Fraud Headlines
2019 Articles
April
Apple Accused In U.S. Lawsuit Of Securities Fraud Over iPhone Sales In China
Apple was accused in a new lawsuit of securities fraud for concealing a slump in demand for iPhones, particularly in China, leading to a $74 billion one-day slide in its market value once the truth became known. (CNBC)
How Criminals Use Fraud Guides From The Dark Web To Scam Organizations And Individuals
Among the many items up for sale on the Dark Web are fraud guides — instruction manuals designed to teach criminals how to ply their trade. (Tech Republic)
Former Volkswagen CEO Charged With Fraud In Germany
German prosecutors charged former Volkswagen CEO Martin Winterkorn and four others with fraud in the emissions cheating scandal that has helped turn many Europeans against diesel engines and accelerated the push toward electric cars. (ABC)
Feds Charge 24 In Alleged $1.2 Billion Medicare Fraud Scheme
Federal prosecutors on Tuesday said they dismantled one of the largest health care fraud schemes ever investigated by the FBI, charging 24 people in a $1.2 billion alleged scam involving telemedicine and durable medical equipment companies. (NPR)
Facebook's Black Markets Just Keystrokes Away, Researchers Say
Researchers uncovered more than 70 Facebook groups openly selling black-market cyberfraud services, some of which they say had been running for up to eight years. (NBC)
Supreme Court Widens Scope For Fraud Claims
Supports SEC in allowing agency to hold individuals liable even if they did not make a statement deemed fraudulent. (CIO)
North Carolina GOP Chair Indicted On Wire Fraud, Bribery Charges
The chair of the North Carolina Republican Party, Robin Hayes, has been indicted on charges including wire fraud, bribery and aiding and abetting. (NPR)
Fraud Victims Let Down By 'Inconsistent Policing'
Some police forces are actively seeking reasons to drop investigations into fraud, a watchdog's report has warned. (BBC)
Hertz Seeks $70 Million In Clawbacks Tied To Accounting Scandal
Hertz Global Holdings Inc. is demanding that ex-Chief Executive Officer Mark Frissora and other former senior managers return at least $70 million of incentive compensation for their roles in an accounting scandal five years ago. (Bloomberg)
March
Michael Avenatti Arrested On Federal Charges Of Wire Fraud And Extortion
Attorney Michael Avenatti, who came to national prominence as the lawyer for adult film star Stormy Daniels, was arrested on federal charges in two separate cases in California and New York, federal prosecutors announced Monday. (CBS)
Online Financial Fraud Surge To 27% In 2018: Report
According to the latest report published by financial services trade association U.K. Finance, consumers in the United Kingdom lost £393.4m in 2018 to Internet and e-commerce fraud. (CISO Mag)
Indian Billionaire Arrested In London Over Alleged $2B Fraud
U.K. police have arrested India's billionaire diamond dealer Nirav Modi in London over his alleged involvement in a bank fraud that could be worth $2 billion. (CNN)
Credit Card Fraud Is Down, But Account Fraud That Directly Hurts Consumers Remains High
Fraudsters have shifted their focus to account takeover and new account fraud — using accounts in someone else’s name to buy goods, take out loans or even take out a mortgage. (Forbes)
PwC investigation finds $7.4 billion accounting fraud at Steinhoff, company says
South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders. (Reuters)
SEC Charges Lumber Liquidators With Fraud For Hiding Formaldehyde
Lumber Liquidators agreed to pay $33 million in penalties for misleading investors about formaldehyde in its laminate flooring products, the SEC announced Tuesday. (CNN)
U.S. Charges Dozens Of Parents, Coaches In Massive College Admissions Scandal
Federal officials have charged dozens of well-heeled parents, including actresses Felicity Huffman and Lori Loughlin, in what the Justice Department says was a multimillion-dollar scheme to cheat college admissions standards. (NPR)
U.S. Arrests Cryptocurrency Exec Over 'Multibillion-Dollar' Fraud
US law enforcement has arrested Konstantin Ignatov over a fraud charge relating to OneCoin, the cryptocurrency he helped found. (Engadget)
'Stick It To Corporate America': Why We Are So Willing To Steal From Work
Rate of occupational fraud has doubled as employees steal laptops, data and ideas from their companies. (Guardian)
Former Chief Of Staff To Ex-NAB Boss Charged Over Alleged $40m Fraud
Rosemary Rogers, 43, was arrested by Sydney detectives on Tuesday and charged with 56 counts of corruptly receiving a benefit and dishonestly obtaining financial advantage by deception. (Guardian)
Small Businesses In The Crosshairs Of Utility Fraud
As small businesses heighten their awareness of fraud and cybercrime, fraudsters add to their own lists of tactics to steal money. (PYMNTS)
Michael Liberty, Founder Of Once-Hot Startup Mozido, Indicted For Fraud
Federal prosecutors indicted Michael Liberty, accusing the founder of Mozido of criminal fraud in connection with his fundraising activity around the once highly valued financial technology startup. (Forbes)
February
Fake Amazon Reviews Draw Fraud Charges In Groundbreaking FTC Case
The U.S. Federal Trade Commission has successfully brought the first ever case against using fraudulent, paid Amazon reviews to falsely advertise an online product. (The Verge)
Man Jailed For Money-Laundering Offences In $40 Million SkillsFuture Scam
The scam has been described as the largest case of fraud perpetrated against a public institution in Singapore. (Straits Times)
Russia charges top U.S. investor Michael Calvey with fraud
Russian state prosecutors on Thursday formally charged top U.S. investor Michael Calvey, the founder of the Baring Vostok private equity group, with fraud. (Reuters)
Experian: U.S. Suffers The Most Online Fraud
Consumers and businesses in the United States appear to be experiencing substantially more online fraud than their counterparts in other regions of the world. (Dark Reading)
Feds Charge Former Top Apple Lawyer With Fraud, Insider Trading
A former top lawyer at Apple is facing federal charges of insider trading related to private information he allegedly used to trade on Apple’s shares over a five-year period. (San Jose Mercury News)
Japan's Credit Card Fraud Debacle
Fraudsters received 20 percent cash back for fraudulent purchases. (Bank Info Security)
FIS Sued For $50 Million For Alleged Fraud, Conspiracy
Jacksonville-based Fidelity National Information Systems Inc. has been accused of defrauding a client and a California regulator as well as orchestrating a conspiracy to conceal its behavior. (Jacksonville Business Journal)
U.S. Sues Lockheed Martin Over Alleged Kickback Scheme At Nuclear Cleanup site
Federal attorneys accused Lockheed of paying more than $1 million to executives from Mission Support Alliance, a joint venture that it partially owned, in exchange for “improper favorable treatment.” (Washington Post)
EU Anti-Fraud Group Heads For Estonia, Denmark To Learn Danske Bank Lessons
In the wake of Danske Bank’s money laundering scandal, an EU committee will visit Estonia and Denmark this week to meet regulators, prosecutors and the bank’s new management to discuss ways to crack down harder on fraud. (Reuters)
Wirecard Loses $8.3 Billion In Three Days On Fraud Allegations
Wirecard AG fell the most in more than a decade on Friday after a report that a law firm found evidence of alleged forgery, the latest fraud allegations to beset the digital payments company. (Bloomberg)
January
Wirecard Loses $8.3 Billion In Three Days On Fraud Allegations
Wirecard AG fell the most in more than a decade on Friday after a report that a law firm found evidence of alleged forgery, the latest fraud allegations to beset the digital payments company. (Bloomberg)
Ex-Patisserie Valerie Auditor Says 'Not His Role To Uncover Fraud'
The former auditor of the collapsed cake chain Patisserie Valerie has argued that it is not the role of accountants to uncover fraud. (Guardian)
U.S. Charges Chinese Telecom Giant Huawei With Fraud, Stealing Trade Secrets
The Department of Justice (DOJ) unveiled criminal charges on Monday against Huawei Technologies Co. and its chief financial officer Meng Wanzhou, accusing China's largest telecommunications company of stealing trade secrets, committing wire fraud, breaking
confidentiality agreements and violating sanctions against Iran. (CBS)
Walgreens Pays $269.2 Million To Settle U.S. Civil Fraud Lawsuits
Walgreens Boots Alliance Inc will pay $269.2 million to settle two whistleblower lawsuits accusing it of civil fraud for overbilling federal healthcare programs over a decade. (Reuters)
Soccer Star Cristiano Ronaldo Fined Over $20 Million For Tax Fraud
Specifically, prosecutors said, he dodged taxes in Spain between 2010 and 2014, when he was playing for Real Madrid. (CNBC)
Chinese Drone Giant DJI Unearths $150 Million Losses From Fraud
SZ DJI Technology Co., which discovered the corruption in an internal probe, said it’s fired multiple workers who inflated parts costs for personal gain, and contacted law enforcement. (Bloomberg)
Shutdown Blocks Help For Identity Theft Victims, As FTC Goes Dark
"It was like I can’t stop it and my government is not there to help," said a California woman whose information was stolen. (NBC)
Secret Service: Theft Rings Turn to Fuze Cards
Street thieves who specialize in cashing out stolen credit and debit cards increasingly are hedging their chances of getting caught carrying multiple counterfeit cards by relying on Fuze Cards, a smartcard technology that allows users to store dozens
of cards on a single device, the U.S. Secret Service warns. (Krebs on Security)
Mozambique Charges Ex-Minister, 17 Others In $2bn Loan Fraud Case
At least 18 people, including a former finance minister, have been charged for fraud involving $2bn in loans to state-owned companies in Mozambique, the Attorney General's Office has said, in a scandal that has ensnared two major international banks.
(Al Jazeera)
Former Barclays Top Brass Face Fraud Trial Over Qatari Funding
Former Barclays CEO John Varley and three other former executives face criminal charges in connection with a 2008 rescue package that allowed the bank to avoid a state bailout. (Al Jazeera)
DOJ Recovers $2.5B In Healthcare Fraud, False Claims In 2018
2018 was a bad year to be a healthcare fraudster. (HealthPayer Intelligence)
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