bank fraud

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We Still Write a Lot of Checks, and Fraudsters Love It
One Type of Bank Fraud
Is Surging
Nov 23, 2024 5:10 PM CST

One Type of Bank Fraud Is Surging

Check fraud is up 400%, and the Wall Street Journal explores why

(Newser) - Paper checks might eventually disappear altogether, but the Wall Street Journal reports that fraudsters are busy capitalizing on them in the meantime. Its exploration of the issue is illustrated in two stats:
  • Americans write an average of 30 checks per year, by far the most of any nation. No. 2
...

Ohtani's Ex-Interpreter Ordered to Get Treatment

Judge sets Ippei Mizuhara's bond conditions

(Newser) - Shohei Ohtani's former interpreter was on Friday ordered to undergo treatment for gambling addiction. A judge ordered Ippei Mizuhara released on an unsecured $25,000 bond, and the treatment is required as part of his bond conditions. He is also not allowed to gamble, enter gambling establishments, associate with...

Man With Esteemed Classic-Car Collection Was 'Blinded by Greed'

Businessman Najeeb Khan, who orchestrated $180M check-kiting scheme, gets 8 years in prison

(Newser) - A businessman who orchestrated a $180 million check-kiting scheme and used the proceeds to live a lavish lifestyle and amass one of the world's most revered classic-car collections has been sentenced to more than eight years in prison, per the AP . Najeeb Khan, 70, of Edwardsburg, Michigan, told a...

Man Who 'Repeatedly' Enabled Alex Murdaugh Gets 7 Years

Russell Laffitte was found guilty of wire and bank fraud in November

(Newser) - The man who once headed a highly respected bank in the South Carolina Lowcountry will spend seven years in federal prison for helping convicted murderer Alex Murdaugh steal nearly $2 million from clients' legal settlements. Russell Laffitte was sentenced Tuesday after a jury found him guilty of six charges related...

Couple Nailed in $20M COVID Funds Scheme on the Run

Richard Ayvazyan, Marietta Terabelian left note for their kids before vanishing in August

(Newser) - Earlier this year, Richard Ayvazyan and Marietta Terabelian faced the music in a scheme to steal upward of $20 million in COVID relief funds, after using the money to finance upscale homes, jewelry and watches, gold coins, and other luxury goods. The Southern California husband and wife pleaded guilty at...

Reality Star Used Relief Funds on Rolls-Royce, Rolex: Cops

'Love & Hip Hop: Atlanta' star charged with federal bank fraud

(Newser) - A reality TV star is accused of procuring a forgivable loan meant to help small businesses continue paying their employees amid the coronavirus pandemic—and then using the money to buy diamonds and a Rolex, pay child support, and lease a Rolls-Royce. Maurice Fayne, aka "Arkansas Mo" of VH1'...

Wells Fargo Will Pay US $3B to Settle List of Abuses

Accounts were opened without customers' consent

(Newser) - Wells Fargo agreed Friday to pay the government $3 billion to settle investigations into a series of abuses that went on for years, including opening accounts for customers without their approval. The deal wraps up federal civil and criminal cases, the Wall Street Journal reports, though criminal charges could be...

Report: Michael Cohen May Be Charged With Major Fraud

Charges could be filed within days, sources say

(Newser) - President Trump's former right-hand man may soon be charged with fraud involving well over $20 million in loans, sources tell the New York Times . The insiders, including a banker who reviewed the transactions, say federal investigators are looking into whether Michael Cohen and taxi businesses owned by his family...

That the FBI Got a Search Warrant for Cohen's Office Is Telling

FBI looking into alleged fraud, sources say

(Newser) - The stunning FBI raid on the offices of President Trump's personal lawyer Monday happened because Michael Cohen is suspected of crimes including bank fraud and campaign finance fraud, insiders say. Sources tell the Washington Post that agents seized documents including Cohen's tax returns in raids on his offices,...

Wasserman Schultz Aide Arrested at Airport

On a bank fraud charge; he was trying to fly to Pakistan

(Newser) - Rep. Debbie Wasserman Schultz has fired an IT staffer following his arrest on a bank fraud charge at a Virginia airport where he was attempting to fly to Pakistan. A rep for Wasserman Schultz says Irman Awan was fired by the Florida Democrat on Tuesday, reports the AP . Awan's...

Bernie, Jane Sanders Being Investigated for Bank Fraud

Complaint comes from ex-Trump campaign chairman in Vermont

(Newser) - Bernie and Jane Sanders have lawyered up in connection to an ongoing FBI bank fraud investigation into the couple, CBS News reports. The investigation regards a 2010 loan application Jane Sanders submitted while president of the now-closed Burlington College. Sanders was seeking $10 million to purchase land to expand the...

Teller's 10-Year Scheme Falls Apart When Bank Is Acquired

Jill Marie Myers made off with $1.25M before being caught

(Newser) - A Texas woman in charge of supervising bank tellers and monitoring cash in the bank's vaults spent a decade cooking the books. The Department of Justice reports that Jill Marie Myers, 42, pleaded guilty Tuesday to concealing the theft of $1.25 million in bank funds, which she stole...

There's a Story of Fraud Behind This Bank of America Tattoo

Gabriel Patterson pleads guilty to bank fraud

(Newser) - You'd think a man wouldn't soon forget all those times he stole from a bank, but Gabriel Patterson apparently wanted to remember his fraud forever—hence the tattoo of the Bank of America logo on the inside of his left elbow. Now he'll also have the memory...

Thieves Rip Off $35K From MH370 Passenger Accounts

Suspects have been identified: police chief

(Newser) - Some $35,000 has been withdrawn from the bank accounts of four passengers aboard the lost Malaysia Airlines Flight 370—and no, authorities don't believe the passengers are alive and spending big. Malaysia's Star reports fraudsters funneled funds from three passengers' accounts into a fourth, then moved the...

'Dead' Man Caught After 18 Months on the Run

Tinted car windows did Aubrey Lee Price in

(Newser) - Things that happened to banker Aubrey Lee Price in 2012: The FBI started looking for him, and he apparently convinced his family (and a judge) that he had offed himself. The convoluted case took a big turn on Tuesday, though, when a Dodge Ram was stopped in Brunswick, Ga., due...

Anti-Islam Filmmaker Gets Year in Prison

Mark Basseley Youssef violated probation for bank fraud

(Newser) - A California man who was behind an anti-Muslim film that led to violence in the Middle East has been sentenced to one year in prison for violating probation stemming from a 2010 bank fraud conviction. Mark Basseley Youssef, 55, was sentenced today by US District Court Judge Christina Snyder after...

Crooked Corporate America Is Killing Capitalism
Crooked Corporate America
Is Killing Capitalism
OPINION
Jul 12, 2012 1:44 PM CDT

Crooked Corporate America Is Killing Capitalism

Scandals destroying trust, which markets need to function

(Newser) - With Britain's Libor scandal piling on top of an endless parade of stories of crooked finances—hundreds of billions of dollars in lousy mortgages and securities, entire towns going bankrupt , Wall Street execs saying they need to break the law to be successful, and more—Americans' trust in banks,...

DC's No. 2 Politician Resigns After Fraud Charge

Kwame Brown charged with lying on bank loan application

(Newser) - The second highest-ranking politician in the Washington, DC, city government resigned yesterday, just hours after being charged with bank fraud for allegedly inflating his income by tens of thousands of dollars in order to secure a home loan and purchase a $50,000, 38-foot powerboat, reports the Washington Post . Sources...

Iran Uncovers Biggest Financial Scam Ever

19 arrested for alleged role in $2.6B bank fraud

(Newser) - Iran has arrested 19 people suspected of being involved in a $2.6 billion bank fraud scheme that is considered the largest in the country's history, reports the AP . Prosecutors say that more arrests are coming. The fraudsters allegedly used forged documents to get credit at a leading financial...

Ex-Citigroup VP Charged With Embezzling $19.2M

He allegedly stole more than $19M

(Newser) - Former Citigroup vice president Gary Foster has been charged with embezzling more than $19 million from the company. Foster, 35, was nabbed yesterday at JFK airport in New York, after arriving on a flight from Bangkok, Reuters reports. Prosecutors say that between May 2009 and December 2010, Foster funneled the...

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