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Scam compound operator indicted for fraud and more
In a sweeping indictment unsealed by the U.S. Department of Justice (DOJ), Chen Zhi, the 37-year-old chair of Cambodia-based Prince Holding Group, is accused of masterminding one of the largest forced labor and cryptocurrency fraud operations in modern history. Austrian ex-property tycoon René Benko has been sentenced to two years in prison. Messaging platform Discord has revealed that approximately 70,000 users may have had their official identification photos exposed following a cyberattack on a third-party age verification provider. Wendy Osefo, a sociology professor at Wesleyan University and cast member of “The Real Housewives of Potomac,” was arrested in Maryland alongside her husband, Eddie, on 16 counts of insurance fraud.
Written By: Crystal Zuzek
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- Bribery and Corruption
- Cryptocurrency and Digital Assets
- Cyberfraud
5 most scandalous fraud cases of 2024
Fraudsters work year-round to perpetrate their schemes. Fraud Magazine also works year-round tracking the news for those schemes we believe will live in infamy and serve as cases for anti-fraud professionals to study for years to come. Here are the most scandalous frauds of 2024.
Written By: Jennifer Liebman, CFE, Crystal Zuzek, Anna Brahce
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- Cyberfraud
- Financial Institution Fraud
- Fraud Schemes
Behavioral analytics could’ve detected and prevented Evergrande fraud
The Evergrande Group, one of China’s largest property developers, recently went bankrupt and was liquidated because of excessive borrowing, mismanagement and alleged financial misreporting. In this column, the author conjectures that behavioral and data analytics could’ve gone a long way in detecting and preventing this scandal.
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- Anti-Fraud Laws Regulations and Compliance
- Bribery and Corruption
- Fraud Risk Management
Corrupt central bank governor allegedly helped push Lebanon’s economy off the cliff
Lebanon’s economy has collapsed, aided by corrupt monetary policy, embezzlement and illusory regulatory oversight. Here’s an analysis of Riad Salameh’s mismanagement of Banque du Liban during his three decades as its governor.
Written By: Fadi Makdessi, Rayan Mohamed, CFE
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- Bribery and Corruption
- Financial Institution Fraud
- Financial Transactions and Fraud Schemes
A house of cards and more
In the U.K., a man is arrested for attempting to sell a house he was renting; tech workers in Southeast Asia are conned into working for cybercrime rings; a 58-year-old woman receives a prison sentence for heading one of the biggest marriage fraud conspiracies in U.S. history.
Written By: Anna Brahce
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- Consumer Fraud and Scams
- Fraud Schemes
Mirage buildings
Deficient due diligence during the pandemic has allowed real estate investment schemes to proliferate amid a boom in property prices. Consulting fraud examiners and those who work for potential investors and financial institutions can help prevent these extravagant frauds.
Written By: Joel Cohen, CFE, Ferve Khan, Esq., Camille C. Bent, Esq., Michael A. Sabella, Esq.
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- Fraud Prevention and Deterrence
- Fraud Schemes
Fraud risk in a cryptocurrency world
Businesses and consumers across the globe are quickly adopting cryptocurrencies in daily transactions. And many organizations are scrambling to catch up with this evolving technological innovation. Here’s an update on this new means of exchange, key fraud risks and how CFEs can help with the responsible adoption of crypto.
Written By: Vince M. Walden, CFE, CPA
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- Cryptocurrency and Digital Assets
- Cyberfraud
Ponzi schemes and the pandemic... a perfect storm?
If 2020 wasn’t bad enough, some experts believe the COVID-19 pandemic is creating the perfect conditions for an increase in Ponzi schemes. Here’s some advice on how best to deal with this type of fraud and why these schemes persist.
Written By: Jason Zirkle, CFE
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- Criminology and Psychology
- Fraud Prevention and Deterrence
Elder financial abuse
When I started my career as a CFE, my background had been primarily in auditing and accounting, and most of my cases were corporate matters. Fraud victims were usually corporate entities looking to quantify a loss and mitigate the lapse in controls. I rarely encountered an individual who suffered a real loss because of a fraud scheme.
Written By: Robert Loh, CFE
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- Financial Institution Fraud
- Fraud Schemes
Fraud in the News
Tax fraud, new Facebook news feed and more
Written By: Randi Zimmer, CFE
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- Cyberfraud
- Financial Transactions and Fraud Schemes
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