Tagged: fraud

SEC Charges Florida Man for Digital Asset Fraud that Allegedly Pilfered $6.8 Million from Investors

The Securities and Exchange Commission (SEC) has announced charges against a Florida individual who allegedly defrauded investors in a digital asset trading scheme, according to a court filing. The SEC alleges that Thomas J. Gity, said to be a convicted felon with no professional financial… Read More

Monetary Authority of Singapore Tells Wirecard to Stop Credit Services and Return Customer Funds

The Monetary Authority of Singapore (MAS) has told bankrupt Fintech Wirecard (WDI.DE) to halt payment services in Singapore and to return all customer funds by October 14, 2020. MAS states that it has been monitoring Wirecard’s bankruptcy proceedings and the ability of the company to provide… Read More

Collapse of Belize based Choice Bank Hit Some Payoneer Customers – Report

The ongoing exposé of leaked documents from FinCEN (the enforcement branch of the US Department of Treasury), and allegations of money laundering, continues to ripple through the media. A story shared by NBC News today covers the collapse of Choice Bank, based in Belize, and… Read More

India’s National Security Adviser Warns that Fraudulent Activities have Increased as More Consumers are Conducting Online Payments

Ajit Doval, the National Security Adviser (NSA) to the Prime Minister of India, recently warned that financial crime and fraudulent activities have increased significantly and could continue to rise, because more consumers are conducting transactions online following the COVID-19 outbreak. Doval said that the country… Read More

CFTC Charges Four Individuals with Fraud Pertaining to Digital Assets

The Commodity Futures Trading Commission (CFTC) has filed charges against four individuals pertaining to “fraudulently soliciting funds from customers to speculate in Bitcoin price movements.” Filed in the U.S. District Court for the Southern District of Texas, the CFTC alleges that Texas residents Mayco Alexis Maldonado… Read More

AML Authorities in Philippines Identify People of Interest Affiliated with Wirecard, Meanwhile Sale of Subsidiaries Show Progress

Wirecard (WDI:DE) and bankruptcy proceedings are inching forward for a Fintech that was once valued in the billions of dollars. Meanwhile, anti-money laundering authorities in the Philippines have uncovered 57 individuals of interest affiliated with the firm, according to a report. Bloomberg states that the Executive… Read More

UK Fintech Modulr Reportedly Becomes First Non-bank or Building Society to Join Confirmation of Payee Service

Earlier this week, Modulr reportedly became the very first non-bank or building society to join the Confirmation of Payee service, which allows people to check whether the payment details they’ve provided for an individual or company match the details that are held by the recipient’s… Read More

Bithumb Keeps Listing New Cryptos like Polkadot (DOT), Seems like Business As Usual, but it’s Being Investigated for Fraud by South Korean Authorities

It seems like business as usual at South Korea’s largest crypto exchange Bithumb, as it recently added trading support for Polkadot (DOT) tokens, which now have a market cap of more than $5.6 billion, making it one of the largest digital assets in terms of… Read More

Insolvency Proceedings for Wirecard Kick Off in Munich, Report Claims Fintech Considered Acquiring Deutsche Bank

The district court of Munich has opened the insolvency proceedings regarding the assets of Wirecard (WDI:DE), which were applied for on June 25, 2020, according to a note from the company. The current preliminary insolvency administrator Dr. jur. Michael Jaffé from the law firm JAFFÉ Rechtsanwälte… Read More

Cyberpolice of Ukraine Investigates Three Defendants in Alleged $42 Million Crypto Laundering

The Cyberpolice of Ukraine reports that it has exposed a criminal group that laundered approximately $42 million in cryptocurrency. Last week, the law enforcement agency posted that three individuals have been accused of the crime and now face up to 8 years in jail. According… Read More

Cannabis Crypto: Paragon Coin Class Action Lawsuit Poised to Move Forward

Paragon Coin, and its affiliated initial coin offering, is pretty emblematic of the ICO heyday when any token could raise money based largely on a white-paper and effective marketing campaign. While it is hard to accurately discern, Paragon issued the PRG token raising around $12… Read More

Yieldstreet Responds to Report Pertaining to Alleged SEC/FBI Investigations, States They Have Done Nothing Wrong

Alternative investment platform YieldStreet has responded to queries regarding a recent report alleging that the Securities and Exchange Commission (SEC), as well as the Federal Bureau of Investigation (FBI), were investigating specific securities issued via the platform. Last week, it was reported that both the… Read More

SEC Files Civil Enforcement Action Against Brendan Ross, Former Direct Lending Investments CEO, Criminal Charges Filed by DOJ

Brendan Ross, the former CEO and founder of Direct Lending Investments (DLI), is the target of a Civil Enforcement Action filed by the Securities and Exchange Commission (SEC) last week. Direct Lending Investments was once a prominent participant in the online lending industry in the… Read More

SEC Issues Cease & Desist, Remedial Sanctions in Settlement Against Boon.Tech and ICO

The Securities and Exchange Commission (SEC) has announced charges against Boon.Tech and its CEO Rajesh Pavithran alleging fraud and registration violations in connection with a $5 million initial coin offering (ICO). According to the SEC’s order, from November 2017 to January 2018, Boon.Tech raised approximately… Read More

Trustify and Founder Daniel Boice Hit with Fraud Charges by SEC

The Securities and Exchange Commission (SEC) has charged Trustify Inc., along with founder and CEO Daniel Boice, with fraudulently offering and selling over $18.5 million of securities to more than 90 corporate and individual investors. The allegations were made in relation to an offering and… Read More

Germany: Wirecard Scandal Compels Regulatory Adjustment

Wirecard (WDI:DE), once a Fintech darling that fell through the regulatory cracks and now is one of the biggest financial debacles ever in Germany, is compelling public officials to revamp their approach to compliance and oversight. According to a report in Suddeutsche Zeitung, German Finance… Read More

Former Wirecard CEO Arrested Along with Former CFO, Report Indicates Over €3 Billion May be Lost

The odyssey of the collapse of Wirecard (WDI:DE) continues to generate headlines as investigators sort through the rubble of the once prominent Fintech. The news has been flowing at a steady pace as pieces of the puzzle are added to Wirecard’s saga as authorities seek… Read More

Texas Man Receives $1.1 Million Under Paycheck Protection Program, Uses Funds to Buy Crypto, Busted for Fraud

The US Attorney in the Southern District of Texas has arrested an individual for allegedly receiving over $1.1 million in Paycheck Protection Program (PPP) loans which were used to purchase cryptocurrency according to a statement by the Department of Justice. Joshua Thomas Argires, 29,  of… Read More

Malaysian Securities Commission Warns that Operating a Crypto ATM without Authorization May Result in 10 Years Prison Sentence and Heavy Fines

The Securities Commission Malaysia (SC) recently warned local consumers and businesses against the usage of Cryptocurrency Automatic Teller Machines (Crypto ATMs). Crypto ATMs are machines that let individuals purchase and sell digital assets through cash, debit or credit cards or electronic wallets. These machines have… Read More

Lendy Investors Demand the Arrest of Former Directors Liam Brooke and Tim Gordan after they Allegedly Siphoned Investor Funds to Overseas Firms

UK-based Lendy, a peer to peer (P2P) lender that shut down in 2019 and went into administration, was requiring previous investors to pass certain anti-money laundering (AML) checks again, before they qualify to get refunds. Administrators of the bankrupt P2P lender have revealed that the… Read More

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