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US DOJ convicts Las Vegas business owner in $24M cryptocurrency Ponzi scheme targeting over 400 investors

by Jyotsna Bucktowar | Feb 14, 2025

A Las Vegas entrepreneur was convicted of fraud and money laundering for running a $24M cryptocurrency Ponzi scheme, deceiving over 400 investors with false claims of AI-powered crypto mining, guaranteed 30% returns, and FDIC-backed security. Prosecutors revealed...

US DoJ sentences founder of Miami-based cryptocurrency token CluCoin to 27 months for wire fraud, with $1.14m in restitution and asset forfeiture

by Jyotsna Bucktowar | Feb 14, 2025

Initially focused on charity Taylor later shifted CluCoin’s focus to NFTs, gaming, and a metaverse platform. To drive interest, he organized “NFTCon: Into the Metaverse” in Miami in April 2022. Following the event, Taylor accessed the funds from CLU investors and...

US DoJ convicts two Estonian nationals for operating a multi-faceted cryptocurrency Ponzi scheme, defrauding hundreds of thousands worldwide in a $577 million fraud

by Jyotsna Bucktowar | Feb 13, 2025

The dashboard displayed fake profit data while founders spent the proceeds on luxury properties, vehicles, and investments. They have agreed to forfeit over $400 million in assets which will be used to compensate victims through a remission process. Both pleaded...

US FDIC urges FinCEN to revise customer identification program rules, allowing banks to collect partial social security numbers for account opening to align with fintech verification methods

by Jyotsna Bucktowar | Feb 7, 2025

Acting Chairman Travis Hill has sent a letter to the (FinCEN) advocating for greater flexibility in certain Customer Identification Program requirements for bank-fintech partnerships. Specifically, Hill supports allowing the collection of just the last four digits of...

US DoT sanctions an international network for facilitating the shipment of millions of barrels of Iranian crude oil worth hundreds of millions of dollars to China

by Jyotsna Bucktowar | Feb 6, 2025

The US Department of the Treasury’s OFAC has sanctioned an international network involved in shipping millions of barrels of Iranian crude oil to China, on behalf of Iran’s Armed Forces General Staff and its front company, Sepehr Energy. The sanctions target entities...
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