Tagged: fraud

More Details Surface on the Extradition of Romanian Crypto Exchange Operator to US

A Romanian citizen arrested last week by local cyber police and American Secret Service agents has been released on bail in the city of Cluj where he runs one of the region’s largest crypto exchanges. The agents flew to Romania to seek the arrest and… Read More

Italian Regulators Shut Down Two Crypto Firms, Project Crypto GreenEarth and Bitsurge

Consob (Commissione Nazionale per le Società e la Borsa) the Italian agency that regulates the securities industry, has put a halt to two crypto-based offerings, according to postings on their site. Both companies have received a 90 day suspension on a “precautionary basis” and are banned… Read More

What the SEC’s ICO Crackdown Means For You

Recently, the Securities and Exchange Commission (SEC) has been actively pursuing all players in the initial coin offering (ICO) space, including companies that have raised money with ICOs, an exchange, people promoting ICOs, and most recently, an ICO investment fund. The SEC’s recent actions are… Read More

SEC Enforcement Co-Director Emphasizes Importance of International Cooperation to Combat ICO Fraud

Steven Peikin, Co-Director of the SEC’s Division of  Enforcement, told an audience at Harvard Law School this week that, given the increasingly cross-border nature of ICO and securities fundraising, “Collaboration with international regulators and law enforcement is critical to the SEC’s civil law enforcement success.”… Read More

AriseBank CEO Indicted in Texas for Cryptocurrency Fraud, Faces Possible Prison Sentence

Jared Rice Sr, the man behind AriseBank and the associated cryptocurrency/token, AriseCoin, has been indicted in the Northern District of Texas and, if convicted, faces a possible prison sentence of 120 years. Rice Sr was arrested by the FBI Wednesday and is charged with 3… Read More

New York Fraudster Bought $62 000 of Cryptocurrencies for ISIS

A 27-year-old woman in New York has pleaded guilty to financing the Islamic State of Iraq and al-Sham (ISIS or Daesh). According to a release from the US Department of Justice, between March and July 31st, 2017, Zoobia Shahnaz of Brentwood, New York, committed multiple acts… Read More

Three Charged in Bulgaria for $5 Million Cryptocurrency Theft

Bulgarian police have arrested and charged 3 people accused of stealing $5 million in cryptocurrencies, Reuters reports. The arrests were announced Monday by officials from the Bulgarian Ministry of the Interior and local prosecutors. Police seized $3 million in cryptocurrency at the scene as well… Read More

Silicon Valley REACT Cybercrime Task Force Busts Manhattan Cryptocurrency Thief

Police in Manhattan have arrested and charged Nicholas Truglia, 21, with 21 counts of felony crimes related to hacks he allegedly conducted against 6 individuals, including a $1 million USD theft of cryptocurrencies from Silicon Valley executive Robert Ross. According to the New York Post,… Read More

Bloomberg: Sources Claim Criminal Investigation of Tether and Bitfinex Crypto Exchange Now Underway in US

According to three sources to Bloomberg, a broad investigation into manipulation of cryptocurrency markets initiated last year by the US Department of Justice is now focussing on alleged Bitcoin price manipulation by creators of the Tether cryptocurrency and its origin exchange, Bitfinex. The two businesses are… Read More

Tokyo Police Accuse Eight Men of Running $68 Million Bitcoin Ponzi Scheme

Eight men in Tokyo have been charged by local police with running a Bitcoin Ponzi scheme that authorities say defrauded over 6000 individuals in 44 Japanese prefectures of ¥ 7.8 billion ($68.44 million), Asahi reports. The men, including Kazunari Shibata, 46, who works as an executive… Read More

RECoin and Diamond Reserve Coin ICO Issuer Pleads Guilty to Fraud

The first person to be prosecuted in the US for ICO (initial coin offering) fraud has pleaded guilty to misleading 1000 investors, Bloomberg reports. On Thursday, Maksim Zaslavskiy, 39, admitted in a Brooklyn federal courtroom that he collected money for two ICOs: RECoin and Diamond… Read More

Fake Halal Crypto Ponzi Falls Apart in India

A fake halal cryptocurrency pyramid scheme targeting Muslim investors in India has fallen apart in the Bitcoin bear market, in part due to scrutiny from regulators, Deccan Chronicle (DC) reports. Father-and-son team Syed Fareed and Syed Afaq Ahmed reportedly tapped a network of “ulemas” (Muslim… Read More

Researchers Link North Korea to Two Fraudulent ICOs

An increasingly “techno-savvy” ruling elite in North Korea is using a “full range” of computerized devices and tactics, including the issuing of fraudulent ICOs (initial coin offerings), to evade global sanctions and, “…generate revenue for the Kim regime,” Insikt Group reports. Insikt’s cybersecurity researchers have… Read More

Revolut Unveils New Tech to Reduce Fraud for its 3M+ Customers

Revolut, fintech unicorn and successful Crowdcube alum, is taking its customer protection to the next level, intending to become a world leader. As part of the platform’s plan, a new fleet of machine learning technology has been unveiled, a fleet that has already reportedly seen… Read More

Scammers Impersonate Canadian Tax Authority, Threaten to Deport Recent Immigrant, Use Bitcoin ATM to Steal $62 500

Telephone scammers pretending to be representatives from the Canada Revenue Agency (CRA) recently used threats of deportation and a bitcoin ATM to defraud a recent immigrant in Charlottetown PEI out of $65 000, CBC reports. Now a Charlottetown court has ruled that the Bitcoin ATM… Read More

Fraud: SEC Shuts Down Blockvest ICO that Allegedly Falsely Claimed SEC Approval & Created a Fictitious Regulator: the “Blockchain Exchange Commission”

The Securities and Exchange Commission (SEC) has taken action against an initial coin offering (ICO) that falsely claimed to be approved by the SEC. The enforcement action was filed against Blockvest LLC and company founder Reginald Buddy Ringgold, III. Additionally, the SEC obtained an emergency… Read More

SEC Charges Former LendingClub Execs, including Founder Renaud Laplanche, with Misleading Investors, Breach of Fiduciary Responsibilities

The Securities and Exchange Commission (SEC) has charged LendingClub Asset Management LLC, and former President Renaud Laplanche with fraud for improperly using fund money to benefit LendingClub.  LendingClub Asset Management, Laplanche, and former CFO Carrie Dolan, also were charged with improperly adjusting fund returns. The… Read More

Judge Rules that CFTC Has Jurisdiction in Case Against My Big Coin ICO & Allegations of Fraud

Gavel Court Legal Trial Law rawpixel unsplash

In January 2018, the Commodity Futures Trading Commission (CFTC) leveled allegations of fraud and misconduct against My Big Coin, an initial coin offering (ICO) that was said to fleece $6 million from investors. My Big Coin fought back when defense counsel said the CFTC had… Read More

SEC Lawsuit Against Real Estate Crowdfunding Platform iFunding Alleges Fraud Scheme to Misappropriate Investor Funds [u]

The Securities and Exchange Commission (SEC) has filed a complaint against real estate crowdfunding platform iFunding, along with co-founders William Skelley and Sohin Shaw. The complaint alleges that Skelley and Shaw pursued a “fraudulent scheme to misappropriate investor funds.” CI Senior Contributor and securities attorney… Read More

SEC Says Canadians Accused of “Plexcoin” ICO Fraud Refusing to Cooperate

The SEC told a New York courtroom Tuesday that two defendants accused of selling a fraudulent ICO (initial coin offering) called “Plexcoin” have been ignoring court orders to document their assets and are refusing to “participate meaningfully” in an SEC court action against them. According… Read More

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