a Crypto 'Ponzi': How the $6.5M Banana.Fund Fraud Unravelled

U.S. prosecutors are seeking to return $6.5 million in allegedly scammed bitcoin to victims of the “Banana.Fund” crowdfunding project, which the government described in court papers as a Ponzi scheme. In a forfeiture suit against the cryptocurrency account storing the funds, prosecutors allege Banana.Fund’s unnamed administrator admitted to investors his project had flopped, promised to… Continue reading Inside a Crypto 'Ponzi': How the $6.5M Banana.Fund Fraud Unravelled

Regulatory Attention and Fraudsters: Bad Crypto News of the Week

It’s been a good week for Bitcoin. The dollar price is up more than 3 percent to around $9,500. That $10,000 ceiling is looking more fragile than ever. One sign that the ceiling may be about to break is the decline in Google searches for “Bitcoin.” According to Google Trends, search interest is the lowest since… Continue reading Regulatory Attention and Fraudsters: Bad Crypto News of the Week

Crypto.com to Refund Clients as Wirecard’s Card Issuer Told to Cease Operations

Crypto.com has confirmed to CoinDesk it is moving to refund customers as the U.K. regulator orders Wirecard’s card issuer to cease all operations immediately. Crypto.com CEO Kris Marszalek told CoinDesk the company is refunding 100% of customer funds after the Financial Conduct Authority (FCA) suspended the activities of Wirecard Card Solutions, a subsidiary of the… Continue reading Crypto.com to Refund Clients as Wirecard’s Card Issuer Told to Cease Operations

Cryptocurrency Fraud Worth 100 Bln Won Busted in South Korea

On June 12, 2020, the Seoul Metropolitan Police announced investigating a cryptocurrency scam project run by three fraudsters having collected about 100 billion won (approx. $83.1 million USD). According to the report by a local media, the company under investigation is called ‘EtherWallet’. It is a fake investment project that recruited over 20,000 members in… Continue reading Cryptocurrency Fraud Worth 100 Bln Won Busted in South Korea

Florida Man Charged Over $1.6M ‘Compcoin’ Scam

The United States Commodity Futures Trade Commission (CFTC) has filed a complaint against Florida resident Alan Friedland for fraudulently raising $1.6 million through a cryptocurrency tied to a forex trading scheme. The April 16 filing accuses Friedland and his companies Fintech Investment Group, Inc and Compcoin LLC of illegally soliciting investments and publishing “untrue and… Continue reading Florida Man Charged Over $1.6M ‘Compcoin’ Scam

Etherscan Launches Fraud Monitoring and Address Blacklisting

Popular Ethereum (ETH) block explorer Etherscan has launched a machine-learning powered surveillance engine to flag ETH and wallets that are associated with illicit activity. Wallets that have originated from illegal sources will now be blacklisted — allowing users to identify when coins they are receiving have a checkered history. Etherscan blacklists funds of illegal origin… Continue reading Etherscan Launches Fraud Monitoring and Address Blacklisting

$2M Crypto Scam Allegedly Funded Man’s Lavish Lifestyle

A trust has sued businessman, Brock Flagstad, over allegedly misappropriating over $2 million in funds that were purportedly designated for cryptocurrency trading. Despite Flagstad soliciting the funds for the purpose of digital asset trading, the James Streibich Revocable Trust accuses the businessman of siphoning money from the investment to fuel an exorbitant lifestyle involving private… Continue reading $2M Crypto Scam Allegedly Funded Man’s Lavish Lifestyle

French Soccer Star Claims Crypto Scam Impersonated Him

French international soccer striker Kylian Mbappé filed a complaint on March 31 for the unauthorized use of his name on a cryptocurrency scam network, which is being investigated by local authorities. According to the newspaper L’Équipe, the soccer player, who plays for Paris Saint-Germain, is being impersonated to use his name in advertising campaigns for… Continue reading French Soccer Star Claims Crypto Scam Impersonated Him

BTC Crash, Fraud and Anti-Hodling: Bad Crypto News of the Week

The Bitcoin community collectively facepalmed after BTC fell back below $10,000. It was the result of an $800 crash that took place over the course of one hour, the fifth-largest one-hour drop ever recorded. But some analysts are calling for an unprecedented rally ahead of the pending halving. This is largely due to the appearance… Continue reading BTC Crash, Fraud and Anti-Hodling: Bad Crypto News of the Week

Judge won’t toss fraud charges against Theranos founder Elizabeth Holmes

A California judge rejected Theranos founder Elizabeth Holmes’s request to dismiss the wire fraud and conspiracy case against her, even as he narrowed the scope of some of the charges. Federal Judge Edward Davila refused to toss all 11 charges against Holmes and ex-Theranos president Ramesh “Sunny” Balwani, who were accused of scamming investors, doctors… Continue reading Judge won’t toss fraud charges against Theranos founder Elizabeth Holmes