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Tag Archives: fraud

Epoch Times CFO Bill Guan Charged for Allegedly Laundering $67 Million Worth Illicit Funds

Weidong Guan, who also goes by Bill Guan, was charged by the Department of Justice (DoJ) for participating in a scheme that laundered $67 million in illicitly obtained funds. The scheme depended on cryptocurrency and prepaid debit cards to funnel funds into Epoch Times’ bank accounts as well as Guan’s personal bank and crypto accounts. The Epoch Times is a global media platform catering to conservative audiences and is often known for bashing the Chinese government. However, the media outlet...

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Company Accused of Using COVID Relief Funds to Buy Crypto

The owner of the Carolina Fish Market in Ballantyne, North Carolina is in trouble for using a COVID-based loan to purchase cryptocurrency. James Seidel has been accused of defrauding the Small Business Administration (SBA) using Economic Injury Disaster Loan funds. COVID Fraud Became Rather Prominent The COVID pandemic of 2020 and 2021 brought about a huge string of disasters. The economy tanked, people were out of work, and many businesses were forced to either...

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Jersey Residents Fall Victim to a Series of Crypto Scams

Residents of the island of Jersey off the coast of the United Kingdom have fallen victim to several crypto fraud schemes as of late. Thus far, more than 600,000 pounds have been lost to these scams over the past three months. People in Jersey Are Falling Victim to Crypto Scams Law enforcement agents in Jersey say the scammers are using phony social media accounts and advertisements to play up the crypto space to people on the island. They also use what they’re calling...

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Federal Officials Obtain More than $3 Million in BTC from Fraudsters

Federal officials have recovered close to $3 million in stolen crypto funds. The money was taken through a fraud scheme that resulted in more than 150 bitcoin units traveling into criminal hands. Federal Officials Have Gotten Stolen BTC Back The scheme is alleged to have begun three years ago in 2020. Individuals overseeing the scam had set up a call center that they inherently used to target U.S. traders and investors. These individuals would call them up and pretend to...

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Promoter of Crypto Fraud Scheme Forced to Part with $17 Million

A federal judge in the region of San Diego, California has ordered the leader of a crypto fraud scheme to pay as much as $17 million in restitution fees to more than 800 traders and investors that allegedly fell victim to his methods. Fraud Promoter Will Also Spend Time in Prison The scam was known as Bit Connect, and it will likely go down as one of the biggest crypto-based Ponzi schemes in history. Many investors who put their money into the platform were ultimately...

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Middlesex County Citizen Falls Victim to Crypto Fraud

A resident of Middlesex County in the United Kingdom has fallen victim to crypto fraud and lost more than $100K at the time of writing. Fraud Continues to Be a Big Problem Police authorities suggest the fraud occurred after the victim formed a relationship with an unknown person online. While this wasn’t necessarily a romance scam, it very much operated in the same manner. The defrauded person began engaging in regular conversations with the other party and at first,...

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Two Men in Nigeria Arrested for Crypto Fraud

Two men in Nigeria have been arrested for allegedly taking part in crypto fraud. The pair obtained quite a bit of money by cheating investors and lying to them about their potential returns. Two Arrests for Crypto Fraud in Nigeria Force PRO – which is the national cybercrime force in Nigeria – said that the duo admitted to being part of a larger syndicate that specialized in defrauding people of their hard-earned funds. The syndicate is reported to attack investors in...

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Two Men in Estonia Charged with Crypto Fraud

Two men in the eastern European nation of Estonia have been arrested after they defrauded crypto investors of more than $575 million in digital funds. Two Men in Estonia Charged with Crypto Crimes The arrests were issued by federal agents based in the United States. Both Sergei Potapenko and Ivan Turogin – each is 37 years of age – have been charged with crimes like wire fraud and conspiracy to commit money laundering. It is also believed that there were four other...

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Arrests Made Relating to Three Crypto Fraud Cases

Several individuals have been arrested on charges relating to three separate instances of crypto fraud, one of which may have involved the largest non-fungible token (NFT) scam to date. As much as $130 million in digital funds are likely to have been stolen. Why Is Crypto Fraud So Common? One of the individuals charged with crypto fraud includes 26-year-old Le Anh Tuan of Vietnam. She was charged in California with one count of conspiracy to commit wire fraud and...

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