Sam Bankman-Fried, co-founder of the failed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-bankrupt firm. The ruling cements the downfall of the former billionaire, who emerged as a high profile champion of crypto before his firm’s dramatic collapse in 2022. He was found to […]
Tag: fraud
Fraud ruling could be the end of Trump’s empire
Donald Trump could be at risk of losing his grasp on his New York business empire — a collection of properties that has defined his image as a successful real estate tycoon — after a judge found that the former president and his company had “repeatedly” violated state fraud laws. As part of his ruling […]
NY judge rules Trump committed fraud
A judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House, and he ordered some of the former president’s companies removed from his control and dissolved. Judge Arthur Engoron, ruling in a civil lawsuit brought by New York Attorney General […]
Scammers use AI to clone voices of loved ones
Artificial intelligence is making phone scams more sophisticated — and more believable. Scam artists are now using the technology to clone voices, including those of friends and family. The disturbing trend is adding to mounting losses due to fraud. Americans lost nearly $9 billion to fraud last year alone – an increase of over 150% […]
Over $200 billion in Covid aid lost to fraud
The Small Business Administration distributed more than $200 billion in potentially fraudulent Covid-19 relief funds, according to a federal watchdog. The findings, released Tuesday by the SBA’s inspector general, underscored how the emergency funds from the government designed to combat a once-in-a-century pandemic became a magnet for fraudsters. At least 17% of the $1.2 trillion […]
Billions of dollars lost in Covid-19 relief grift
Much of the theft was brazen, even simple. Fraudsters used the Social Security numbers of dead people and federal prisoners to get unemployment checks. Cheaters collected those benefits in multiple states. And federal loan applicants weren’t cross-checked against a Treasury Department database that would have raised red flags about sketchy borrowers. Criminals and gangs grabbed […]
NY Rep Santos faces fraud charges; in custody
he Justice Department on Wednesday unsealed 13 federal charges against Rep. George Santos and the New York Republican is in custody, a spokesperson for the Eastern District of New York said. Santos has been charged on seven counts of wire fraud, three counts of money laundering, one count of theft of public funds, and two […]
EPA’s 100 billion windfall is ripe for fraud
At a hearing before a House committee on Wednesday, the Environmental Protection Agency’s internal watchdog warned lawmakers that the agency’s recent surge in funding — part of President Biden’s climate policy spending — comes with “a high risk for fraud, waste and abuse.” The EPA — whose annual budget for 2023 is just $10 billion […]
Santos’ Constituents Furious With ‘Greatest Fraud in U.S. History’
George Santos has been branded a “swindler” and the “greatest fraud in U.S. history” by a campaign group from within his New York constituency, who are demanding he is ousted from Congress. Santos flipped New York’s 3rd congressional district in November 2022, in a win that helped the Republicans gain control over the House of […]
Paycheck Protection Program was huge free-for-all
When the Paycheck Protection Program launched during the pandemic shutdowns of spring 2020, it immediately became a chaotic free-for-all. Called PPP for short, the program offered simple-to-get, potentially forgivable government loans to small businesses. Yet billions of dollars went to companies owned by wealthy celebrities, including Tom Brady and Khloe Kardashian, and companies that thrived […]
New FTX CEO says SBF engaged in ‘old fashioned embezzlement”
FTX’s bankruptcy-era CEO, John J. Ray III, appointed to shepherd the collapsed crypto exchange through Chapter 11 reorganization, testified on Tuesday that the company’s founder and former CEO, Sam Bankman-Fried, made multiple misstatements about his companies’ financials. Ray, who oversaw Enron’s infamous corporate fraud, characterized FTX’s actions as “old fashioned embezzlement.” “This is just taking […]
Rudy Admits He Has No Clue About His Election Fraud Claims
Rudy Giuliani, who served as Former President Trump’s personal attorney, said during a deposition in mid-August that he “didn’t have the time” to look into whether reports of election fraud were credible, CNN, which obtained deposition tapes, reported Friday. Giuliani is being sued by Dominion Voting Systems after he and other defendants connected to the […]