Latest Fraud Headlines
All the headlines from our Fraud Topic Page, ordered by recency.
Crypto Thefts Hit Record $3.8B in 2022 on Surge in North Korea Hacking: Report
Feb 3 2023 // Thieves stole a record $3.8 billion worth of cryptocurrency in 2022 as sanctions on North Korea drove a surge in suspected hacking by the Asian nation. Overall crypto losses increased from $3.3 billion stolen in 2021,...
Ex-Allianz Fund Manager Seeks Dismissal of Fraud Charges
Feb 1 2023 // The former Allianz SE hedge fund manager charged with fraud over billions of dollars in investor losses asked a judge to throw out the case, claiming lawyers wrongly betrayed him to protect the company. Gregoire Tournant...
Markets/Coverages: Combo W&H and EPL Policy From ExecutivePerils; Coalition Adds Crime and Fiduciary Coverage
Jan 31 2023 // Independent wholesaler ExecutivePerils announced the launch of a new insurance policy, EPL+WHIP – a product that combines wage & hour insurance protection (WHIP) coverage with employment practice liability (EPL)...
New York Prosecutors Allege Workers’ Comp Premium Fraud in Two Schemes Worth $10M
Jan 27 2023 // Manhattan District Attorney Alvin Bragg, Jr. within the past week announced two separate indictments alleging workers’ compensation fraud, one totaling $7 million in premiums and the other, $3 million. In one case,...
Abbott Faces Criminal Probe Over Baby Formula
Jan 23 2023 // Abbott Laboratories’ Michigan plant, which was at the center of the U.S. baby formula shortage last year, faces a criminal investigation by the Justice Department, the Wall Street Journal reported on Friday. Panicked...
Judge Orders Boeing Arraigned on MAX Fraud Charge
Jan 20 2023 // A federal judge on Thursday ordered Boeing Co BA.N to appear in court on Jan. 26 to be arraigned on a 2021 felony charge after families of those killed in two fatal crashes objected to a 2021 plea deal. Boeing won immunity...
USDA Rolls Out Rule to Stop Fraud in Organic Food Sales
Jan 19 2023 // The U.S. government plans to impose new regulations on food producers and handlers aimed at reducing fraudulent schemes in which non-organic products are sold as organic, one of the biggest changes to oversight of the...
Former California Insurance Agent Arrested for Allegedly Stealing $90K
Jan 13 2023 // Sally Nava Kanarek, 76, of Huntington Beach, was arrested this week on multiple felony counts of financial elder abuse, grand theft of an elder, and forgery after a California Department of Insurance investigation found...
Donald Trump’s Company Sentenced to Pay $1.61M Penalty for Tax Fraud
Jan 13 2023 // A New York judge on Friday sentenced Donald Trump’s namesake real estate company to pay a $1.61 million criminal penalty after it was convicted of scheming to defraud tax authorities for 15 years. Justice Juan...
Art Collector Says Van Gogh Painting on Display in Detroit Museum Was Stolen From Him
Jan 13 2023 // In October, the Detroit Institute of Arts pulled back the curtains on its three-month Van Gogh exhibit, proudly boasting that its expo of 74 paintings was one of the largest-ever collections assembled of the Dutch...
New York Corporations Face Fines for Criminal Liability for Construction Deaths, Injuries
Jan 13 2023 // Corporations in New York’s construction industry will face increased fines of up to $500,000 if they are found criminally liable for worker deaths or serious injuries. Gov. Kathy Hochul signed into law what has been...
Crypto Crime Hits Record $20B in 2022, Report Says
Jan 12 2023 // Illicit use of cryptocurrencies hit a record $20.1 billion last year as transactions involving companies targeted by U.S. sanctions skyrocketed, data from blockchain analytics firm Chainalysis showed on Thursday. The...
West Texas Mayor Arrested for Insurance Fraud
Jan 10 2023 // San Elizario, Texas mayor Isela Reyes was arrested Tuesday for insurance fraud, the El Paso County Sheriff’s Office said. The FBI West Texas Border Corruption Task Force arrested Reyes for insurance fraud of over...
Bankman-Fried Fraud Charges Sidestep Debate Over How U.S. Law Sees Crypto
Jan 9 2023 // Sam Bankman-Fried may find it hard to argue the fraud charges against him should be tossed because of uncertainty as to how U.S. law treats cryptocurrency, as other high-profile defendants in criminal cases involving...
JPMorgan Must Face Suit by Ray-Ban Maker Unit Over Cyber Theft
Jan 5 2023 // JPMorgan Chase Bank NA will have to face a lawsuit by a unit of the French maker of Ray-Ban glasses that claims the bank ignored suspicious transactions as cybercriminals drained $272 million from its New York bank...
California Bail Agent Arraigned for Felony Grand Theft
Jan 4 2023 // Previously licensed California bail agent and insurance producer Sean Wilczak, 29, was arraigned in Santa Barbara County Superior Court on three felony counts of grand theft for allegedly stealing $25,000 from three bail...
Sam Bankman-Fried Pleads Not Guilty in FTX Fraud Case; October Trial Set
Jan 4 2023 // Sam Bankman-Fried pleaded not guilty on Tuesday to criminal charges that he cheated investors in his now-bankrupt FTX cryptocurrency exchange and caused billions of dollars in losses, in what prosecutors have called an...
Lindberg’s Top Associate To Be Sentenced After Pleading Guilty to Fraud Charges
Dec 28 2022 // A top executive for embattled North Carolina insurance executive Greg Lindberg is awaiting sentencing after pleading guilty to federal fraud charges in connection with an elaborate scheme to shunt millions of dollars from...
Missouri Men Sentenced in Catalytic Converter Theft Ring
Dec 27 2022 // SPRINGFIELD, Mo. (AP) – Three Missouri men have been sentenced for their roles in the theft of tens of thousands of stolen catalytic converters, which were taken to an Arkansas business as part of a multi-million-dollar...
Buffalo Bus Driver Gets 5 Years Probation for Workers’ Compensation Claims Fraud
Dec 22 2022 // A former bus driver for the Niagara Frontier Transportation Authority (NFTA) has been sentenced to five years of probation for fraudulently obtaining workers’ compensation benefits by misrepresenting her injuries....
