Links in “Financial Crime”
- A Day in the Life of an Identity Thief Cleaning Out Bank Accounts
From an apartment kitchen in Belarus, a 24-year-old picks up the phone and calls the toll-free number, using software that makes it look as if he's calling from the U.S. "You don't see blood, you don't see crying people in front of you. You're just pushing the button." [7/15/15]
- Two Virginia CEOs Sentenced for Embezzlement
Maybe itâs something in the water? Two former CEOs were sentenced on the same day in the same U.S. district court for embezzling funds from their Virginia credit unions. The former CEO in the most egregious case was sentenced to 10 years in federal prison and ordered to pay $11.7 million in restitution as a result of a pyramid scheme based on fraudulent loans. [7/10/15
- The Sticky Fingers of a Credit Union Board Chair
More than $17 million was stolen from 400 investors in a wire fraud case concerning a Swedish-based credit union and a board member from Florida. The 65-year-old board member pled guilty and is scheduled to be sentenced in September. [7/7/15]
- Third CU Employee Kidnapping in Five Months
The FBI is investigating a third incident where a credit union employee has been kidnapped and forced to assist in a robbery of his/her credit union. On June 8th two masked gunmen forced their way into the home of an FAA FCU employee, stole her car, and forced her to open the credit union branch in order to steal cash. The FBI has not made any arrests in this or two similar incidents that occurred in different states over the past five months and is not saying whether there is any connection between the crimes. [6/25/15]
- Scandal Risk Goes Up for Bankers When the Pressure Goes Up
A survey finds that bankers were more inclined to make unethical choices when pressured to reach tough performance targets. [6/22/15]
- Former CU Manager to Plead Guilty to $45,000 Fraud and Conspiracy Scheme
A former Pennsylvanian credit union assistant manager has agreed to plead guilty to aiding in bank fraud. She has also agreed to cooperate with federal prosecutors in providing information concerning the unlawful activities of others. [6/19/15]
- Rogue Tellers: When the Front Line Turns on You
Investigators in New York uncover identity-theft schemes hatched by tellers that cost hundreds of bank customers millions of dollars. [6/9/15]
- Youâve Got Mail
The FTC will be mailing $467,000 in checks to consumers who lost money due to a mortgage relief service scheme by Jackson, Crowder & Associates and Crowder Law Group. [6/8/15]
- CFPB Strikes Again
Guarantee Mortgage Corporation pays a $228,000 penalty for paying its branch managers, in part, on the interest rates of the loans they closed â which is against the Loan Originator Compensation Rule. [6/8/15]
- What’s Next: The Cyber Long Con
Finding your card was used to buy some gas in a different state is one thing. But what about hackers who implant a bug that skims off a tiny fraction of a retailers online purchases, then when the news of the bug is revealed, profits again by shorting the retailer's stock? The long cyber con is very real. [6/8/15]
