All articles tagged with #financial fraud
A Bank of America employee, Mario Martinez, is accused of exploiting a disabled woman and stealing over $500,000 from her after offering to help manage her inheritance, opening joint accounts without her consent, and siphoning her funds over several months. He faces multiple charges including exploitation and grand theft, and is currently held in custody awaiting court proceedings.
An 86-year-old woman from NYC lost $700,000 to a sophisticated scam that exploited her age-related memory loss, leading her to make unauthorized withdrawals. Her family is now suing Bank of America and Merrill Lynch for negligence, arguing that the banks failed to flag unusual activity despite her history of small withdrawals and added oversight.
The FBI warns smartphone users about increasing phone scams, including fake bank calls and police impersonations, urging vigilance, verification of caller identities, and immediate reporting of fraud to prevent financial losses.
The bankruptcy of First Brands Group, a major auto parts manufacturer with $6.1 billion in debt, highlights the risks of complacency in late-stage bull markets and raises concerns about financial transparency and potential fraud, with broader implications for market stability.
JPMorgan Chase CEO Jamie Dimon warned of potential further issues following the collapse of Tricolor Holdings, which caused a $170 million charge-off and highlighted concerns about fraud and risk management in the financial sector, suggesting more problems may be lurking.
A sophisticated AI-driven scam targeting seniors has drained over $1 billion since 2024 by exploiting their trust through multi-phase deception involving fake tech support, bank impersonations, and government officials, with AI personalizing attacks to increase effectiveness, highlighting the need for increased vigilance and education to protect vulnerable populations.
The FBI warns against installing apps from unsolicited messages and advises never to engage with scam calls or texts, as these are increasingly used to steal money through fake tech support, government impersonations, and malicious links, with victims losing their savings. Staying safe involves ignoring suspicious communications and reporting scams promptly.
Vietnam has abolished the death penalty for eight crimes, potentially saving a real estate tycoon involved in a $12.5 billion fraud from execution, and replacing it with life imprisonment, as part of broader legal reforms affecting multiple serious crimes.
Rapper Fat Joe denies allegations of sexual acts with minors and financial fraud made by his former associate, who claims he was coerced into over 4,000 sexual acts under duress, with the lawsuit seeking up to $20 million in damages.
Over 8 million Android users have been affected by SpyLoan malware embedded in over a dozen loan apps on the Google Play Store, according to McAfee Labs. These apps, which target users in various countries by offering quick loans, use social engineering to extract sensitive information and permissions, leading to potential extortion and financial loss. Despite some apps being removed or modified to comply with Google Play policies, the threat persists as these apps share a common framework for data encryption and exfiltration. Users are advised to scrutinize app permissions and developer legitimacy to mitigate risks.
Super Micro Computer (SMCI) announced that an independent Special Committee found no evidence of financial fraud following a three-month investigation, despite concerns raised by short seller Hindenburg and the recent resignation of auditor Ernst & Young. However, SMCI's stock fell 22.7% in pre-market trading due to disappointing preliminary Q3 results and uncertainty over the filing of its 10-K annual report. Mizuho Securities suspended its rating on SMCI stock, citing concerns over unaudited financials and Nasdaq compliance risks.
An international law enforcement team has arrested Chinese national Yunhe Wang, disrupting the "911 S5" botnet, which officials say is the world's largest. Wang allegedly ran the botnet for nearly a decade, amassing $99 million by reselling access to criminals for identity theft, child exploitation, and financial fraud, including pandemic relief scams. Authorities seized $29 million in cryptocurrency and linked Wang to $5.9 billion in fraud losses. Wang managed the botnet through 150 servers and used his gains to purchase properties worldwide.
Authorities have arrested Yunhe Wang, a Chinese national, for allegedly running the world's largest cybercrime botnet, "911 S5," which infected 19 million computers globally and generated $99 million in profits. The botnet was used for identity theft, child exploitation, and financial fraud, including pandemic relief scams, resulting in over $5.9 billion in estimated losses. Wang was arrested in Singapore, and authorities seized $29 million in cryptocurrency.
A 35-year-old Chinese man, Yunhe Wang, has been arrested for allegedly running the "911 S5" botnet, a massive network of malware-infected computers used for identity theft, child exploitation, and financial fraud, including pandemic relief scams. The botnet, which operated for nearly a decade, compromised 19 million computers worldwide and caused over $5.9 billion in estimated losses. Wang reportedly used his illicit profits to purchase properties across multiple countries.
Rotherie Durell Foster, a Camarillo plumber, has been charged with multiple felonies, including the murders of José Antonio Velásquez and 72-year-old Bill Dean Levy. Foster allegedly poisoned Levy with fentanyl and used his financial information for personal gain. Investigations revealed a pattern of similar crimes, leading to 33 felony charges against Foster, including murder, forgery, and identity theft.