Tagged: fraud

Canadian in Dubai Arrested for Fraud, Including Crypto Fraud via Habibi Coin, the “Bitcoin of the Middle East”

A Canadian living in the Burj Khalifa, Dubai’s most famous luxury building, has been arrested for serial fraud, including cryptocurrency fraud, and is now sitting in a cell at the Al Awir jail, Gulf News reports. Aziz ‘Com’ Mirza and his two brothers allegedly used online… Read More

Federal Court Order Regarding Crypto ATM Coin Ends Up with Defendants Hit with $4.25 Million Penalty for Fraud & Misappropriation

An ongoing enforcement action brought by the Commodity Futures Trading Commission (CFTC) pertaining to a cryptocurrency called ATM Coin has been resolved with a federal court ordering defendants to pay over $4.25 million in penalties. The US District Court of Eastern District of New York… Read More

Belgian Regulator’s List of Unlawful Crypto Sites Reaches 131 Names

The number of unlawful sites soliciting crypto investments from investors in Belgium has now reached 131 entities, an update to list of such sites indexed by the country’s Financial Services Markets Authority (FSMA) indicates. Even then, “This list cannot be considered as exhaustive,” the regulator… Read More

Remember the First Allegations of Crowdfunding Fraud – Ascenergy & CEO Joey Gabaldon? He Has Resurfaced Once Again

Back in 2015 during the earliest days of securities crowdfunding in the US, the first case of alleged fraud surfaced by an issuer using Reg D 506c. Ascenergy, a purported Oil & Gas company, along with CEO Joey Gabaldon and several relief defendants were the… Read More

Crypto Capital President, Banker to Bitfinex, Kraken, Binance and BitMEX, Held in Poland for Alleged Money Laundering

Police in Greece have arrested Ivan Manuel Molina Lee, president of payments processor Crypto Capital, for allegedly laundering hundreds of millions of dollars in drug proceeds for Columbian cartels. Molina is being held now by authorities in Poland, who believe he used the country as… Read More

Former Philippine Vice Mayor Arrested for Alleged Role in Standard and Crypto Investment Scams

A former vice mayor of the Philippine city Cagayan de Oro has been arrested for his alleged involvement in an investment scam in Cebu, and is also known for being “visible” at events hosted by another scheme called Freedom Traders Club (FTC), which sold a… Read More

CFTC Launches Enforcement Action Against Company Relating to Binary Options on Forex and Cryptocurrency Pairs

The U.S. Commodity Futures Trading Commission has filed a civil enforcement action against David Gilbert Saffron and Circle Society Corporation, based in Nevada. The CFTC alleges fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme Saffron operated through Circle Society…. Read More

How Can Fintechs Onboard New Customers While Preventing Fraud

Financial technology (Fintech) companies are finding new ways to meet consumer demands and create more financial inclusion on a global scale. While Fintechs are on the rise, these companies still have to manage the same problems traditional financial institutions face: fraud. And while fraud permeates… Read More

Algorand’s Venture Arm, Algo Capital, Loses Millions in Crypto Wallet Security Breach

Algo Capital, the investment division of the US-based blockchain startup Algorand, reportedly lost around $1-2 million in Algorand (ALGO) tokens and Tether (USDT) stablecoins after the company CTO Pablo Yabo’s mobile phone was hacked. The security breach allowed hackers to access an Algo hot wallet… Read More

Florida’s Regulators are Investigating Karatbars, a German firm that’s Promoting a Gold-backed Token [u]

Florida’s regulatory authorities are investigating Karatbars, a German firm that’s been promoting a crypto token linked to a Miami “crypto bank,” which does not have a banking license. Karatbars previously launched a cryptocurrency that the company claimed was backed by gold. In addition to developing… Read More

Zoiks! UK Banking Industry Halts £4.5 Million in Fraud EACH DAY

Fraud takes place daily in the financial services industry. Crowdfund Insider reads about it every single day. It is just a fact of life. There will always be a miscreant somewhere looking to separate good money from good people. That is why the industry must… Read More

Scammers Already Impersonating Bakkt in Classic “Crypto Giveaway” Scam

Scammers have already cloned Bakkt blog materials to create a fake interface, bakktlaunch.com, which they are using to trick Bakkt enthusiasts into sending crypto. It should be noted that the bakktlaunch.com page contains two links that may be malware bearing. Extreme caution is advised. Bakkt is the… Read More

BBC Airing Audio Documentary Series About Disappearance of OneCoin Founder

BBC Sounds has started airing a series of audio documentaries about the disappearance of Dr. Ruja Ignatova, the “CryptoQueen” co-founder of OneCoin, a multibillion-dollar global cryptocurrency scheme that may have defrauded up to 3 million people. In the series, journalist Jamie Bartlett documents his on the… Read More

Cryptocurrency-Aided Cybercrimine Syndicate Drained Retirement Accounts in Australia

Australian police have “dismantled” a cybercrime syndicate that used cryptocurrencies to purchase “fraudulently-obtained identities” on Dark Net markets and then use these identities to open bank accounts and drain victims’ retirement savings. According to a release from the Australian Securities & Investments Commission (ASIC), “Investigations have… Read More

SEC Charges Florida Lawyer for Greenlighting Sale of Unregistered Securities

The Securities and Exchange Commission (SEC) has filed civil charges against a “long-time” Florida securities lawyer accused of aiding and abetting”  an alleged $322 million USD securities fraud. Criminal charges were laid simultaneously September 17th against Attorney Jan Douglas Atlas, 74 of Ft. Lauderdale, Florida. The… Read More

ICOBox and Founder Nikolay Evdokimov Sued by Securities and Exchange Commission Targeting $14 Million ICO as Illegal Securities Offering

ICO Securities Fraud The Securities and Exchange Commission (SEC) has continued its long march of enforcement actions regarding initial coin offerings (ICO) and the platforms that supported them. According to the SEC, ICOBox and founder Nikolay Evdokimov conducted an “illegal $14 million securities offering of… Read More

277 Chinese Nationals Arrested in Philippines for Pervading Alleged Crypto Scam

On a tip from authorities in China, police in the Philippines have arrested 277 people they believe pervaded a cryptocurrency scam that defrauded at least 1000 Chinese nationals, Business Inquirer reports. The scheme reportedly emanated from a company called Golden Millennial Quickpay Inc. Ltd., an offshore… Read More

Reg CF: In More than 3 Years this Crowdfunding Exemption has Seen Zero Fraud in Contrast to What Some Expected

Reg CF [Regulation Crowdfunding], the smallest of the three crowdfunding exemptions created by the bi-partisan JOBS Act of 2012, became officially actionable in May of 2016. In that time, hundreds of issuers have raised money on FINRA regulated “funding portals” taking advantage of the internet… Read More

Police Bust Crime Syndicate Selling Counterfeit Euros for Crypto

Police in Portugal have arrested five members of a criminal gang accused selling counterfeit euros for cryptocurrencies via websites on the Dark Net, Reuters reports. The group’s alleged “ringleader” has now been extradited from Colombia to Portugal to face charges. According to police, during the… Read More

Thai Police Arrest “Cryptocurrency Wizard” Involved in Alleged $16 Million USD Crypto Fraud

More crypto action in Thailand this week as a man alleged to have worked as part of a Thai-Vietnamese gang that defrauded investors “in at least 10 Asian nations” via cryptocurrencies was arrested while recreating on a Bangkok soccer field Wednesday, The Bangkok Post reports…. Read More

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