Wire Fraud

News & Analysis as of

Securities Law Recidivist Pleads Guilty in Offering Fraud Case

The Commission and the DOJ have recently brought a number of securities fraud cases in which a key person in the misconduct concealed a prior criminal conviction for securities related offenses from investors. Another case in...more

Court Affirms Conviction In Case Involving $126 Million Loan For Shopping Mall Transaction, Rejecting Argument That Sentence...

In a summary order on March 8, 2017, the Second Circuit (Katzmann, C.J. and Pooler and Lynch, J.) affirmed the conviction and sentence for wire fraud in United States v. Frenkel. The case attracted some public attention...more

Wire Transfer Fraud: A How-To Guide

Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man-in-the-email” or “business email compromise” scams. Although there are multiple variants, a common situation involves an attacker...more

Investor Suits Follow in the Wake of Western Union Settlement of Money Laundering and Fraud Claims

On January 19, 2017, the Western Union Company (“Western Union” or the “Company”) entered into a deferred prosecution agreement (“DPA”) with the Department of Justice (“DOJ”), in which Western Union admitted to willful...more

Return to Sender: Aéropostale Employee’s Fraud Convictions Affirmed, But Restitution Order Sent Back for Recalculation

Aéropostale is known by many as a staple of adolescent wardrobes and shopping-mall standard. But as a patsy for kickback schemes? In United States v. Finazzo, 14-3213-cr, 14-3330-cr (Droney, J., joined by Judges Sack and...more

Hong Kong Email Wire Fraud Epidemic - How to retrieve funds and prevent wire fraud

Over the Lunar New Year period, we observed a spate of email wire frauds (or ‘business email scams’) which involve funds being wired internationally to bank accounts in Hong Kong. The amounts transferred vary from a few...more

How Effective is Your Anti-Money Laundering Program?

At the end of January, Western Union agreed to pay the United States government $586 million to resolve allegations that it failed to maintain an effective anti-money laundering program under the Bank Secrecy Act and aided...more

Hong Kong Email Wire Fraud Epidemic - How to retrieve funds and prevent wire fraud

Over the Lunar New Year period, we observed a spate of email wire frauds (or ‘business email scams’) which involve funds being wired internationally to bank accounts in Hong Kong. The amounts transferred vary from a few...more

The Western Union DPA and the Need to Investigate One’s Own

The Western Union Company (“Western Union”) entered into a deferred prosecution agreement (“DPA”) on January 19th with the Department of Justice, based on alleged willful failures to maintain an effective AML program and the...more

2016 Year End Review: Money Laundering Opinions of Note

The federal courts continued in 2016 to produce a stream of cases pertaining to money laundering. We focus on three below because they involve analysis of basic issues that frequently arise in money laundering litigation....more

Western Union on the Hook for $586 Million for Aiding and Abetting Wire Fraud

Western Union is facing a $586-million settlement, after admitting to aiding criminals in money laundering and fraud. The global money services business, with headquarters in Englewood, Colorado, has entered into...more

Lessons Learned and Compliance Trends from the VW and Takata Scandals (Part III of III)

When unraveling a major corporate scandal, especially multi-year schemes involving senior executives, the blame game or lessons learned approach can easily turn into a fruitless exercise. The VA and Takata scandals are...more

Takata – Criminal Airbag Scheme and Innocent Consumer Harm (Part II of III)

In my continuing review of corporate misconduct in the automobile industry, today we examine the Takata Corporation scandal for its airbag scheme. Takata is a manufacturer and supplier of automotive safety equipment. It...more

VW Fallout Continues: Mobile Source Emissions Enforcement Likely to Continue Full Speed Ahead under Trump Administration

The headlines generated by the Volkswagen emissions scandal continue to amaze the environmental community and the general public, both here and abroad. The events are shocking in part because they involve a household name in...more

Law Firm Data Breaches Demonstrate the Expanding Scope of Cyber Attacks

In a case of “cyber meets securities fraud,” the United States Attorney’s Office for the Southern District of New York (“SDNY”) recently indicted three foreign nationals on charges of insider trading, wire fraud, and computer...more

2016 – A Bad Year For Bad Guys in Energy

Let’s look back at a cavalcade of crooks, criminals and miscreants who met up with justice in 2016. We do it to be reminded of the others who will be lurking in the 2017 shadows....more

[Webinar] Business E-mail Compromise Scams - Practical Perspectives - January 12th, 10:30am EST

An increasing number of businesses are targeted by very sophisticated email scams designed to convince company employees responsible for executing financial transactions to wire funds to overseas accounts controlled by...more

Indictment Issued in Law Firm Hacks

In what New York’s top federal prosecutor called a “wake-up call for law firms around the world,” three Chinese citizens have been charged with hacking into the servers of two prominent – but unidentified – international law...more

The Second Circuit Limits the Application of Two Guidelines Enhancements

In United States v. Huggins,15-1676, the Second Circuit (Winter, Cabranes, and Restani, sitting by designation) limited the scope of two Guidelines enhancements often applicable to white-collar crimes: (1) U.S.S.G....more

Hong Kong and Overseas Businesses Defrauded of over HK$1.8 billion (US$231m) in 2016

Email wire fraud scammers continue to target local and international businesses with victims suffering millions of dollars of lost funds wired to Hong Kong bank accounts. In December 2016, the Hong Kong Legislative...more

Five Indicted for Alleged $33 Million Fraudulent Mortgage Discharge Scheme

On December 1, 2016, the United States Attorney’s Office for the Southern District of New York, the New York Field Division of the Federal Bureau of Investigation, and the Department of Housing and Urban Development (HUD)...more

Court Rules Debt Collector Must Pay $3.9 Million and Go to Prison

On November 10, 2016, the United States Attorney’s Office for the Southern District of New York announced the owner of a debt collection company was sentenced to five years in prison and ordered to pay $3.9 million in...more

E.D. Pennsylvania Limits Protected Activity Under SOX

In Westawski v. Merck & Co., No. 14-cv-3239 (E.D. Pa. Oct. 18, 2016), the Eastern District of Pennsylvania granted Defendant Merck & Co. (Company) summary judgment on Plaintiff Joni Westawski’s (Plaintiff) SOX whistleblower...more

This Week In Securities Litigation

As the government fiscal year draws to an end, the Commission filed a series of enforcement actions. Those included two insider trading cases, an action alleging violations of the whistleblower provisions, another against a...more

Government Charges Sixteen In $175 Million Pharmacy Fraud

On September 1, 2016, the United States Attorney’s Office for the Southern District of Florida filed a five-count information, variously charging sixteen individuals, including three physicians, in connection with a scheme to...more

116 Results
|
View per page
Page: of 5
Cybersecurity

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×