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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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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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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An employee at a billion-dollar bank has reportedly been arrested and accused of stealing money from the account of a deceased customer.

Latia Wynn of Wilmington, Delaware, was arrested by police for allegedly withdrawing $44,000 from a deceased customer’s account at WSFS Bank, NBC affiliate Philadelphia10 reports.

When one of its customers passed away in a motor vehicle accident, their family reportedly began closing all of their accounts – but noticed a lot of money was missing.

After officers were dispatched to the family of the victim, investigators were led to Wynn, who was later identified as a suspect and is now charged with one felony count of identity theft, one felony count of wearing a disguise during the commission of a felony, and one felony count of theft of $1,500 or greater.

The 25 year-old has been formally charged and released on an $18,000 unsecured bail.

As of March 31, 2024, WSFS Financial Corporation had $20.6 billion in assets and $80.5 billion in assets under management and administration.

In a similar case, the US Attorney’s Office for the District of New Jersey recently said bank employee Jorge Nova has pleaded guilty to a count of wire fraud and faces a 30 year prison sentence for draining $105,000 from a deceased customer’s account.

Nova was working at an unnamed commercial bank in Nutley, New Jersey when he came across a deceased customer’s account that had continued to collect Social Security benefits by direct deposit.

The retiree, who was receiving $2,372 per month in benefits, passed away on August 29th, 2014 – but the Social Security Administration (SSA) was not notified of the person’s death.

Consequently, the beneficiary’s account continued to receive funds from the SSA for more than four years.

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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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