Fraud
The Financial Crimes Enforcement Network (FinCEN) has issued a notice to address concerns over regulatory risks related to convertible virtual currency (CVC) kiosks, commonly known as cryptocurrency ATMs. These kiosks have become increasingly popular for their user-friendly interfaces and widespread presence in public venues, but they also pose significant opportunities
Banks (Finance)
Sahara Reporters publisher, Omoyele Sowore, is facing an investigation by the Inspector-General of Police (IGP) for alleged terrorism financing, money laundering, and fraudulent activities. The IGP has obtained an order from Justice Emeka Nwite of the Federal High Court in Abuja, directing six banks to provide Sowore's account
Fraud
Joseph Oloyede, a former business owner, was sentenced to 56 months of incarceration for his role in a Paycheck Protection Program (PPP) loan fraud scheme. Oloyede, along with co-defendant Edward Oluwasanmi, submitted falsified loan applications and fake tax documents to secure millions of dollars in Small Business Administration funds. The
Fraud
A devastating scheme, uncovered in the Northern District of Georgia, has exposed the depths of government loan program exploitation. The U.S. Small Business Administration's Economic Injury Disaster Loan and Paycheck Protection Program were successfully targeted by a group of ten individuals, who submitted false applications, resulting in
Fraud
A Nevada man, Meelad Dezfooli, was sentenced to 15 years in prison and five years of supervised release for fraudulently obtaining over $11 million in Paycheck Protection Program (PPP) loans. Dezfooli, of Henderson, Nevada, submitted three fraudulent applications on behalf of entities he controlled, using false documents and grossly inflated
Fraud
During a recent proceeding at the Durban High Court, a state witness revealed that the number of houses requiring waste collection in December 2017 had doubled, raising concerns about the accuracy of the audit report compiled by the city's internal auditors. The report, which supported the initial figure,
Fraud
Charles O. Parks III, also known as CP3O, was sentenced to one year and one day in prison for operating a large-scale cryptojacking operation that defrauded cloud computing services out of over $3.5 million in computing resources. Parks used the stolen resources to mine nearly $1 million in cryptocurrency,
Fraud
The Durban High Court case of former eThekwini mayor Zandile Gumede and her 21 co-accused has led to a disagreement between the State and the defence on how a previous witness established the number of households that needed to be serviced in a R320 million Durban Solid Waste tender deal.
Fraud
The US Attorney's Office, District of Nebraska, has charged five Indian-Americans with sex trafficking, visa fraud, and money laundering involving over $565,000. The individuals, including Amit and Mahesh Chaudhari, and Rashmi Samani, owned and ran several hotels in the state, which were allegedly involved in several illegal
Fraud
As part of a significant investigation into a wide-ranging ransomware attack, the US Department of Justice has unsealed six warrants authorizing the seizure of over $2.8 million in cryptocurrency, $70,000 in cash, and a luxury vehicle. The assets were seized from a cryptocurrency wallet controlled by Ianis Aleksandrovich
Fraud
The United States Attorney's Office for the Northern District of Georgia recently announced charges against ten individuals for their involvement in a massive COVID-19 fraud scheme, which targeted government loan programs and resulted in over $9 million in false claims. The defendants allegedly submitted unauthorized and false applications
Fraud
A 36-year-old Michigan man, Malcolm Culmer, has pleaded guilty to wire fraud and money laundering for his role in a scheme to obtain COVID-19 pandemic relief benefits through false statements and misrepresentations. Between April 2020 and July 2021, Culmer submitted eight applications for Economic Injury Disaster Loans (EIDL) using fictitious
