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Retail FX

Masterminds of $30M FX Fraud Get 5 Years in Prison

  • They fabricated losses to steal investors' funds.
  • They pled guilty to one count of conspiracy to commit securities fraud.
Friday, 03/03/2023 | 06:29 GMT by Arnab Shome
Retail FX

25% of Investors Who Avoid Scams Inspired by Sherlock Holmes

  • "Armchair detective investors" successfully identify potential financial threats, FCA states.
  • The number of scam reports grew by 193% during the last five years.
Tuesday, 21/02/2023 | 12:33 GMT by Damian Chmiel
Exchanges

Is B2B Forex Fraud on the Rise in 2023?

  • And, what can companies do to protect themselves?
Monday, 20/02/2023 | 23:45 GMT by Finance Magnates Staff
CryptoCurrency

EminiFX Leader Pleads Guilty to $248 Million FX and Crypto Fraud

  • The platform promised a weekly return of at least 5 percent.
  • It degraded tens of thousands of individual investors.
Monday, 13/02/2023 | 12:03 GMT by Arnab Shome
FinTech

US Pays $115M to 40K Victims of Fraud Scheme Processed by MoneyGram

  • MoneyGram paid $125 million in 2018 for the refund.
  • The American money transfer company entered a DPA with the Justice Department in 2012.
Friday, 10/02/2023 | 22:42 GMT by Solomon Oladipupo
Payments

Do Cross-Border Payments Represent a Regulatory Blindspot?

  • A glance into a complex and dynamic process.
Tuesday, 07/02/2023 | 16:18 GMT by Finance Magnates Staff
CryptoCurrency

New York Charges Celsius Network's Co-Founder Alex Mashinksy with Fraud

  • The New York Attorney General said Mashinsky left many investors in "financial ruin."
  • Celsius Network filed for bankruptcy in July last year.
Friday, 06/01/2023 | 13:00 GMT by Solomon Oladipupo
News

US SEC Charges Individuals behind $45M Blockchain Fraud CoinDeal

  • The complaint named five individuals and three entities.
  • The fraudulent scheme defrauded "tens of thousands of investors."
Thursday, 05/01/2023 | 11:16 GMT by Arnab Shome
Retail FX

Aviv Talmor Gets 4 Years in Prison for $22 Million UTrade Fraud

  • The sentencing came after he was convicted last September.
  • The Judge pointed out that Talmor did not benefit personally from the fraudulent activities.
Thursday, 05/01/2023 | 06:05 GMT by Arnab Shome
FinTech

SEC Charges 8 Twitter Influencers with $100M Pump-and-Dump Fraud

  • The influencers allegedly used Twitter and Discord to manipulate exchange-traded stocks.
  • One of the influencers, Daniel Knight, was accused of aiding and abetting.
Wednesday, 14/12/2022 | 21:10 GMT by Solomon Oladipupo
Institutional FX

Danske Bank to Pay $2 Billion Fine for Defrauding US Banks

  • The Danish bank lied about its AML practices and the risk profile of its clients.
  • It moved $160 billion through US banks on behalf of its non-resident Estonian clients.
Wednesday, 14/12/2022 | 07:22 GMT by Arnab Shome
Retail FX

CySEC Alerts against 5 Illegal FX/CFDs Trading Platforms

  • One of the platforms is even falsely claiming to have a CySEC license.
  • The regulator recently warned against fraudsters impersonating the regulatory website.
Thursday, 08/12/2022 | 08:47 GMT by Arnab Shome
News

Singapore Police Investigating Crypto Platform Hodlnaut for Fraud

  • The platform suspended all activities in August.
  • It reported massive exposure to FTX.
Friday, 25/11/2022 | 08:18 GMT by Arnab Shome
Institutional FX

CySEC Warns against Impersonating Officers, Fake Websites

  • The regulator detected five new rogue websites.
  • CySEC issued a similar warning in April.
Tuesday, 22/11/2022 | 19:48 GMT by Solomon Oladipupo
CryptoCurrency

Ohio Man Faces Criminal Charges for $10 Million Crypto Ponzi Scheme

  • He lured investors by flaunting a luxurious lifestyle.
  • He is facing 20 counts of wire fraud.
Monday, 21/11/2022 | 06:34 GMT by Arnab Shome
Retail FX

Consob Continues to Block Illegal Trading Platforms, Adds 4 More

  • The regulator is now blocking 796 illegal platforms.
  • These platforms offer high-risk investment instruments.
Thursday, 10/11/2022 | 12:00 GMT by Arnab Shome
Retail FX

FX Ponzi Scheme Defrauded $180m, Director Faces 10 Years in Jail

  • The scheme operated for almost seven years, starting in 2010.
  • The former director of a fraudulent company faces five criminal charges.
Tuesday, 08/11/2022 | 10:06 GMT by Damian Chmiel
Retail FX

CySEC Expands Warning List, Adds Five Unlicensed Trading Platforms

  • Some of them pretended to be licensed entities.
  • One broker turned out to be a clone of an authorized trading company.
Thursday, 03/11/2022 | 15:56 GMT by Damian Chmiel
Retail FX

CTAX Pool and Introducing Broker to Pay over $2.3 Million for Fraud

  • CTAX operated between July 2014 and March 2019.
  • Reckless trading with the pool funds resulted in an 89 percent loss of pool assets.
Wednesday, 26/10/2022 | 06:49 GMT by Arnab Shome
Thought Leaders

How sophisticated fintech upgrades can lead to financial scams and trading fraud

  • How do you minimize your risk of being scammed?
Thursday, 06/10/2022 | 12:34 GMT by FM
Regulation

Oracle to Pay $23M to Settle Bribery Charges against Asian Subsidiaries

  • The US SEC fingered Oracle's subsidiaries in Turkey, UAE and India in its investigation.
  • The regulator penalized Oracle $2 million in 2012 for the same offence.
Tuesday, 27/09/2022 | 18:24 GMT by Solomon Oladipupo
Retail FX

UTrade Owner Aviv Talmor Convicted in Israel for $22M Fraud

  • He was indicted in 2018.
  • The firm now owes $12 million to defrauded clients.
Wednesday, 14/09/2022 | 07:14 GMT by Arnab Shome
Exchanges

Runaway Thodex Crypto Exchange CEO Arrested in Albania, Turkey Says

  • Fatih, who fled Turkey in April last year, was rounded up in Vlorë in Southern Albania.
  • Turkish prosecutors are seeking jail sentences of up to 40,564 years.
Friday, 02/09/2022 | 13:10 GMT by Solomon Oladipupo
Binary Options

SpotFN Operator Pleads Guilty to $2.9 Million Binary Options Fraud

  • David Butler, 52, was arrested in April and extradited from Costa Rica in July.
  • Butler and his co-conspirators used computer software to manipulate binary options data.
Wednesday, 31/08/2022 | 21:07 GMT by Solomon Oladipupo
CryptoCurrency

Ivars Azuins Was Extradited to the United States, Charged with Wire and Securities Fraud

  • Between 2017 and 2019 more than $7 million were sent to Auzins' entities.
  • Alexander Vinnik was extradited to the United States from Greece.
Sunday, 28/08/2022 | 13:29 GMT by Matti Williamson
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