Tagged: fraud

Fraud: CFTC Charges Bitcoin Ponzi Scheme in Enforcement Action

The US Commodity Futures Trading Commission (CFTC) has filed a federal civil enforcement action in the U.S. District Court for the Southern District of New York against Defendants Nicholas Gelfman, of Brooklyn, New York, and Gelfman Blueprint, Inc. (GBI), charging the duo with fraud, misappropriation, and issuing… Read More

Fraudsters Attempt to Use JustGiving For Money Laundering Scams

JustGiving, a charity crowdfunding platform based in the UK, recently revealed it has been targeted by fraudsters who have been using the portal for money laundering scams. JustGiving describes itself as the world’s most trusted online giving platform. The platform stated its main mission is… Read More

Lock ‘Em Up: Ezubao Fraudsters Sent to Prison for Largest P2P Lending Scam Ever

Ezubao executives are looking at doing some hard time following the conclusion of proceedings at Beijing No. 1 Intermediate Peoples Court. Ezubao maintains the ignominious record of the largest peer to peer lending fraud ever. The Ponzi scheme has been estimated at pilfering over $7.7… Read More

SEC Office of Investor Education & Advocacy Warns of Potential ICO Scams as it Suspends Trading in Several Companies

The Securities and Exchange Commission (SEC), office of Investor Education and Advocacy, is out with a note on the booming Initial Coin Offering market telling investors to beware. The ICO market has grown rapidly with estimates topping $2 billion in token sales this year alone…. Read More

Final Judgement Document on Ascenergy Crowdfunding Fraud

Some times the wheels of justice move slowly. And sometimes the documentation associated with these wheels lag as well. File this one under recently discovered. The Securities and Exchange Commission released, this past June, the Agreed Final Judgement regarding the case of the Ascenergy crowdfunding… Read More

Bitcoin Fraud: SEC Files Charges Against UK Citizen Who Allegedly Sold Securities in Bogus Businesses

The Securities and Exchange Commission (SEC) has filed fraud charges against Renwick Haddow, a UK citizen living in New York. The SEC said the “clandestine founder” claimed to be the creator of a Bitcoin platform and a chain of co-working spaces located in former bars… Read More

Ethereum-Based Blockchain Platform AdEx Sets Date for Crowdsale & Syncs with Stremio

AdEx, a next-generation online ad exchange, will hold a crowdsale beginning Friday, June 30, 2017 to support the development of the platform and promote its adoption. During the crowdsale, 80% of the ADX token will be offered and the rest will be distributed to the… Read More

Research on Risk Shows Crowdfunding Has Significant Fraud Immunity: Here’s Why

It may be counterintuitive but the research has been done and the results are now in – and it’s as we’ve been saying for almost five years. Fraud in crowdfunding is not just almost non-existent –  so much so as to be hard to measure,… Read More

Starting GoFundMes For Strangers Not as Simple as it Seems

In their 2016 Year in Giving report, GoFundMe CEO Rob Solomon wrote; “When disaster or violence struck, ordinary people took it upon themselves to help heal the world by starting GoFundMes to provide relief and comfort to those who needed it.” The report highlights some… Read More

Scammer Allegedly Files Fake SEC Document in Plot to Make Money Off of Fitbit Options

The Securities and Exchange Commission has filed fraud charges agains Robert W. Murray, a mechanical engineer from Virginia. Murray allegedly cooked up a bogus regulator filing in an attempt to manipulate the share price of Fitbit. In a parallel action, the U.S. Attorney’s Office for the… Read More

Ezubao P2P Lending Fraud Update: 26 on Trial

Do you remember the Ezubao Ponzi scheme that ended in the single largest peer to peer lending fraud of all time? Investors, saw approximately 50 billion CNY or about USD $7.2 billion flushed down the tube. Reportedly 900,000 investors were impacted as an astounding 95%… Read More

Crooked Crowdfunders: Prominent Crowdfunding Marketing Firm “Funded Today” Gets Fleeced But Fights Back & Wins

First Successful Arbitration Settlement Against a Crowdfunding Scofflaw Prominent crowdfunding marketing firm Funded Today is perhaps the most successful agency in their space today. Having helped to direct more than 300 perk-based crowdfunding campaigns to financial success, Funded Today has now been instrumental in raising… Read More

SEC Takes Action Against Bogus Articles Pumping Stocks

The Securities and Exchange Commission (SEC) has initiated enforcement actions against 27 individuals and entities behind promotional articles that did not disclose they were paid analysis cloaked as independent research. The SEC said investors were duped into believing they were reading unbiased articles when in… Read More

ONAGOFly Hit with Class Action Lawsuit Regarding Crowdfunding Campaign

ONAGOFly, a top-twenty Indiegogo crowdfunding campaign and the 2nd most funded drone project ever on the platform, has been hit with a class action lawsuit filed in United States District Court in California on March 27, 2017. The lawsuit was filed by Allan Black, Christopher… Read More

Jail Time: 41 Peopled Locked Up for Baiyin Wealth Co. P2P Fraud in China

In what is being described as Shanghai’s “first and high profile” peer to peer lending fraud case, 41 people associated with Baiyin Wealth Co. have been imprisoned according to China News. The case included the theft of approximately 700 million yuan or about USD $10.2… Read More

The First Fintech Fraud Summit Tackles Tough Issues

The first FinTech Fraud Summit 2017 hosted by E&Y and San Francisco Association of Certified Fraud Examiners took place on March 17th, 2017. Keynotes by Prosper’s President Ron Suber. Financial Technology, or Fintech,  has experienced what can only be described as explosive growth. Fintech is… Read More

Ron Suber on Fintech & Fraud: A Global Challenge (Deck)

Acts of fraud have been around since the dawning of time. How fraud occurs is a never-ending, shape-shifting challenge for individuals, companies and public authorities. There will always be a new scam. There will always be another Ponzi or Madoff looking to separate hard-earned money… Read More

TransUnion Announces: As Personal Loan Delinquency Rates Rises, Online Fraud Continues to Make Significant Contributions to the Increases

TransUnion (NYSE: TRU) announced on Tuesday its latest data found that as personal loan delinquency rates rise, online fraud, which includes loan stacking, continues to make significant contributions to these increases. The credit information and information management service company noted that serious delinquency rates (90+… Read More

Breathometer Raised Money on Indiegogo & Shark Tank but it Doesn’t Work & Now the FTC is Forcing Refunds

Breathometer, the “world’s first smartphone breathalyzer”, raised $138,437 on Indiegogo back in 2013. The following year, Breathometer visited the studios of Shark Tank where founder Charles Michael Yim “blew the sharks out of the water.” He asked for a mere $250,000.  And what happened? All… Read More

Ezubao Fraud: Proceedings Commence on Shuttered P2P Lending Platform

The trial against Ezubao, once a high-flying peer to peer lending platform, has commenced.  The Beijing People’s Protectorate has started proceedings against Ezubao and its parent company Yucheng Holdings and Yucheng Global.  This is according to a report in China News. Apparently, 10 individuals will… Read More