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Ukranian cyber hacker pleads guilty

Sergei Vovnenko, a Ukranian hacker, pleaded guilty last week in federal court in Newark, New Jersey to aggravated identity theft and conspiracy to commit wire fraud by using more than 13,000 computers to steal log-in...more

Ukranian cyber hacker pleads guilty

Sergei Vovnenko, a Ukranian hacker, pleaded guilty last week in federal court in Newark, New Jersey to aggravated identity theft and conspiracy to commit wire fraud by using more than 13,000 computers to steal log-in...more

FinCrimes Update: December 2015 Summary, Volume 2, Issue 10

AML/BSA & OFAC: OFAC PUBLISHES CYBER-RELATED SANCTIONS REGULATIONS - On December 31, OFAC issued regulations to implement Executive Order 13694 of April 1, 2015, “Blocking the Property of Certain Persons Engaging in...more

Spoofing Is No Joke: Prosecutors Clamp Down on High-Frequency Traders

On November 3, 2015, an Illinois federal jury convicted Michael Coscia, a high-frequency commodities trader, of six counts of commodities fraud and six counts of spoofing—entering a buy or sell order with the intent to cancel...more

Former Executive Sentenced for Conspiracy to Bribe Panamanian Government Officials

On December 16, the U.S. District Court for the Northern District of California sentenced a former regional director of a Pennsylvania-based software and technology company for his involvement in a conspiracy to bribe...more

Marketplace Lending and San Bernardino

Reports show that the San Bernardino shooter took out an online marketplace loan a few weeks prior to the attacks. Despite the terrorists resorting to marketplace lending, I do not believe there is anything that could have...more

DOJ Announces Sentencing of Former Secret Service Agent for Involvement in Silk Road Investigation

On December 7, the DOJ announced that a former Secret Service agent was sentenced to 71 months in prison on charges of money laundering and obstruction of justice. Between 2012 and 2014, the former agent conducted forensic...more

Prosecutors Record First-Ever Conviction for ‘Spoofing’: A New Era of Trading Enforcement

Asset managers and other traders should expect aggressive anti-spoofing enforcement and consider reviewing their trading practices in light of this most recent development. On November 3, 2015, a federal jury in...more

SEC Freezes Hacker’s Assets

Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

DOJ Announces Sentencing of Former DEA Agent for Criminal Involvement in Silk Road Investigation

On October 19, the DOJ announced that a former DEA agent was sentenced to 78 months in prison for crimes he committed while working as an undercover agent in the Silk Road investigation. On July 1, the former DEA agent...more

DOJ Disables Malware Designed for Bank-Theft; Unseals Indictment Against Botnet Administrator

On October 13, the DOJ unsealed an indictment against a Moldovan citizen for his alleged involvement in a criminal conspiracy to steal confidential financial information by distributing malware software through phishing...more

Business Litigation Alert - "Fraud Alert: Even Lawyers Get Scammed"

Law Firms Lose Millions in Wire Transfer Scheme - Unfortunately, it has become all too easy for companies and individuals to become the victims of fraud, and law firms are not immune from this risk. ...more

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

Business E-mail Compromise Scam v2.0

In March, we reported on the Business E-mail Compromise (BEC) scam where criminals target employees responsible for wiring company money, and trick them into wiring money under false pretenses to fraudulent accounts...more

Unprecedented Hacking and Trading Scheme Highlights Important Cybersecurity Lessons - DOJ and SEC charge hackers and traders after...

On August 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the United States and Ukraine who were allegedly involved in a...more

DOJ Charges Operators of Unregistered Bitcoin Exchange with Failure to File SARs on Bitcoin Sales to Victims of Ransomeware

Why it matters - The AML compliance community is still wrestling to understand the full implications of an indictment filed against two men who allegedly operated a Bitcoin exchange that had not been registered as a...more

DOJ’s Recent Guidance On Compliance For Virtual Currency Businesses

What compliance expectations does the Department of Justice have for businesses entering the virtual currency space? How can a company meet those expectations to stay out of trouble with DOJ, or at least mitigate the effects...more

DOJ Announces Charges Against Two Florida Men for Operating Underground Bitcoin Exchange

On July 21, U.S. Attorney for the Southern District of New York Preet Bharara, along with the Assistant Director-in-Charge of the New York Field Office of the FBI and the Special Agent-in-Charge of the New York Field Office...more

Bitcoin Week in Review 07.20.15 – 07.24.15

Domestic Developments - Florida. Anthony Murgio and Yuri Lebedev, operators of bitcoin exchange service Coin.mx were arrested on July 21, 2015 for operating the exchange without a money transmission license. The U.S....more

DOJ Cracks Down on Cyber Criminals

The Department of Justice (DOJ) recently announced the largest coordinated international law enforcement effort ever directed at an online cyber-criminal forum. Financial institutions and other companies should consider...more

Lines Crossed: From Enforcing to Breaking the Law

Silk Road was a notorious black market for narcotics that used seemingly untraceable digital currencies (i.e., Bitcoins) to facilitate illegal activities on the “dark web.” Last week, former Drug Enforcement Agency (“DEA”)...more

DOJ Assistant AG Caldwell Delivers Remarks at the ABA’s National Institute on Bitcoin and Other Digital Currencies

Today, Assistant Attorney General Leslie Caldwell delivered remarks at the ABA’s National Institute on Bitcoin and Other Digital Currencies. Speaking on the DOJ Criminal Division’s approach to the developing landscape of...more

DOJ Criminal Chief Warns Financial Institutions about Bitcoin

On June 26, 2015 at the ABA National Institute on Bitcoin and Other Digital Currencies, Assistant Attorney General Leslie Caldwell sent a targeted warning to financial institutions that deal with Bitcoin and other virtual...more

Alleged Ringleader of Global Cybercrimes Extradited to United States to Face Charges

Today, the DOJ unsealed an eighteen-count indictment in Brooklyn, New York charging a Turkish citizen (Defendant) with organizing worldwide cyberattacks against at least three U.S. payment processors’ computer networks. The...more

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