A tech CEO from Nashville is in hot water. Marcus Cobb, the boss of a startup called Mozaic Payments, is accused of tricking a private equity firm out of $20 million. The startup claimed to have an app for sharing music royalties, but it didn't work. The money was gone by 2025. Cobb and his co-foun
Brazil is reaching out to the US for help in tackling money laundering and illegal arms trafficking. The finance minister, Fernando Haddad, announced this plan recently. He pointed out that US-based funds are being misused to launder money and hide foreign investments in Brazil. This issue came to l
A crypto fund that raised $28M in late 2021 has gone bust, leaving investors empty-handed. The UK's Serious Fraud Office (SFO) has stepped in, arresting two men in connection with the collapse of Basis Markets. Raids were conducted in London and West Yorkshire, where digital devices and documents we
A prominent senator has raised serious concerns about JPMorgan Chase's handling of Jeffrey Epstein's financial activities. The senator's report suggests that the bank may have deliberately underreported over $1 billion in suspicious transactions linked to Epstein, a convicted sex offender. This over
Donald Trump's recent pardon of Binance's founder, Changpeng Zhao, has raised eyebrows and sparked debates. Zhao, who pleaded guilty to money-laundering charges, was pardoned by Trump on Oct. 23. Just five days later, Binance started promoting Trump's family crypto coins, USD1 and WLFI, on its U. S.
A man from Brooklyn, who once worked for a company helping others file reports with the SEC, admitted to doing something wrong. He used secret information from his job to make trades and earned over $2. 2 million illegally. This man, Justin Chen, is 31 years old. He confessed to one charge related
Financial fraud is evolving, and one of the most alarming trends is synthetic identity fraud. This type of fraud, often referred to as "Frankenstein fraud, " involves creating a fake identity by combining real and fabricated information. Unlike traditional identity theft, where a criminal steals and
In Asia, big things are happening with crypto. Hong Kong is stepping up its game. Standard Chartered Hong Kong is set to start trading crypto ETFs soon. This comes as nearly 80% of wealthy clients there plan to invest in digital assets within a year. Over 30% already have some crypto. The city is al
In a surprising turn of events, a high-ranking official in Thailand has decided to step down from his position. This comes after serious accusations tied him to a massive online fraud scheme that has been spreading across Southeast Asia. The problem started to get worse during the COVID-19 pandemic
A big company in the payments world has found that its safety checks against money crimes are not all the same. This is what they learned after they looked into some complaints about fraud. The company, which is French, grew really fast by buying other companies. This quick growth might be why their
