Financial Fraud

Cashier’s check scams are a type of fraud that has been around for decades. They typically involve scammers using fake cashier’s checks to trick individuals or businesses into sending them money or goods. The scam works by convincing the victim that the check is legitimate and that they can safely deposit it into their bank account. However, once the victim deposits the check, the scammer will quickly withdraw the funds, leaving the victim with a negative balance in their account. In this article, we will explore how cashier’s check scams work, how to identify them, and what to do if ... Read more

ATM scams are a type of fraud that involves stealing a person’s ATM card details or personal identification number (PIN) while using an Automated Teller Machine (ATM). The criminals use various tactics to obtain the information, including skimming, card trapping, cash trapping, and phishing. These scams can result in the loss of money from a person’s bank account or identity theft. Avoid ATM Scams Here are some tips on how to avoid falling victim to ATM scams: Be aware of your surroundings When using an ATM, make sure to be aware of your surroundings. Look out for any suspicious activity ... Read more

False liability claims refer to the filing of a fraudulent claim against a person or organization for damages or injuries that did not occur, or for which the claimant is not responsible. Such claims can have serious consequences for both the accused and the legal system. They waste time and resources, and can cause emotional and financial harm to the accused. In this essay, we will discuss the different types of false liability claims, the consequences of filing such claims, and the measures that can be taken to prevent and address them. Types of False Liability Claims There are several ... Read more

Inflating damages refers to the practice of exaggerating or misrepresenting the extent of damages in a legal claim in order to obtain a larger settlement or judgment. It is considered unethical and can lead to serious consequences for those involved. Inflating damages can occur in a variety of legal contexts, including personal injury cases, employment disputes, and business litigation. In personal injury cases, for example, a plaintiff may claim that their injuries are more severe than they actually are, in order to increase the amount of compensation they receive. Similarly, in employment disputes, an employee may inflate the amount of ... Read more

Fake theft claims are a type of Fake theft claims where a policyholder falsely reports that they have been the victim of theft in order to receive a payout from their insurance company. This type of fraud is a serious crime and can result in legal consequences, including fines and imprisonment. There are several reasons why people might make fake theft claims. Some individuals may be facing financial difficulties and see this as a way to get quick cash. Others may feel that their insurance premiums are too high and see this as a way to get some of their ... Read more

Arson is a serious and dangerous crime that involves intentionally setting fire to property. It can cause significant damage to buildings, homes, and even lives. In this article, we will discuss the definition of arson, its different types, the consequences of arson, and how to prevent arson from happening. Definition of Arson: Arson is the crime of intentionally and unlawfully setting fire to property. The property can be anything from buildings, homes, vehicles, or even forests. It is considered a serious crime as it poses a significant threat to public safety and can cause severe damage to property and life. ... Read more

Insider trading fraud refers to the intentional use of inside information to gain an unfair advantage in trading securities. This can involve the illegal buying or selling of securities based on material non-public information, as well as the disclosure of this information to others who then use it to trade securities. Insider trading fraud can take many forms, including: Misappropriation of confidential information: This involves an individual using confidential information obtained through their employment or other relationship with a company to make trades on securities. Tipping: This involves an individual providing confidential information to another person, who then uses the ... Read more

Financial fraud is the deliberate misrepresentation or manipulation of financial information or transactions for personal gain. This can take many forms, including embezzlement, money laundering, insider trading, Ponzi schemes, and accounting fraud. Financial fraud can be committed by individuals or companies, and the victims can range from individuals to entire nations. Some common examples of financial fraud include: Ponzi schemes: A fraudulent investment scheme where returns are paid to earlier investors using the capital from newer investors. Insider trading: The illegal practice of trading securities based on material, non-public information. Embezzlement: The theft of funds or property by someone entrusted ... Read more

What is banking fraud? Common types of banking fraud How to protect yourself from banking fraud How banks can protect themselves from fraud The importance of fraud prevention in banking How to spot frauds in banks The importance of security measures to prevent fraud How to report and prevent banking fraud Courses on banking fraud prevention Conclusion Banking fraud is a serious issue that affects thousands of people around the world. It’s a type of financial fraud in which a person or a group of people manipulate or steal money from an individual or a financial institution. Banking fraud can ... Read more

Every market is driven by demand, and the financial services industry is no different. With the industry’s growth and the entrance of new participants, there is also an undesirable corollary that has been appearing more frequently. This frightening trend of con artists disguising themselves as reputable financial institutions is robbing individuals of their money. This is particularly true when it comes to loan fraud in India, as has become clear from the growing amount of news coverage of victims who have lost money, property, and in the worst cases, even their lives, as a result of such fraudulent lending scams ... Read more

When purchasing a property, there are numerous things to take into account. Actually, there are so many that it can be challenging to keep up. However, having everything in order can do more than just reduce your stress; it can also shield you from risky financial and legal situations, such as mortgage fraud. This article will discuss mortgage fraud, common con artists’ tactics, and how to stay clear of them. Mortgage Fraud: What Is It? The purposeful act of falsifying or omitting information used by a mortgage underwriter or lender to fund, purchase, or insure a mortgage loan is referred ... Read more

Cyber and malware attacks are very common today in the finance industry. Detecting them is complicated and hard. Regular implementation of protective measures against new attacks is necessary.  Traditional protective measures such as CVV2 and one-time passwords are not effective at combating the new cyber crime techniques.Criminals today use attacks including trojans that bypass traditional security measures. Remember that criminals are always developing new tricks to stay ahead of their game.  Financial Fraud Prevention  Security is a very important consideration for companies and individuals when choosing a banking institution. Financial institutions must make security a priority and adequate fraud prevention ... Read more

PHILADELPHIA – United States Attorney Jennifer Arbittier Williams and Assistant Attorney General Kenneth A. Polite Jr. of the Justice Department’s Criminal Division announced that Barrie Osborne, 76, of Celebration, Florida, was charged by Indictment with with conspiracy to commit wire and bank fraud, wire fraud, bank fraud, and conspiracy to commit money laundering in connection with a scheme to fraudulently obtain more than $7 million in Paycheck Protection Program (PPP) loans, Economic Injury Disaster Loans (EIDL) and pre-pandemic Small Business Administration (SBA) loans, and to launder the proceeds of the illegal scheme. The Indictment alleges that, beginning in about January ... Read more

Rep. James Clyburn, D-S.C., chairman of the choose commission on the Coronavirus Crisis, seeks info regarding preventing fraud in pandemic assistance. A general assembly subcommittee aimed toward work financial fraud throughout the pandemic broadened its probe into on-line disposal in the week to incorporate 2 of the foremost distinguished processors of coronavirus assistance. Rep. James Clyburn, D-S.C., chairman of the choose commission on the Coronavirus Crisis, sent letters to Blueacorn and Womply on Tues requesting information about fraud prevention. Both emerged as major players that fused tech and financing to speed up lending through the government’s Paycheck Protection Program. Womply ... Read more

Home Health Agency and Former Owner to Pay $5.8 Million to Settle False Claims Act Allegations Doctor’s Choice Home Care, Inc. and its former owners, Timothy Beach and Stuart Christensen, have agreed to pay $5.15 million to resolve allegations that the home health agency provided improper financial inducements to referring physicians through sham medical director agreements and bonuses to physicians’ spouses who were Doctor’s Choice employees, the Department of Justice announced today. Timothy Beach and Stuart Christensen founded Doctor’s Choice and formerly served as its top executives. Doctor’s Choice is a home health agency based in Sarasota, Florida, with branches ... Read more

Former Senior Alstom Executive Sentenced to Prison for Role in Money Laundering Scheme to Promote Foreign Bribery A former senior executive with Alstom S.A. (Alstom), a French power and transportation company, was sentenced in federal court in New Haven, Connecticut, to 15 months in prison today for his role in a multi-year, multimillion-dollar money laundering scheme designed to promote violations of the Foreign Corrupt Practices Act (FCPA). Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division, U.S. Attorney John H. Durham of the District of Connecticut and Assistant Director in Charge Paul D. Delacout of the FBI’s ... Read more

Westfield Woman Pleads Guilty To Stealing Thousands Of Dollars From Health Care Agency BUFFALO, N.Y. – U.S. Attorney James P. Kennedy, Jr. announced today that Alicia Raynor, 42, of Westfield, NY, pleaded guilty before U.S. District Judge John L. Sinatra, Jr. to wire fraud and filing a false tax return. The charges carry a maximum penalty of 20 years in prison, and a $250,000 fine. Assistant U.S. Attorney John D. Fabian, who is handling the case, stated that the defendant was hired as a business manager for Compassion at Home, Inc. Her duties included, among other things, managing company finances ... Read more

Husband And Wife Plead Guilty to Social Security Fraud Scheme OAKLAND – Erick and Kimberly Dominguez pleaded guilty in federal court today to conspiracy to commit wire fraud in connection with their scheme to defraud the Social Security Administration (SSA), announced United States Attorney David L. Anderson and SSA Office of Inspector General Special Agent in Charge Robb Stickley. The plea was received by the Honorable Haywood S. Gilliam Jr., U.S. District Judge. According to the defendants’ plea agreements, Kimberly Dominguez, 37, of Vallejo, Calif., was an employee at the SSA’s Oakland Teleservice Center. From September 2015 until October 2019, ... Read more

Two Chinese Nationals Charged with Laundering Over $100 Million in Cryptocurrency from Exchange Hack Forfeiture Complaint Details Over $250 Million Stolen by North Korean Actors WASHINGTON – Two Chinese nationals were charged with laundering over $100 million worth of cryptocurrency from a hack of a cryptocurrency exchange. The funds were stolen by North Korean actors in 2018, as detailed in the civil forfeiture complaint also unsealed today. In the two-count indictment unsealed today in the District of Columbia, 田寅寅 aka Tian Yinyin, and 李家东aka Li Jiadong, were charged with money laundering conspiracy and operating an unlicensed money transmitting business. “The ... Read more

Two Blight Elimination Program Indictments Unsealed Two criminal indictments were returned today for criminal violations related to the U.S. Treasury Department’s Blight Elimination Program, announced U.S. Attorney Kirsch. Mahmoud Alshuaibi, 38, of Hickory Hills, Illinois, has been charged with wire fraud, theft from a local government receiving federal funds, and making a false and fraudulent statement. According to court documents, between January 2016 and March 2017, Alshuaibi, owner and officer of IESCO Construction, Inc., submitted false and fraudulent documents to support his claim for payment from the City of Hammond, Indiana, for demolition work through the Blight Elimination Program funded ... Read more