bank
US Government Seizes $5,254,133 in JPMorgan Chase Bank Accounts, Alleges Funds Stolen in Sophisticated Scheme
Published
3 weeks agoon
By
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The US Government has seized $5.25 million in six bank accounts at JPMorgan Chase, alleging the funds are the proceeds of a sophisticated fraud scheme.
A complaint filed by the US Justice Department says the funds were stolen from a workers union in Massachusetts that was tricked into wiring millions of dollars directly to scammers.
According to the DOJ, the unnamed union received an email in January of last year that appeared to be from the union’s investment manager. The email address appeared to be a match, with the correspondence requesting the union transfer $6.4 million to a different bank account.
After the union complied with the fraudulent request, prosecutors say some of the money was rerouted to crypto exchanges, $5.25 million was wired to JPMorgan Chase accounts, and $61,612 was sent to a Texas Bank and Trust account that has also been seized.
The DOJ says the scammers recruited individuals known as money mules who rapidly moved the funds between various accounts to conceal their origin.
Prosecutors are now seeking a permanent forfeiture of all funds seized in the US bank accounts.
“BEC fraud schemes present a serious threat to businesses and individuals nationwide, causing significant financial and emotional harm to victims by exploiting trusted communication channels they rely upon every day.
Today’s civil forfeiture action demonstrates that when victims report such misconduct to the authorities there may be steps we can take to recover stolen funds. We hope today’s action helps restore some level of stability and justice for those impacted by fraud.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Bank Executive Steals $250,000 From Customers, Directly Accessing Bank Accounts To Fund His Lifestyle: US Department of Justice
Published
1 day agoon
July 7, 2024By
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The U.S. Department of Justice says a former bank manager has admitted to stealing over a quarter million dollars from customers to fund his own spending habits.
The DOJ says 53-year-old Eric Jason Schouest of Plaquemine, Louisiana, has pleaded guilty to embezzlement and bank fraud.
Prosecutors say Schouest admitted to using his power as a manager at a Regions Bank Plank Road branch to illegally access customer accounts, open and close accounts and transfer funds in and out of customer accounts in order to steal the money.
Once in possession of the bank’s customers’ money, Schouest made loan payments on his own house and car to the tune of $250,000.
Says the DOJ,
“Beginning in or about 2020, and continuing through in or about April 2021, Schouest exploited his position of trust at Regions Bank to embezzle funds from customer accounts and deposit the money into his personal bank accounts.
He also sent false and fraudulent emails and forged documents to other Regions Bank employees to conceal his scheme. Some of the traceable fraudulent funds were used to make loan payments on personal items such as a house and a car. Through his scheme, Schouest misappropriated more than $250,000 from Regions customer bank accounts.”
On top of a $1 million fine, the DOJ says that each of Schouest’s embezzlement and bank fraud convictions carry punishments of up to 30 years in prison and a period of supervised release.
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Brazil's Largest Bank Itaú Opens Bitcoin and Crypto Trading to All Users
Published
4 weeks agoon
June 13, 2024By
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Itaú Unibanco, Brazil and Latin America’s biggest bank has opened Bitcoin and crypto trading to over 60 million customers, as per reports.
BREAKING: 🇧🇷 60,000,000 customers at Brazil's largest bank can now start buying #Bitcoin and crypto.
Gradually then suddenly 🙌 pic.twitter.com/KXSjPLFzCP
— Bitcoin Magazine (@BitcoinMagazine) June 12, 2024
The bank’s investment app, Ion, now allows users to buy and sell Bitcoin and Ethereum after initially offering crypto trading to only select clients in December 2023.
In an interview, Itaú digital assets head Guto Antunes said the move followed weekly surveys, with initial users showing strong demand for Bitcoin and crypto services.
While not disclosing user numbers, Antunes said the Ion app has surpassed 3.5 million downloads, which is significant interest for Bitcoin and crypto in Brazil.
The bank opted to build its custody solution for clients’ wallets rather than using third parties. Each user gets a separate wallet to ensure asset segregation.
As Brazil’s largest bank with extensive reach, opening Bitcoin access will boost mainstream adoption. With Bitcoin’s popularity in Brazil, the bank aims to be their preferred gateway into this new asset class.
The embrace of Bitcoin and crypto by a conservatively regulated institution like Itaú also further validates Bitcoin as an investable innovation that is here to stay. More banks in the region may follow suit.
For bitcoiners in Brazil, buying and selling through their existing bank provides accessibility and removes adoption hurdles. Itaú opening the floodgates marks a milestone in Bitcoin’s financial mainstreaming in a major Latin American economy.
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Wells Fargo Employee Sells Customers’ Personal Information, Triggering $688,000 in Fraudulent Transactions: US Banking Regulator
Published
1 month agoon
June 8, 2024By
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A US regulator is banning a former Wells Fargo employee from the banking industry after she allegedly sold private customer information and triggered more than half a million dollars in fraudulent transactions.
New filings from the U.S. Office of the Comptroller of the Currency (OCC) detail a consent order with ex-Wells Fargo employee Bathia Greene, an associate operations processor at the bank’s lockbox facility in Philadelphia, Pennsylvania.
The OCC says Greene misappropriated confidential details of Wells Fargo’s customers and sold the information, leading to a wave of fraudulent transactions.
Wells Fargo lost $688,000 as a result of Greene’s actions, according to the OCC.
Says the regulator,
“At all relevant times, Respondent was an Associate Operations Processor at the Bank’s lockbox facility in Philadelphia, Pennsylvania. During the period from approximately October 2021 to January 2022, Respondent misappropriated confidential information of Bank customers and sold the information to a third party, resulting in fraudulent transactions.
The Bank suffered a loss of approximately $688,000. By reason of the foregoing conduct, Respondent engaged in violations of law or regulation and unsafe or unsound practices.
Respondent’s misconduct resulted in financial gain to Respondent and loss or risk of loss to the Bank and demonstrated personal dishonesty and willful or continuing disregard for the safety and soundness of the Bank.”
According to the settlement, Greene does not appear to be facing criminal prosecution.
The agreement bans Greene from participating in the activities of any insured US banks, credit unions, federal banking agencies, Farm Credit institutions, Federal Home Loan Banks and the Federal Housing Finance Agency.
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