Financial Fraud

Dubai's Wall Street Exchange Pays $9 Million Fine

Dubai’s Wall Street Exchange Pays $9 Million Fine in U.S. Bank Fraud Case: A Cautionary Tale of AML Compliance Failures

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NEW YORK, NY (January 20, 2025) – In a significant development underscoring the importance of robust anti-money laundering (AML) compliance, Dubai-based money exchange service provider, Wall Street Exchange (WSE), has entered into a non-prosecution agreement (NPA) with U.S. authorities, agreeing to pay over $9 million to settle a bank fraud investigation. The case, announced today

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Craig Allen imprisoned for defrauding investors

Atlanta Investment Firm CEO Sentenced to 7 Years for $9 Million Fraud, Cheetah Fund Collapse Leaves Investors Devastated

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ATLANTA, GA – In a stark reminder of the risks lurking within the often-opaque world of private investment, Craig Allen, the founder and executive officer of Atlanta-based C.M. Allen Capital Management, Inc., has been sentenced to seven years and two months in federal prison. Allen’s conviction stems from a sophisticated investment fraud scheme involving a

Atlanta Investment Firm CEO Sentenced to 7 Years for $9 Million Fraud, Cheetah Fund Collapse Leaves Investors Devastated Read More »

American Express

American Express Settles for Over $138 Million After Misleading Customers with False Tax Advice on Wire Products: A Deep Dive into the Scandal

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NEW YORK – In a significant blow to its reputation and finances, American Express Company (AMEX) has agreed to a hefty settlement exceeding $138 million after admitting to deceptive sales practices involving two of its wire transfer products, Payroll Rewards and Premium Wire (PR/PW). The settlement, announced by Judy Philips, Acting United States Attorney for

American Express Settles for Over $138 Million After Misleading Customers with False Tax Advice on Wire Products: A Deep Dive into the Scandal Read More »

American Express Settles

American Express Settles for $108.7 Million: A Deep Dive into Deceptive Practices and What It Means for Small Businesses

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American Express, a titan in the financial industry, recently found itself in hot water after the United States Department of Justice (DOJ) levied a hefty $108.7 million civil penalty against the company. This significant settlement stems from allegations of deceptive marketing practices, falsified information, and violations of the Financial Institutions Reform, Recovery and Enforcement Act

American Express Settles for $108.7 Million: A Deep Dive into Deceptive Practices and What It Means for Small Businesses Read More »

vulnerability of elderly individuals

Elderly Authors Bilked Out of $44 Million in “Blockbuster Book Deal” Scam

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San Diego, CA – In a shocking case of fraud, a federal grand jury has indicted three individuals for allegedly swindling over 800 elderly authors out of more than $44 million. The scam, orchestrated through a company called PageTurner, Press and Media LLC, preyed on the aspirations of writers by falsely promising lucrative publishing deals

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Banking Fraud

Advanced Banking Security: Defend Against Evolving Fraud Tactics

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In an increasingly digital world, the threat of banking fraud looms large, constantly evolving to exploit vulnerabilities in our financial systems and personal habits. While banks and financial institutions invest heavily in security measures, the responsibility of safeguarding assets ultimately lies in a shared partnership between institutions and individuals. This article delves deep into the

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Check Prevention

Counterfeit Check Prevention in 2025: A Guide to Safeguarding Your Finances

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Counterfeit checks remain a persistent threat in the modern financial landscape. As technology advances, so do the methods employed by fraudsters to replicate legitimate checks with deceptive accuracy. In 2025, proactive measures are crucial to protect individuals and businesses from falling victim to this sophisticated form of financial crime. This article will explore key prevention

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Former CEO of CytoDyn Convicted

Nader Pourhassan And Kazem Kazempour Founds Guilty in Elaborate Scheme to Defraud Investors During HIV and COVID-19 Crises

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Former CEO of CytoDyn and Head of Contract Research Organization Face Decades in Prison for Securities Fraud, Wire Fraud, and Insider Trading In a resounding victory for investor protection, a federal jury in Maryland convicted two high-ranking biotechnology executives for their roles in a complex scheme to defraud investors in CytoDyn Inc. Nader Pourhassan, the

Nader Pourhassan And Kazem Kazempour Founds Guilty in Elaborate Scheme to Defraud Investors During HIV and COVID-19 Crises Read More »

Crypto Scammer

Sean Donnell White Exploits Postal Service and Cryptocurrency Markets in Elaborate Fraud Schemes

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Mobile, AL – A 30-year-old man from Theodore, Alabama, Sean Donnell White, has been sentenced to 32 months in federal prison for orchestrating a complex web of fraud that preyed on both traditional mail systems and the digital world of cryptocurrency. White’s criminal activities, spanning from 2020 to 2022, involved two distinct yet interconnected schemes:

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NJ Dean Sentenced in $1.3 Million Fraud Case

Teresina DeAlmeida Sentenced to Prison for $1.3 Million Fraud Scheme at NJ Graduate School

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Newark, NJ – Teresina DeAlmeida, a 59-year-old former assistant dean at a graduate school in Essex County, New Jersey, has been sentenced to 36 months in prison for orchestrating an elaborate fraud scheme that spanned over a decade. DeAlmeida, along with her co-conspirators Rose Martins (her assistant) and Silvia Cardoso (her sister), siphoned over $1.3

Teresina DeAlmeida Sentenced to Prison for $1.3 Million Fraud Scheme at NJ Graduate School Read More »

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