Links in “Financial Crime”
- Fraud Scheme Nets Indiana Man Big Sentence and Fine
Five years in prison and a $7 million fine for man convicted of falsifying financial documents to secure loans from Indiana banks ranging from $30K to $3.8 million. [9/16]
- A Cautionary Tale about Transferring Social Security Benefits
$18.6 million Wallingford Municipal FCU in Connecticut is facing a $63,000 statutory theft claim, $41,000 in punitive damages and $96,000 in attorneysâ fees as a result of transferring a $14,000 Social Security disability benefit check deposit to a defaulted loan balance; the CU is appealing the decision. [9/6]
- Auto Loan Fraud Scheme Costs 20 Lenders More Than $56 million
Ten individuals charged in two-pronged scheme involving falsified tax records and straw buyers. [9/4]
- Lottery Scam Targets Elderly Navy Federal Members
Be sure to advise your members on a new twist on the old lottery scam that snared two elderly Navy Federal Credit Union members. Not only did the couple pay the fraudsters $20,000 in âinsurance and taxesâ to receive a supposed $2.5 million lottery check, they provided their account number at Navy Fed that resulted in an additional unauthorized $3,000 withdrawal. [8/22]
- FinCEN Shows Mortgage Fraud Trends over Past Decade
Fascinating table shows delay in detection and reporting of mortgage fraud with event of fraud often not reported for years in mortgage lending. Analysis shows 2006 and 2007 event of fraud years combined exceed all other years 2001 through 2012 combined. [8/22]
- 2012 Marks First Year Mortgage Fraud Declined in FinCEN Survey History
After peaking in 2006â2007, reports of suspected fraud received by the regulator fell by 25% last year. [8/21]
- Mortgage Fraud Nets Calif. Broker 10-Year Sentence
False statements pertaining to income, employment, and rental history were backed by people paid to answer calls from lenders to affirm the false statements;Â costs for disability access modifications were also included in the prices, but were rarely done, with children of buyers named as building contractors so money could go to the buyers. [8/19]
- CU Takes Former Employee’s Disability Check, Gets Fined $200K
Husband of former account clerk of a Conn. CU defaulted on loan on which she co-signed; CU later took a $14K disability check deposited to her account. [8/19]
- ATM Trapping Making a Big Comeback
Thieves are using ever-more sophisticated traps fitted into an ATM cash or card slot, which prevent the consumer from retrieving his or her cash; when the angry consumer leaves, the thief returns to the ATM and empties the trap. The use of these devices, which has caused huge losses in Europe, is heading back to the states. [7/29]
- Four Kansas Bank Employees Stage Inside Job
Rogue employees embezzle $84,000 over three years, stage a bank robbery in an attempt to cover it up, and over the next three years embezzled another $24,000. [7/23]
