Fraud

Gemcoin Founder Admits to Fraud in $147 Million Scheme

Steve Chen, the mastermind behind the $147 million Gemcoin cryptocurrency scheme, has admitted to wire fraud and tax evasion in a plea agreement. The 62-year-old Southern California resident agreed that he and other co-conspirators fraudulently promoted a cryptocurrency called Gemcoin (or Gem Coins) that helped fleece $147 million from 70,000 victims. Chen, also known as …

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Gemcoin Founder Agrees to Plead Guilty to Fraud, Tax Evasion for $147M Scheme

Steve Chen, the ringleader behind the $100 million-plus Gemcoin fraud of 2013-2015, agreed to plead guilty Wednesday to tax evasion and conspiracy to commit wire fraud. The 62-year-old San Gabriel Valley resident will face a minimum of 10 years in prison, according to the Department of Justice (DOJ). As part of his plea agreement, Chen …

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Mike Bloomberg’s 2020 Finance Policy Proposes Strict Bitcoin Regulations

</header> <strong>The 2020 U.S. Presidential candidate Michael Bloomberg addressed the subject of cryptocurrencies and initial coin offerings (ICO) in his recently published Financial Reform Policy. Bloomberg wants more “regulatory oversight” when it comes to this promising technology, claiming he sees “plenty of hype, fraud and criminal activity.” </strong> Also read: Bitcoin, Tesla Stock, Tron: How …

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Extortionists threaten sites with bad traffic to make Google ban ads

Sponsored Links Steve Dent/Engadget A creative extortion scheme is threatening websites with revenue loss by unleashing bad traffic that activates Google’s AdSense anti-fraud systems, according to Krebs on Security. First, a fraudster threatens to flood the publisher’s site with sketchy bot traffic. Then, Google’s AdSense anti-fraud systems would pick up on that traffic and suspend …

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Governments Begin to Roll Out FATF’s Travel Rule Around the Globe

It’s been nearly eight months since the Financial Action Task Force issued its divisive crypto directives, establishing traditional banking regulations within the crypto sector. With the year-long adoption deadline fast approaching, how have the world’s regulatory authorities responded to the guidelines so far? The FATF — an intergovernmental organization tasked with combating money laundering — …

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CFTC Sues Alleged Crypto Ponzi Scammer for $500K Theft

The U.S. Commodity Futures Trading Commission (CFTC) is suing an alleged Ponzi scammer on claims he and his company raised half a million dollars for cryptocurrency investments, which instead went to personal uses. According to a press release, Breonna Clark, otherwise known as Eliot Clark or Alexander Pak, and his firm Venture Capital Investments Ltd. …

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US Authorities Charge Crypto ‘Trading Club’ Operators With Defrauding 150 Investors

The U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the U.S Attorney for the Southern District of New York have charged Ohio resident Michael Ackerman and two unnamed business partners with defrauding some 150 investors by claiming to offer “extraordinary profits” from a cryptocurrency trading scheme. The SEC alleged in …

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Telecom pioneer and convicted fraudster Bernard Ebbers has died

Enlarge / Bernard Ebbers after his conviction in 2005. Adam Rountree/Bloomberg via Getty Images Bernard Ebbers, the man who built Worldcom into a telecom giant before it collapsed into bankruptcy, has died at the age of 78. Ebbers was released from prison in December after serving 13 years for fraud and conspiracy charges related to …

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Russian hacker behind an elite crime forum pleads guilty to multiple charges

Sponsored Links dusanpetkovic via Getty Images Last week, a well-connected Russian cybercrime boss, Aleksei Burkov, pleaded guilty to running an online criminal marketplace and a site that sold stolen credit and debit card data. What’s even more intriguing, than the $20 million in fraudulent purchases that Burkov’s site facilitated and the exclusive cybercrime ring he …

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6 Bankers Accused of Earning €30M in Bonuses From German Fraud, Tax Lawyer Out on €4M Bail

</header> <strong>Former bank employees have received bonuses worth millions of euros in an illegal trading scheme that also involved a tax lawyer, prosecutors in Frankfurt revealed this week. The case is part of multiple investigations carried out across Germany, the hardest hit country in a notorious tax fraud scandal known as the Cum-ex Files. </strong> …

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