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FinCEN requests comments on proposed form for compliance with residential real estate rule

November 12, 2024

The Residential Real Estate Rule, which will be effective on December 1, 2025, requires select real estate professionals to submit reports and keep records about certain high-risk, non-financed transfers of residential real property to specified legal entities and trusts. This data will support the U.S. Department of the Treasury, law enforcement, and national security agencies in addressing illicit finance vulnerabilities in the U.S. residential real estate sector. It will also help curtail bad actors’ ability to use American residential real estate as a tool to anonymously launder and store illicit funds, which distorts housing prices and threatens U.S. economic and national security.

US DOJ convicts foreign national for laundering millions in proceeds from Cryptocurrency investment scams

November 12, 2024

Daren Li, 41, a dual citizen of China and St. Kitts and Nevis, and a resident of China, Cambodia, and the United Arab Emirates, pleaded guilty today to one count of conspiracy to commit money laundering for his role in a scheme to launder millions of dollars in proceeds of cryptocurrency investment scams…

FinCEN and Partner FIU Officials meet in Canada for International Public-Private Partnership events on illicit finance

October 25, 2024

The Symposium included presentations on the emerging trends, typologies, and case studies on Iran-backed terrorist financing, Russian sanctions evasion, online child sexual exploitation, synthetic opioid trafficking, human trafficking, and the illegal wildlife trade….

FinCEN issues alert to financial institutions to help counter the financing of Hizballah and related terrorist activities

October 23, 2024

This alert builds on a May 2024 advisory focused on Iran-backed terrorist groups, aiming to disrupt Hizballah’s global financial networks and safeguard the U.S. financial system from terrorist exploitation. Since its inception in 1982 Hizballah has engaged in violence against Israel and generates revenue through various illegal activities, including oil smuggling, money laundering, and illegal arms procurement…

US DoJ sentences man to 7 years in Federal Prison for orchestrating a fraudulent investment scheme that defrauded investors of $23m

October 18, 2024

SEAN GRUSD formed three funds that he claimed would invest in private financial technology companies. Beginning in 2021, Grusd provided potential investors with marketing materials containing numerous falsehoods about the funds’ purported investment history and successes. Among other things, the promotional materials falsely claimed that one of Grusd’s funds had been an early investor in successful startup companies, such as Instacart, Coinbase, and Shippo. Grusd also falsely claimed that he had graduated from a prestigious law school …

US DoJ convicts man for $20m fraud scheme involving “spoofed” websites imitating cryptocurrency exchange Coinbase

October 17, 2024

According to filed court documents and today’s sentencing hearing, from as early as June 2021, Tomar and his co-conspirators engaged in a spoofing scheme to steal millions in cryptocurrency from hundreds of victims located worldwide and in the United States, including in the Western District of North Carolina. Spoofing, as it pertains to cybercrime, is when a malicious cyber actor disguises an email address, sender name, or website URL to convince victims they are interacting with a trusted source…

NYDFS issues new guidance to address security risks arising from AI

October 16, 2024

The guidance builds on the Department’s ongoing work to protect New Yorkers and DFS-licensed entities from cybersecurity risks through its nation-leading cybersecurity regulation (23 NYCRR Part 500) and follows recently adopted DFS guidance to combat discrimination by insurers using artificial intelligence.

SEC charges a “magic mushroom” company and two individuals in a multimillion-dollar pump-and-dump scheme

October 16, 2024

The SEC alleges took control of Minerco a dormant penny stock and appointed its head to promote the company as a pioneer in psilocybin mushroom research. From 2020 to 2021 issued false statements, claiming Minerco had partnerships and valuations that didn’t exist, and misleadingly represented it as an active Nevada company. Shumake is also accused of using an offshore entity to “dump” shares, amassing at least $3.4 million in unlawful profits…

US DoJ seizes over US $6m in suspected proceeds from a cryptocurrency confidence scheme

October 11, 2024

In Southeast Asia, perpetrators targeted individuals in the US and fraudulently obtained millions in cryptocurrency through a confidence investment scheme prompting the FBI to trace victim funds on the blockchain and uncover over US $6 million in multiple cryptocurrency wallets. These schemes typically involve criminals manipulating potential victims via misdirected texts or dating apps, leading them to fake investment platforms…

US DOJ disrupts Russian Intelligence spear-phishing efforts, aimed at committing computer fraud and abuse in the US

October 5, 2024

The seizure of 41 internet domains reflects the Justice Department’s cyber strategy in action – using all tools to disrupt and deter malicious, state-sponsored cyber actors,” said Deputy Attorney General Lisa Monaco. “The Russian government ran this scheme to steal Americans’ sensitive information, using seemingly legitimate email accounts to trick victims into revealing account credentials. With the continued support of our private sector partners, we will be relentless in exposing Russian actors and cybercriminals and depriving them of the tools of their illicit trade.”…

DEA issues warning about illegal online pharmacies

October 4, 2024

Follows an increase in illegal online pharmacies selling and shipping counterfeit pills made with fentanyl and methamphetamine to unsuspecting customers in the United States who believe they are purchasing real pharmaceutical drugs such as Oxycodone, Adderall, Xanax, and other drugs from legitimate pharmacies.

US DOJ convicts man for cyber intrusion and $37m cryptocurrency theft conspiracies

October 3, 2024

According to court documents, in February of 2022, Light was involved in a cyber-intrusion involving an investment holdings company located in Sioux Falls, South Dakota. During the cyber-intrusion, Light stole customer personal identifiable information (“PII”) and then stole cryptocurrency worth over $37 million from nearly 600 victims. He acted with one or more unidentified perpetrators…

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