U.S. seeks to ban Huione Group for money laundering and more

U.S. seeks to ban Huione Group over $4 billion global money laundering scheme

On the surface, Cambodian financial corporation Huione Group is a purveyor of QR codes for hotel and restaurant guests to pay their bills. But an in-depth investigation by The New York Times uncovered alleged widespread illegal activity by the financial firm and its affiliates. In May, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) identified Huione Group as a money laundering operation and proposed severing its access to the U.S. financial system.

“Huione Group has established itself as the marketplace of choice for malicious cyber actors like the DPRK [Democratic People’s Republic of Korea] and criminal syndicates, who have stolen billions of dollars from everyday Americans,” said Secretary of the Treasury Scott Bessent in a press release.

According to the Times’ report, Huione Group has been involved in laundering illicit proceeds from various cyber schemes and heists, including investment fraud and criminal operations linked to North Korea. The company operates through a network of businesses — Huione Pay, Huione Crypto and Haowang Guarantee — that facilitate money laundering using fiat currency and cryptocurrency. FinCEN says the group laundered more than $4 billion between August 2021 and January 2025, including $37 million from North Korean cyber heists, $36 million from investment fraud and $300 million from other cyber schemes.

The Treasury Department’s proposal prohibits U.S. banks from opening or maintaining accounts for Huione Group companies and requires financial institutions to monitor transactions potentially linked to the Cambodian firm. Currently, Huione doesn’t have any direct banking ties with U.S. financial institutions.

Tax fraud costs Credit Suisse $510 million

Credit Suisse Services AG pleaded guilty to conspiring with U.S. taxpayers to conceal more than $4 billion in at least 475 offshore accounts, assisting in tax evasion and breaching a 2014 plea agreement. The misconduct involved falsifying records, processing fictitious donation documents and servicing more than $1 billion in undocumented accounts.

Additionally, Credit Suisse AG Singapore maintained undeclared accounts for U.S. clients, totaling more than $2 billion in assets. Credit Suisse Services AG entered into a non-prosecution agreement with the U.S. Department of Justice. The company agreed to cooperate with ongoing investigations and pay substantial penalties for helping U.S. taxpayers evade taxes through offshore accounts.

The Justice Department learned of undeclared U.S. accounts at Credit Suisse Services AG following UBS AG Singapore’s acquisition of Credit Suisse in 2023. UBS reported these issues to the department and continues to cooperate with ongoing investigations. As part of the resolution, Credit Suisse Services AG will pay $510,608,909 in penalties, restitution, forfeiture and fines.

DOJ investigates UnitedHealth Group for potential Medicare fraud

UnitedHealth Group (UHG) is under a criminal investigation by the U.S. Department of Justice (DOJ) concerning potential Medicare fraud linked to its Medicare Advantage (MA) business practices, according to The Wall Street Journal. The DOJ’s health care fraud unit has been probing the company for at least a year. The health insurer told The Wall Street Journal that it hasn’t been officially notified of the investigation. UHG says it maintains confidence in the integrity of its MA program.

The MA system pays insurers more for covering sicker patients, raising concerns over potential manipulation of diagnoses to inflate payments. UHG disputes allegations that it engaged in this type of activity. The DOJ previously struggled to prove that UHG had committed fraud in a civil case involving $2 billion in diagnoses. This latest criminal probe coincides with broader government efforts to reduce federal health expenditures.

The DOJ inquiry adds to several existing investigations into UHG, including antitrust and civil probes into its billing practices. The company is also under intense scrutiny amid recent leadership changes. Chair and former CEO Stephen Hemsley suddenly replaced CEO Andrew Witty in May 2025. UHG’s stock declined 50% from April to May. In addition, the company endured a major cyberattack in 2024 and suffered the loss of CEO Brian Thompson when he was murdered late last year.

Texas doctor sentenced to 10 years in prison for falsely diagnosing patients

Texas rheumatologist Jorge Zamora-Quezada, M.D., was sentenced to 10 years in prison and three years of supervised release for a 20-year health care fraud scheme in which he falsely diagnosed patients with chronic diseases and submitted fraudulent insurance claims for medically unnecessary treatments and tests. Zamora-Quezada reaped more than $118 million in false claims and received more than $28 million from Medicare, Medicaid, TRICARE and Blue Cross Blue Shield.

Convicted of one count of conspiracy to commit health care fraud, seven counts of health care fraud and one count of conspiracy to obstruct justice, Zamora-Quezada had to relinquish $28,245,454, including 13 real estate properties, a jet and a Maserati GranTurismo.

“Dr. Zamora-Quezada funded his luxurious lifestyle for two decades by traumatizing his patients, abusing his employees, lying to insurers, and stealing taxpayer money,” Matthew R. Galeotti, head of the U.S. Department of Justice’s Criminal Division, said in a press release. “His depraved conduct represents a profound betrayal of trust toward vulnerable patients who depend on care and integrity from their doctors. Today’s sentence is not just a punishment — it’s a warning. Medical professionals who harm Americans for personal enrichment will be aggressively pursued and held accountable … .”

Evidence presented at trial showed the devastating effect Zamora-Quezada’s false diagnoses and prescribing of unnecessary medications had on patients. Some suffered strokes, necrosis of the jawbone, hair loss, liver damage and severe pain. One patient testified, “Constantly being in bed and being unable to get up from bed alone, and being pumped with medication, I didn’t feel like my life had any meaning.”

Crystal Zuzek is an assistant editor for Fraud Magazine. Contact her at czuzek@ACFE.com.