Two for the most popular apps for millennials and travelers are now being used to launder money for criminal elements. Airbnb and Uber are playing host to a new scheme that turns ill-gotten gains into clean and hard to track cash or cryptocurrency.
Money Laundering Scheme
Add Airbnb and Uber to the growing list of ways...
Continue reading…
Category: Fraud
Details of DOJ Criminal Charges Against The Chinese Telecom and Tech Giant Huawei for Wire Fraud, Trade Secret Theft, Breaking Confidentiality, and Disregard of Sanctions Set in Iran
The Chinese company Huawei, a telecommunication giant, was put in the spotlight as the United States showed concerns over the possibility of Chinese spying through the use of their technology. Concerns grew larger back in early December of 2018 when Meng Wanzhou, daughter of founder Ren Zhengfei and current CFO of Huawei, was arrested...
Continue reading…
Economics is No Longer the Most Stable Universal Science
Economics was once viewed as the most valuable intellectual training for determining the health of the world’s financial system, now those truths are being challenged by hard to predict leaders and nations. After the Cold War, economics rose to the top of the sciences and was seen as a powerful force “that...
Continue reading…
Elder Financial Abuse Doubles in Past Five Years
Elder financial abuse is on the rise with thousands falling victim each year and millions more vulnerable. According to an in-depth report by the Wall Street Journal, U.S. banks reported a record 24,454 suspected cases of elder financial abuse to the Treasury Department in 2018. That’s more than double the cases reported...
Continue reading…
Allegations Involving Defective Earplugs Used By U.S. Military Members Leads to a $9 Million Settlement Between the DOJ and 3M
The U.S. Department of Justice reached a settlement of $9 million with the American company 3M over the sale of their earplugs to the U.S. military. The problem arose when allegations came forward stating that not only were their Duel-Ended Combat Arms Earplugs faulty but that they may have been aware of...
Continue reading…
Fiat Chrysler Automobiles agrees to pay $800 million to settle fraudulent diesel software test emissions charges
Car maker Fiat Chrysler Automobiles (FCA) has agreed to pay $800 million to settle charges over the illegal diesel software that produced fraudulent emissions-test results. It has agreed to pay US$311 million in civil penalties to national and Californian regulators, US$280 million in owners’ claims and another US$105 million in extended warranty reserves....
Continue reading…
FDA Permits Marketing of New Diagnostic Test That Measures Nutrients in Breast Milk
As matured human beings, we generally have a plethora of options when it comes to where we receive our nutrients, but for those in the fragile first 12 months of life, the choices are severely limited. Basically, the choices come down to either the less nutrient sufficient formula, or the more nutrient...
Continue reading…
Investigation into a Fishy Situation by New York Attorney General’s Office Uncovers Fraud in the Seafood Industry due to Misleading Marketing Tactics
Food fraud is the act of mislabeling an edible item in order to sell cheap alternatives for a higher price, and it costs the industry around $35 billion a year. Out of all food items for sale, the easiest victim of fraud is the seafood market. This is not only due to...
Continue reading…
SEC Charges 10 “Microcap Fraudsters” After “Pump-and-Dump” Scheme Leads to Over $27 Million in Unlawful Profits
The Securities and Exchange Commission has charged ten individuals, named as “microcap fraudsters” in the SEC press release, for numerous market manipulation schemes that lead to the group profiting over $27 million in unlawful stock sales. The classic “pump and dump” scheme went on for years and involved well-known figures in the...
Continue reading…
Fake sushi and seafood fraud and mislabeling pervasive DNA researchers revealing the fraud
UCLA researchers using a unique genetic sequencing test say that their work reveals that Sushi mislabeling is pervasive. The new monitoring project of UCLA researchers and partners aims to take "fake sushi" off Los Angeles diners' plates. The Los Angeles Seafood Monitoring Project team -- which includes university researchers, students, sushi restaurants...
Continue reading…
