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Financial Crime

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…

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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…

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by Joe Lombardi
Business
NJ-Based TD Bank Fined $3B For Allowing Drug Dealers, Human Traffickers To Launder Money: Feds NJ-Based TD Bank Fined $3B For Allowing Drug Dealers, Human Traffickers To Launder Money: Feds
Nj-based TD Bank Fined $3B For Allowing Drug Dealers, Human Traffickers To Launder Money: Feds TD Bank has agreed to pay about $3 billion in historic penalties after its relaxed policies allowed criminals to launder their money, authorities said. The Canadian bank with U.S. headquarters in Cherry Hill pleaded guilty to charges of conspiring to not maintain an anti-money laundering program that complies with the Bank Secrecy Act, filing inaccurate currency transaction reports, and laundering money, the Justice Department said in a news release on Thursday, Oct. 10. TD Bank will pay more than $1.8 billion to resolve the DOJ's investigation and $1.3 billion in a penalty f…

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by Chris Spiker
Police & Fire
Five From NJ Admit Pocketing $1.3M In Aircraft Equipment Scam Five From NJ Admit Pocketing $1.3M In Aircraft Equipment Scam
Five From NJ Admit Pocketing $1.3M In Aircraft Equipment Scam A crew of con artists from New Jersey admitted swindling more than $1.3 million from hundreds of businesses nationwide and abroad that thought they were buying specialized aviation equipment. The head of the operation, Antonio P. Signo, 36, of Somerset – aka "Tony Demetro" – had been the first to take a deal from prosecutors rather than face the potential consequences of a trial. The onetime fugitive pleaded guilty last August -- with no public notice from authorities – to a single count of theft by deception, New Jersey Attorney General Matthew J. Platkin revealed on Thursday, May 25. The…

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by Jerry DeMarco
Police & Fire
Ex-Hudson Sheriff's Officer Admits $98,000 Short-Sale Mortgage Scheme For Jersey Shore Home Ex-Hudson Sheriff's Officer Admits $98,000 Short-Sale Mortgage Scheme For Jersey Shore Home
Ex-Hudson Sheriff's Officer Admits $98,000 Short-Sale Mortgage Scheme For Jersey Shore Home A former Hudson County sheriff’s officer admitted defrauding a bank to duck $98,000 in mortgage payments on a Jersey Shore home, federal authorities said. Osbado Hernandez, 54, of Avenel, conspired with others to lie about a bogus short sale of his house in Keansburg so that the unidentified bank would discharge what was left on his mortgage, U.S. Attorney Philip R. Sellinger said. Hernandez bought the property for $239,900 in 2006, financing it through a mortgage loan from the victimized bank, a complaint on file in U.S. District Court in Trenton says. He ended up behind on the payments,…

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by Jerry DeMarco
Police & Fire
PA Man Stole $867K From South Jersey Employer, Spent It On Sports Gambling, Cars: Prosecutor PA Man Stole $867K From South Jersey Employer, Spent It On Sports Gambling, Cars: Prosecutor
PA Man Stole $867K From South Jersey Employer, Spent It On Sports Gambling, Cars: Prosecutor A Bucks County, PA, man has been charged with stealing more than $866,000 from his Willingboro-based employer, authorities said. Brian Myslinski, 31, of Levittown, PA, surrendered Tuesday, Jan. 17 at the Prosecutor’s Office in Mount Holly, said Burlington County Prosecutor LaChia L. Bradshaw. The investigation revealed that Myslinski used more than $120,000 of the proceeds from the illegal sales to cover sports gambling debts, and also spent $50,000 on a 1974 Dodge Charger classic car, $20,000 on another vehicle, funded a vacation to Jamaica, and bought Gucci and Louis Vuitton han…

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by Jon Craig