Banks (Finance)
A 52-year-old private equity manager, Elliot Smerling, has been accused by federal prosecutors of persuading a bank to loan him $95 million by forging documents, including the names of top business and university endowment officials. Smerling, who operates JES Global Capital, has been indicted in New York City on charges
Banks (Finance)
Scam victims are claiming hundreds of pounds in compensation from their mobile phone companies, alleging that they failed to protect their privacy and breached data protection rules. Many of these victims have already been fully refunded by their banks for their loss, but are now taking mobile phone companies to
Banks (Finance)
Lee Blanchette, a 58-year-old relationship manager at Bank of America, has pleaded guilty to bank fraud charges in Connecticut. According to court documents, between August 2014 and March 2016, Blanchette used her authority to activate temporary ATM cards for a customer experiencing cognitive decline, withdrawing $103,080 without authorization and
Banks (Finance)
Richard Loren Lewis, the former CEO of Blue Wave Media Inc., pleaded guilty to bank fraud and making a false statement to a financial institution. Lewis, 67, of La Quinta, schemes to defraud Silicon Valley Bank by submitting sham financial documents that falsely stated his company's net worth.
Banks (Finance)
Philippine consumers are increasingly relying on digital transactions, a trend that has heightened concerns over fraud prevention and online safety. Security Bank Corp. has taken steps to improve online security with its new NEXT Mastercard, a credit card offering designed to provide a seamless shopping experience for customers. The card
Banks (Finance)
Babatope Joseph Aderinoye, a 30-year-old Nigerian national residing in Plano, Texas, has been sentenced to 408 months in federal prison for his involvement in a bank fraud and money laundering conspiracy in the Eastern District of Texas. Aderinoye was convicted by a jury on October 14, 2020, of conspiracy to
Banks (Finance)
Babatope Joseph Aderinoye, a 30-year-old Nigerian national residing in Plano, Texas, has been sentenced to 408 months in federal prison for his involvement in a bank fraud and money laundering conspiracy in the Eastern District of Texas. Aderinoye was convicted by a jury on October 14, 2020, of conspiracy to
Banks (Finance)
The recent exposure of a racket involving the procurement of vehicle loans from banks for ghost vehicles has brought to light a shocking case of financial fraud. The accused, who initially borrowed loans using forged papers and vehicle registration certificates, have been booked for borrowing 53 loans amounting to a
Banks (Finance)
Michael David Stamp, a 46-year-old resident of Decatur, Michigan, was sentenced to 96 months in federal prison for his role in a massive bank fraud and federal farm program fraud scheme that resulted in over $17 million in losses. Stamp, who once operated the largest agribusiness in Michigan, pleaded guilty
Banks (Finance)
The Central Bureau of Investigation (CBI) conducted searches at several locations in Hyderabad on Saturday, as part of a ₹4,736.5 crore loan fraud case against Coastal Projects Limited, a city-based company, and its promoters. The company had set up hydroelectric projects and allegedly defrauded a consortium of banks
Banks (Finance)
Gaps in online banking security systems have been exposed in a new investigation, with consumer organisation Which? raising concerns that some banks are unfairly denying reimbursement to scam victims. The issue has been highlighted by Gareth Shaw, Head of Money at Which?, who notes that while banks have marketed themselves
Banks (Finance)
A federal grand jury has indicted Hopelyn Rhiannon Ausk, 24, of Stockton, California, on 17 counts of mail fraud, bank fraud, aggravated identity theft, and obstruction of justice. According to the indictment, Ausk engaged in two separate fraud schemes that targeted the Unemployment Insurance program and identity-theft victims in Northern
