#financial-crime

#financial-crime

Three family members received prison sentences for insider trading in a high-profile case involving MasTec.

U.S. District Judge emphasized the need for balance in punishment and ethical messaging.

Cantu sentenced to 24 months in prison for orchestrating real estate fraud involving falsified documents and misleading transactions.

AI-powered financial risk models have prevented over $1 billion in fraud recently.

AI's effectiveness in fraud detection relies heavily on the quality of training data.

The US Treasury's use of AI in fraud detection has significantly improved financial crime recovery, with over $4 billion recovered in fiscal 2024.

A new AI system, FraudGCN, can detect accounting fraud by analyzing financial patterns and corporate relationships, enhancing fraud detection across industries.

The IRS launches CI-FIRST to enhance collaboration with banks in combating financial crimes involving technology and AI.

Gonzalez defrauded the IRS for $28 million through a tax scheme involving false returns and fictitious corporations.

Caroline Ellison was sentenced to two years for her role in the FTX fraud, showcasing the significance of her cooperation during the trial.

Trust can lead to vulnerability in business relationships.

Betrayal by someone close can have devastating financial consequences.

Ignoring red flags can result in significant losses.

A romance scam resulted in Barnabas Jime receiving a two-year prison sentence for stealing $840,363 from victims.

Fraud costs American consumers $10 billion in 2023, with real estate fraud increasingly impacting homeowners.

The title insurance industry is combating various types of fraud, including seller impersonation and wire fraud.

A door-to-door sales scam defrauded over 200 victims in Ontario, preying on older adults and vulnerable individuals.

Two men arrested; three more wanted by police for extensive fraud including registering fake liens against victims' homes.

A former Chelsea Piers employee is being sued for stealing nearly $80,000 through fake invoices, along with his entire salary.

The lawsuit addresses fraudulent activities and civil conspiracy by the ex-employee and his partner.

A bank branch manager was sentenced to prison for stealing over $200,000 from a customer's account using unauthorized access.

Lisa Schiff defrauded clients of millions through her art advisory business, leading to a prison sentence of two-and-a-half years.

TD Bank pled guilty and agreed to pay over $1.8 billion for serious violations in money laundering and Bank Secrecy Act compliance.

TD Bank's lax anti-money laundering practices led to a record $3 billion settlement for facilitating significant money laundering activities.

A former TD Bank employee has been charged with facilitating money laundering, linked to a larger investigation resulting in massive fines against the bank.

Ikram Rafique defrauded 900+ people by selling fake insurance policies and was sentenced for unlicensed brokering and money laundering.

DARPA's A3ML program aims to automate and enhance anti-money laundering efforts while preserving privacy.

DARPA aims to use AI algorithms to revolutionize anti-money laundering efforts by anticipating illicit financial activities before they occur.

A former bank CEO embezzled $47 million after falling for a cryptocurrency scam, leading to a 24-year prison sentence.

Truong My Lan could avoid execution by repaying three-quarters of her embezzled assets, amid ongoing national economic concerns. She remains sentenced to death.

Caroline Ellison received a two-year prison sentence due to her cooperation in providing crucial testimony against Sam Bankman-Fried in the FTX case.

Caroline Ellison, the former CEO of Alameda Research, is sentenced to two years for fraud, with leniency for her testimony against Sam Bankman-Fried.