Category: Fraud
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China’s First Crypto Fraud Trial Ends With Student’s 4-Year Prison Sentence
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In a groundbreaking case that attracted significant attention in China, a university student named Yang Qichao was sentenced to 4 years and 6 months in prison and fined 30,000 yuan ($41,000) for “fraud” in issuing a cryptocurrency called BFF on Binance’s BNB chain. . The case, which took place in…
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Mike Lynch Acquitted of All Fraud Charges in Hewlett-Packard Case
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British businessman Mike Lynch was acquitted Thursday of all 15 fraud charges in connection with the $11.1 billion sale of his company Autonomy to Hewlett-Packard in 2011. The trial, which began in March in San Francisco, follows a long extradition battle from England to the United States, where Lynch first…
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Mike Lynch Acquitted of All Fraud Charges in Hewlett-Packard Case
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British businessman Mike Lynch was acquitted Thursday of all 15 fraud charges in connection with the $11.1 billion sale of his company Autonomy to Hewlett-Packard in 2011. The trial, which began in March in San Francisco, follows a long extradition battle from England to the United States, where Lynch first…
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China, UAE Vow to Combat Telecom Fraud and Online Gambling
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In a move that signals a global shift, China and the United Arab Emirates have established a strategic alliance to combat cybercrime involving cryptocurrencies. Joint effort to combat cryptocurrency crimes The partnership comes amid a surge in cryptocurrency fraud activity in Hong Kong, highlighting the growing need for international cooperation…
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UK Finance Urges Post-Election Government to Prioritise Growth and Fraud Prevention
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UK Finance, the prominent banking trade association, has issued a call to action for the next government to implement policies that will stimulate economic growth and promote financial participation. Their Financial Services Statement sets out key initiatives aimed at tackling critical issues such as financial education, fraud prevention, and supporting…
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Former Investment Banker Receives 41-Month Sentence for Crypto Fraud
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Rashawn Russell, a former investment banker, was sentenced to 41 months in prison for cryptocurrency-related wire fraud and access device fraud. Russell was sentenced in Eastern New York District Court in Brooklyn after pleading guilty in September 2023. Former $1.5 Million Cryptocurrency Banking Fraud Prosecutors Hinge Russell began soliciting investments…
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Trump’s media company stock sinks in the wake of fraud verdict
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Shares of Trump Media and Technology Group, which owns the social networking site Social truthStock prices fell on Thursday following the conviction of former President Donald Trump in his hush money trial. New York jury Trump was found guilty Charged with falsifying business records in a scheme to illegally influence…
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SEC, Terraform Labs, and Do Kwon Reach Agreement in Civil Fraud Case: Report
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Terraform Labs and its founder, Do Kwon, have reached a settlement with the US Securities and Exchange Commission (SEC) following fraud allegations surrounding the collapse of the TerraUSD stablecoin, Reuters reports. The agreement, which was disclosed on the court’s website, was reached after a jury found Kwon and Terraform Labs…
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10 Major Banks Join Swift’s AI Initiative to Combat $485B in Fraud
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Swift has announced the launch of two artificial intelligence (AI) pilot programs in collaboration with major global banks to enhance fraud detection in cross-border payments. The initiative aims to leverage AI technology to save the industry billions in fraud-related costs and improve the efficiency of the cross-border payments ecosystem. The…
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FTX’s Former Executive Ryan Salame Sentenced to Over 7 Years for Fraud and Conspiracy
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Ryan Salama, who was a high-ranking executive at cryptocurrency exchange FTX, was sentenced to more than seven years in prison on charges of fraud and conspiracy to operate an unlicensed money transfer business, the Financial Times reported. Rayan Salama, 30, pleaded guilty to charges of election fraud and conspiracy to…
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Singaporean Woman Sentenced in £3B Bitcoin Fraud Case
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A London court has sentenced a Singaporean woman, Wen Jian, to six years and eight months in prison for her role in laundering Bitcoin (BTC) linked to a stunning $6.4 billion Chinese scam. The case, which involved the seizure of more than 61,000 bitcoins by UK police, has highlighted the…
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Mastercard Fights Back on Scams and Fraud
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Mastercard’s recent moves paint a fascinating picture of the current state of digital trust. On the one hand, They are joining forces with the United Nations Development Programme (UNDP) to address the global epidemic of digital fraud. On the other hand, They use advanced artificial intelligence To thwart the ever-present…
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Enron whistleblower: Financial fraud reporting still too hard
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Twenty-three years after Enron filed for bankruptcy, not much has changed regarding the culture of whistleblowing and reporting internal fraud. Although 56% of financial professionals reported that they had detected or suspected fraud within their organizations, the majority ( ) remained silent. As we have seen from the recent devastation…
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Equity seeks fraud busters to counter loss of client deposits
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Equity Group names top fraud busters just a month after losing millions of shillings to fraudsters, signaling a move by Kenya’s most profitable lender to strengthen its anti-fraud team. The bank, which recently raided the Central Bank of Kenya (CBK) and PricewaterhouseCoopers (PwC) in search of talent to strengthen its…
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Hong Kong Police Arrest Crypto Exchange Shop Employees on Suspicion of Fraud
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Hong Kong police have arrested three employees of a currency exchange shop on suspicion of fraudulent activities. This followed an incident where a customer at the store was reportedly confronted with piles of “hell money” before executing a cryptocurrency transfer worth around HK$1 million. Hong Kong authorities arrest 3 on…
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Binance and Taiwan Collaborate to Resolve $6.2 Million Crypto Fraud
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Binance’s Financial Crimes Compliance Department has partnered with the Investigation Bureau of the Taiwanese Ministry of Justice and the Taipei District Prosecutor’s Office to address a money laundering case involving NT$200 million ($6.2 million) in digital asset fraud. Collecting evidence in a crypto fraud case An official statement revealed that…
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Crypto Influencer ‘T.J. Stone’ Pleads Guilty To $1M Wire Fraud Scheme
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In federal court in Brooklyn on Thursday, cryptocurrency personality Thomas John Sferaga, also known as “TJ Stone,” pleaded guilty to… Wire fraud charges Charged with defrauding more than a dozen victims out of more than $1.3 million. Reveal the fake scheme According to To the US Department of Justice, from…
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Crypto Influencer ‘T.J. Stone’ Pleads Guilty To $1M Wire Fraud Scheme
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In federal court in Brooklyn on Thursday, cryptocurrency personality Thomas John Sferaga, also known as “TJ Stone,” pleaded guilty to… Wire fraud charges Charged with defrauding more than a dozen victims out of more than $1.3 million. Reveal the fake scheme According to To the US Department of Justice, from…
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Crypto personality ‘T.J. Stone’ pleads guilty to wire fraud
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Thomas John Sferraja, known as “TJ Stone,” pleaded guilty to fraud charges in federal court in Brooklyn on Thursday. According to the US Department of Justice, he was a traveler Accused By deceiving investors by promising returns of up to 60% within three months through a digital cryptocurrency wallet that…