Fair 88°
Tag:

Financial Crime

Police & Fire
Mortgage Employee Stole $6.6M From Massachusetts Firm In Decade-Long Fraud Scheme: Feds Mortgage Employee Stole $6.6M From Massachusetts Firm In Decade-Long Fraud Scheme: Feds
Mortgage Employee Stole $6.6M From Massachusetts Firm In Decade-Long Fraud Scheme: Feds A Virginia man accused of secretly funneling millions from a major financial company into his own bank account is facing federal fraud charges after investigators uncovered what prosecutors described as a years-long scheme tied to mortgage payments. Ricardo Fontanilla, 66, of Fairfax, Virginia, was charged in federal court in Boston with wire fraud, according to the US Attorney for Massachusetts. Prosecutors said he was arrested at his home on Sunday, May 3, and appeared in federal court in Arlington, Virginia, the next day. Federal investigators said Fontanilla worked for a global financia…

SHARE

by Josh Lanier
News
How To Avoid Lottery, Prize Scams: You Didn’t Enter, But You 'Won'? How To Avoid Lottery, Prize Scams: You Didn’t Enter, But You 'Won'?
How To Avoid Lottery, Prize Scams: You Didn’t Enter, But You 'Won'? A surprise message says you hit the jackpot, but there’s a catch: you must pay a fee or hand over personal details to claim it.  That’s the hallmark of a lottery or prize scam—designed to separate you from your money and identity. These schemes often arrive by email, text, phone, or mail and lean on pressure tactics to force quick decisions.  Scammers frequently demand “taxes,” “processing,” or “shipping” upfront, or ask for sensitive data to “verify” you.  Legitimate lotteries do not require payment to release a prize, and you should never be asked for your Social Security…

SHARE

by Joe Lombardi
Police & Fire
$5M Grandparent Scam Targeted Hundreds; FBI Charges 13 In Scheme That Swindled Mass Residents $5M Grandparent Scam Targeted Hundreds; FBI Charges 13 In Scheme That Swindled Mass Residents
$5M Grandparent Scam Targeted Hundreds; FBI Charges 13 In Scheme That Swindled Mass Residents The phone rings in the middle of the night. It’s a family member, and they’re in trouble. A misunderstanding or mistake has put them in a serious bind, and they need thousands of dollars — immediately — or they're in big trouble.  Hundreds of people have received calls like that, but they were fake. Federal investigators call it the “grandparent scam.” The scheme allegedly targeted hundreds of older Americans — including at least 50 in Massachusetts — and stole more than $5 million, according to the US Attorney for Massachusetts. Federal prosecutors say they’ve charged 13 people who “r…

SHARE

by Josh Lanier
Business
Cash App Users To Get Refunds In $175M Order As Feds Target Fraud Cash App Users To Get Refunds In $175M Order As Feds Target Fraud
Cash App Users To Get Refunds In $175M Order As Feds Target Fraud Cash App's parent company will have to pay $175 million for poorly protecting its users from fraud and financial crimes on the payment platform, officials said. The Consumer Financial Protection Bureau ordered Block to refund up to $120 million to users harmed by fraud, the federal agency said in a news release on Thursday, Jan. 16. The parent company of Cash App, which has more than 56 million accounts, must also pay a $55 million fine into the CFPB’s victims relief fund. The CFPB found that Block failed to properly investigate unauthorized transactions and deprived users of…

SHARE

by Chris Spiker
News
$4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says $4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says
$4.3B Now Recovered For Madoff Ponzi Scheme Victims, DOJ Says More than $4.3 billion has now been recovered for victims of Bernie Madoff’s massive and infamous Ponzi scheme, the Justice Department announced, as part of a decade-long effort that has compensated over 40,000 people worldwide for nearly 94 percent of their losses. The DOJ says  its 10th and final distribution from the Madoff Victim Fund (MVF), provided more than $131 million to over 23,000 victims. The latest distribution marks the culmination of a decade-long effort to recover and return forfeited funds tied to Madoff's fraudulent investment empire. Most victims, primarily small inv…

SHARE

by Joe Lombardi