Fraud Headlines

2021 Articles

April 

Futures Trader Burns Tyson With $200 Million Loss on Fake Cattle 

It took a while to notice, but Tyson Foods Inc. eventually realized late last year that more than 200,000 of its cattle seemed to have gone missing on a Washington state ranch. (Bloomberg)

Italy Prosecutors Seek Mass Trial in Diamond Fraud Probe 

Milan prosecutors have asked for four Italian banks, diamond broker IDB and 105 individuals to be sent to trial in a probe into alleged fraudulent diamond sales, two sources with direct knowledge of the case said on Tuesday. (Nasdaq)

'Real Housewives' Star Jen Shah Pleads Not Guilty to Fraud, Bond Set at $1 Million 

Jen Shah, the "Real Housewives of Salt Lake City" star charged with running a nationwide telemarketing fraud scheme, pleaded not guilty Friday and will remain released from jail provided she sign a $1 million personal bond. (NBC)

March 

Supreme Court to Decide Whether Goldman Sachs Shareholders Can Bring Suit in Major Fraud Case 

The Supreme Court is set to hear arguments from Goldman Sachs in a long-running case that could have major implications for shareholders seeking to bring securities-fraud lawsuits. (CNBC)

DOJ Has Charged Nearly 500 With COVID-Related Fraud In The Past Year 

Call it a nasty side effect of the COVID-19 pandemic — the flare-up in fraud, scams and hoaxes as some people have tried to use the crisis to line their pockets illegally. (NPR)

Covid-Related Fraud has Cost Americans $382 Million 

As of Tuesday, more than 217,000 people had filed a coronavirus-related fraud report with the agency since January 2020, according to federal data. (CNBC)

SF Poop-Testing Startup, Once Compared to Theranos, Charged in $60M Fraud Scheme 

Zachary Schulz Apte and Jessica Sunshine Richman, co-founders of defunct microbiome testing company uBiome, are accused of bilking their investors and health insurance providers, federal prosecutors said. (SF Gate)

Greensill Sued by West Virginia Governor Over Mining Loans 

Bluestone claims it was defrauded by Greensill in an $850 million financing deal. (Bloomberg Quint)

Trader Gets Painted Stones Instead of $36m of Copper 

Geneva-based Mercuria Energy Group says it's been the victim of cargo fraud following its purchase of 10,000 tons of copper blister. (BBC)

McAfee Faces Decades Behind Bars After Fraud Indictment 

Famed anti-virus pioneer John McAfee has been indicted on charges of cryptocurrency fraud, money laundering and more. (Info Security)

Responses Matter: Securities Fraud Sentence Shows the Value of a Sound Response to a Government Investigation 

Conduct during an investigation can matter as much as the conduct under investigation – sometimes even more. (JD Supra)

February 

How Billions in Pandemic Aid Was Swindled by Con Artists and Crime Syndicates 

Government aid programs have long been fertile ground for scammers. But the scale of the fraud in the unemployment program created by the CARES Act has reached a staggering level, state and federal officials say. (CNBC)

EDD Had Fraud Detection in 2016, Then Turned it Off 

The technology likely would have prevented most of the $10 billion in fraud. (KCRA)

Diners Devour Made-to-Order Fraud 

Restaurants and food delivery services are being ripped off by a new made-to-order fraud scheme taking place on the messaging app Telegram. (Info Security)

Romance Fraud on Rise in Coronavirus Lockdown 

According to U.K. Finance, there was a 20% increase in bank transfer fraud linked to romance scams in 2020 compared to 2019. (BBC)

Surprise Tax Forms Show Extent of Unemployment Fraud in U.S. 

Unemployment agencies across the country were bombarded with so many claims during the pandemic that many struggled to distinguish the correct from the criminal. (WCVB)

SEC Hunts for Fraud in Social-Media Posts Hyping GameStop 

U.S. Securities and Exchange Commission investigators are combing social media and message board posts for signs that fraud played a role in dizzying stock swings for GameStop Corp., AMC Entertainment Holdings Inc. and other companies, according to people familiar with the matter. (Bloomberg)

January 

California Officials Confirm Over $11 Billion in Unemployment Fraud During Pandemic 

The state paid at least $11.4 billion, which is approximately 10 percent of benefits paid during the pandemic, in funds that involved fraud. (The Hill)

Fraud Epidemic 'is Now National Security Threat' 

Fraud has reached epidemic levels in the UK and should be seen as a national security issue, says think tank the Royal United Services Institute. (BBC)

Procurement Fraud Recoveries Substantial for DOJ in FY 2020 

The Department of Justice (DOJ) recently announced that it obtained more than $2.2 billion in False Claims Act (FCA) settlements and judgments in the fiscal year ending September 29, 2020. (JD Supra)

Pandemic Fires Up Insurance Fraud, Here’s What To Watch For 

Insurance fraud (non-health insurance) is a $40 billion dollar a year criminal enterprise that costs the average U.S. family between $400 and $700 per year in increased insurance premiums, according to the FBI. (Forbes)

NRA Files For Bankruptcy Amid Fraud Suit In New York 

The National Rifle Association filed for Chapter 11 bankruptcy in Texas on Friday as its current home, New York, pursues a fraud case against the organization. (NPR)

Boeing To Pay $2.5 Billion Over 737 Max Fraud, Faces No Other Charges 

Boeing will pay more than $2.5 billion to settle criminal charges that it repeatedly concealed and lied about the 737 Max's engineering problems that led to two catastrophic crashes claiming hundreds of lives. (NPR)

FBI Warns of COVID-Related Fraud Schemes as Vaccines Distributed Across the Country 

"We've been concerned about fraud schemes regarding the vaccine as soon as the vaccine went from an idea to reality. … The one thing that we've learned throughout this pandemic is that when there's money to be made, criminals will figure out how to do it," said FBI Financial Crimes Section Chief Steven Merrill. (USA Today)

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