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in Financial Crime
timesofindia.indiatimes.com
· 2025-12-08
A senior citizen in Bengaluru lost Rs 1.94 crore from his fixed deposit after falling victim to a "digital arrest" scam that began with a WhatsApp video call on November 30th. Fraudsters impersonating a Mumbai Crime Branch officer falsely accused him of money laundering involvement, threatened legal action, and isolated him from help while manipulating him into transferring funds in multiple installments over a week. The victim's daughter discovered the fraud on December 7th when he confided in her, leading to a police complaint.
silive.com
· 2025-12-08
Multiple residents at NYC Housing Authority's New Lane complex in Staten Island have fallen victim to scams targeting electronic benefit transfer (EBT) accounts, with scammers exploiting seniors' difficulty navigating smartphone EBT apps. Local officials held a press conference to raise awareness and call for stronger law enforcement action, noting that underreporting is common because victims can recoup funds through a lengthy process, and state legislators indicated they would pursue harsher penalties for crimes targeting seniors. Victims are urged to file police reports and contact the relevant scam hotline for assistance.
theverge.com
· 2025-12-08
The FTC warned Americans about "game-like task scams" that lured victims with promises of online income but actually defrauded them of money, often in cryptocurrency. In the first six months of 2024, these scams generated over $220 million in losses from 20,000 reported incidents—a dramatic increase from 5,000 reports during 2020-2023—and accounted for 40 percent of all scam reports that year. The FTC advised avoiding unexpected job offers via text or WhatsApp, never paying upfront to receive earnings, and rejecting requests to be paid for rating or liking content online.
wmar2news.com
· 2025-12-08
Scammers are increasingly using cryptocurrency across multiple fraud schemes including investment scams, tech support fraud, romance scams, and employment schemes, exploiting victims' fear of missing out and unfamiliarity with the technology. In Maryland, reported losses from cryptocurrency-related employment scams surged dramatically from $32,033 in 2023 to $3.8 million between January and October 2024, with victims losing an average of $15,000–$20,000 each; scammers use fake cryptocurrency exchanges and work-from-home schemes requiring deposits to "unlock" higher-paying work that victims cannot ultimately access. While cryptocurrency transactions are instant and irreversible, the FBI
wowt.com
· 2025-12-08
Abiola Kayode, a 37-year-old Nigerian national on the FBI's Most Wanted Cyber Criminal List, was extradited to Nebraska to face wire fraud charges for his role in a scheme that defrauded Nebraska businesses and individuals of over $6 million between 2015 and 2016. Kayode provided bank account information to co-conspirators who conducted romance scams and business email compromise fraud, directing victims to wire money to accounts under his control. He is the second of six identified Nigerian nationals to be extradited for the scheme; three co-conspirators have already been convicted and sentenced to prison terms ranging from 45 to 96 months
mobile.ghanaweb.com
· 2025-12-08
Abiola Kayode, a 37-year-old Nigerian cybercriminal on the FBI's Most Wanted list, was extradited from Ghana to face charges for orchestrating a business email compromise (BEC) scheme that defrauded multiple companies of over $6 million between 2015 and 2016. Kayode and his associates impersonated corporate executives using forged email accounts to manipulate employees into making unauthorized wire transfers to accounts he controlled, some linked to romance scams. Several of his co-conspirators have already been convicted and imprisoned, with sentences ranging from 45 to 96 months, and U.S. authorities continue pursuing the remaining four fugit
ivoox.com
· 2025-12-08
A former Australian politician, Donna Nelson, was sentenced to six years in jail in Japan after being manipulated by a romance scammer into transporting 2kg of methamphetamine. Over $201 million was reported lost to romance scams last year, with scammers building relationships with vulnerable people before exploiting them into sending money or carrying packages across borders. To protect against such scams, experts recommend verifying identity through video chat, meeting in neutral locations, trusting your instincts, never sending money, and refusing to transport items for others.
justice.gov
· 2025-12-08
Prasad Margabandhu of Pittsburgh was sentenced to 36 months in prison and ordered to pay a $100,000 fine for bankruptcy and mail fraud spanning March 2019 to June 2022. Margabandhu filed multiple fraudulent bankruptcy petitions under company names to delay creditor actions on an East Carson Street property, and later submitted false insurance claims after a June 2022 fire destroyed the property. He will begin serving his sentence on January 8, 2025.
indiatoday.in
· 2025-12-08
The "digital arrest" scam, which has cost Indians ₹120 crore in the first four months of 2024, involves fraudsters impersonating law enforcement officials via phone calls to falsely accuse victims of crimes like money laundering and extort money by threatening immediate "digital arrest"—a term that does not exist in Indian law. The scam targets individuals across all sectors, including professionals, by creating psychological pressure through urgency, threats of isolation, and demands for confidentiality, and can be identified by suspicious unofficial contact numbers, pressure tactics, and threats against disclosure to family members.
moco360.media
· 2025-12-08
A 26-year-old Rockville man was sentenced to five years in prison (10 years with suspension) for his role in a gold bar scam targeting a 94-year-old Silver Spring resident who nearly lost approximately $230,000. Mathon posed as a federal agent, convincing the elderly victim that his identity had been stolen and he needed to purchase gold bars for safekeeping, but law enforcement interrupted the scheme with a sting operation that caught Mathon attempting to collect the package. This marks Montgomery County's first conviction in a local gold bar scam case, which prosecutors note involves organized, international criminal networks that specifically target vulnerable elderly victims.
deccanherald.com
· 2025-12-08
A 68-year-old senior citizen in Bengaluru lost Rs 1.94 crore to cyber fraudsters who conducted a "digital arrest" scam between November 30 and December 7. The scammers impersonated Mumbai crime branch officers via WhatsApp video call, falsely claiming the victim was involved in money laundering linked to businessman Naresh Goyal, then pressured him to transfer his entire fixed deposit in multiple installments while restricting his communication with others. The victim discovered the fraud only after discussing it with his daughter, who helped him file a police complaint.
timesofindia.indiatimes.com
· 2025-12-08
Kolkata Police launched a cybercrime awareness initiative targeting senior citizens in response to a surge in digital arrest scams, where criminals impersonate law enforcement via video calls using fake police stations and uniformed officers to intimidate victims into transferring money. Senior citizens account for approximately 52% of digital arrest fraud victims, with 320 complaints recorded since June and two Mumbai residents arrested for defrauding a 65-year-old of Rs 66.3 lakh using this scheme. Police advise citizens to identify red flags such as random numbers and multiple "officers," avoid engaging with callers, verify identities through official channels, and report incidents immediately while contacting financial helplines to freeze transfers
justice.gov
· 2025-12-08
Alec Tahir Baker, 60, of Corona, California, was indicted on federal charges of conspiracy to commit money laundering, bank fraud, and aggravated identity theft for his role in a scheme that defrauded businesses, individuals, and the Town of Bristol, Rhode Island, of approximately $8.9 million. The conspiracy employed business email compromise tactics, including phishing emails to gain network access and vendor impersonation emails to redirect payments to accounts Baker controlled across over 40 bank accounts he created. Baker subsequently concealed the fraudulent proceeds through cash withdrawals, cryptocurrency transfers, and transfers to other accounts and individuals, including a $310,500 theft from Bristol municipal funds
cbsnews.com
· 2025-12-08
Chinese-backed organized crime networks are operating a nationwide gift card scam where "mules" shoplift cards from retailers, which are then tampered with and reshelved for unsuspecting consumers to purchase; the proceeds fund illegal activities including fentanyl production, human trafficking, and smuggling. Law enforcement agencies, including Homeland Security Investigations' Project Red Hook, have arrested multiple perpetrators across Texas and beyond, discovering thousands of stolen gift cards worth millions of dollars in single operations.
shu.edu
· 2025-12-08
Smishing—a phishing scam conducted via SMS text messages—is surging among Android and iOS users, with cybercriminals impersonating banks, government agencies, and retailers to steal personal information, trigger identity theft, or install malware. The FBI urges users to avoid clicking links or downloading attachments from unknown numbers and recommends enabling multi-factor authentication, accessing official websites directly, and reporting suspicious texts to carriers. Common smishing tactics include fake bank alerts, false tax refunds, account suspension warnings, fraudulent delivery notices, and unrealistic prize offers.
2gb.com
· 2025-12-08
Romance scammers exploit emotional connections to manipulate victims into becoming unwitting drug mules, as exemplified by former Greens candidate Donna Nelson, who received a six-year jail sentence in Japan after being duped into transporting 2kg of methamphetamine by an online romance scammer. Over $201 million was reported lost to romance scams last year, with scammers building trust with vulnerable people over time before requesting money or package transport. To protect against such schemes, individuals should insist on video verification, meet in person in neutral locations, trust their instincts, never send money, and refuse to carry items for others.
klkntv.com
· 2025-12-08
Abiola Kayode, a 37-year-old Nigerian man, was extradited to Nebraska to face charges of conspiracy to commit wire fraud in connection with a $6 million email spoofing scam that operated from 2015 to 2016. Kayode and his accomplices impersonated company executives to trick employees into wiring transfers to accounts controlled by the fraud ring, with some funds laundered through victims of romance scams. Several co-conspirators have already been convicted and sentenced to prison with restitution orders, while Kayode remains in custody pending trial.
wmur.com
· 2025-12-08
Two New Hampshire-based suspects, Naxin Wu and Mingdong Chen, reached a plea deal to plead guilty to conspiracy to commit wire fraud as part of a sophisticated international gift card scheme. The criminal ring obtained gift cards through illegal means including theft, romance scams, and elder fraud, then used them to purchase Apple products for resale overseas, while also returning counterfeit Apple goods to stores for additional cards; a warehouse search uncovered nearly $2 million in fake iPhones and iPads. Wu and Chen each face up to 20 years in prison.
cyberscoop.com
· 2025-12-08
Abiola Kayode, a 37-year-old Nigerian cybercriminal on the FBI's Most Wanted list, was extradited from Ghana to face wire fraud charges for his role in business email compromise (BEC) and romance fraud schemes that defrauded businesses of over $6 million between 2015 and 2016. The scheme involved impersonating executives to trick employees into making fraudulent wire transfers, with stolen funds diverted to accounts controlled by Kayode and co-conspirators. Several of Kayode's accomplices have already been convicted and sentenced to prison terms ranging from 45 to 96 months.
latimes.com
· 2025-12-08
A 66-year-old San José man lost $170,000 in a "pig butchering" cryptocurrency scam, where scammers posed as investment advisors over Facebook and attempted to extract an additional $348,000 for fraudulent overseas taxes. Two Southern California residents, Liu Hong and Yalin Li, were arrested after law enforcement set up a sting operation at a bank parking lot; the case is notable because the victim realized the fraud while still in contact with the scammers, allowing authorities to intervene. Pig butchering scams cost Americans approximately $1 billion annually and typically involve multiple perpetrators, often including human trafficking victims forced to participate from Southeast Asia.
wvua23.com
· 2025-12-08
Terrance Alonzo Pruitt, 47, of Bessemer was convicted of two counts of wire fraud for executing a Power of Attorney over an elderly family member with dementia without consent and fraudulently transferring $550,000 from the victim's bank accounts between September and December 2023. Pruitt became a joint account holder, changed account addresses, altered beneficiaries, and moved funds to his personal accounts for his own use. The case underscores the importance of reporting elder financial fraud to law enforcement and resources like the National Elder Fraud Hotline (1-833-372-8311).
wbrc.com
· 2025-12-08
A Bessemer man, 47-year-old Terrance Alonzo Pruitt, was convicted of two counts of wire fraud after fraudulently obtaining power of attorney over an elderly family member with dementia and transferring $550,000 from the victim's bank accounts to his own between September and December 2023. The FBI investigated the case, which was prosecuted by the US Attorney's office.
justice.gov
· 2025-12-08
Brandon Alford, a 47-year-old employee in Washington, Indiana, was sentenced to two years in federal prison for defrauding his employer through a scheme involving a fake company called A&D Distributing LLC. Between December 2017 and January 2023, Alford submitted 25 fraudulent invoices totaling $1,006,500 for machine parts that were never ordered or delivered, while also evading taxes on the fraud proceeds from 2017-2022. He was ordered to pay $1,006,500 in restitution to his employer and $319,793.02 to the IRS.
wmix94.com
· 2025-12-08
An elderly couple in Williamson County, Illinois lost $121,000 in an imposter scam where criminals posing as PayPal representatives and federal agents convinced them their accounts were compromised and persuaded them to withdraw cash for "secure" federal custody. Three Chinese nationals were arrested in October and face federal wire fraud charges after attempting to pick up the withdrawn funds at the couple's residence. U.S. Attorney Rachelle Aud Crowe warned southern Illinois residents about the prevalence of imposter scams targeting seniors, which typically involve fraudsters impersonating legitimate companies or government officials to manipulate victims into draining their accounts.
wsiltv.com
· 2025-12-08
The U.S. Attorney's Office warned southern Illinois residents of imposter scams targeting older Americans, where criminals pose as PayPal representatives and fraudulent federal agents to convince victims their accounts are compromised, then pressure them to withdraw savings for "secure custody." Three Chinese nationals face federal wire fraud charges after an elderly couple in Williamson County lost $121,000 in the scam; the suspects were arrested in October when attempting to collect the cash from the victims' residence.
justice.gov
· 2025-12-08
Kamila Horakova Dudley, a 43-year-old Maryland woman, was sentenced on December 10, 2024, to 3 years probation and ordered to pay $473,702.43 in restitution for her role in a million-dollar wire fraud scheme targeting a New Orleans Marine Forces Reserve facility. As an office manager for a contractor from March 2017 through November 2018, Dudley knowingly prepared and submitted false invoices billing the U.S. government approximately $1.3 million for services never provided, including charges for executives and employees who worked at separate facilities. Despite learning in October 2017 that the invoices contained fraudulent
spotonalabama.com
· 2025-12-08
A Bessemer man, 47-year-old Terrance Alonzo Pruitt, was convicted by jury of committing an elder fraud scheme, with the verdict announced by U.S. Attorney Prim F. Escalona and FBI Special Agent in Charge Carlton L. Peeples following a two-day trial. The article does not provide specific details about the victims, dollar amounts, or the methods used in the fraud scheme.
signalscv.com
· 2025-12-08
Multiple U.S. regulatory agencies reported in December that elder financial exploitation costs Americans over $28 billion annually, with over 155,000 cases reported between June 2022 and June 2023 linked to approximately $27 billion in suspicious activity. The FBI documented over 101,000 elder fraud complaints in 2023, with victims over 60 losing an average of $33,915—nearly 270% higher than 2020—primarily through investment scams, business email compromise, romance scams, and government impersonation schemes. Regulatory agencies urged financial institutions to strengthen protections by increasing account oversight, training employees to recognize exploitation, and coordinating with law enforcement and elder
aol.com
· 2025-12-08
Two suspects were arrested in Santa Clara County for operating a "pig butchering" scam in which they posed as "Aunt Amelia," an investment banker, on Facebook and defrauded a 66-year-old San Jose man of $170,000 in cryptocurrency investments. The victim became suspicious when the scammers requested an additional $348,000, leading him to contact authorities who arranged an undercover arrest at a parking lot. District Attorney Jeff Rosen warned that pig butchering scams typically involve human trafficking victims in Southeast Asia who are coerced into slowly extracting maximum funds from victims through false investment promises.
justice.gov
· 2025-12-08
An elderly couple in Williamson County, Illinois lost $121,000 to an imposter scam in which fraudsters posing as PayPal representatives and federal agents convinced them their accounts were compromised and persuaded them to withdraw cash for "secure" federal custody. Three Chinese nationals have been arrested and charged with federal wire fraud for their roles in the conspiracy, which involved sending pictures of withdrawal slips and arranging cash pickups using code words. U.S. Attorney Rachelle Aud Crowe warned southern Illinois residents about the prevalence of such scams, which typically begin with communications claiming suspicious account activity and escalate through threats about losing savings and retirement funds.
ici.radio-canada.ca
· 2025-12-08
A Toronto resident who lost $355,000 in a romance cryptocurrency scam beginning in June 2021 has recovered $225,000 following a three-year international investigation. The victim was deceived by a scammer posing as "Moshe Theodor McNigh" on Facebook who encouraged investment in cryptocurrency through a fraudulent website; a suspect was arrested in Nigeria and Nigerian courts ordered the recovery of funds. The case involved collaboration between Toronto police, Ontario Provincial Police, the RCMP, and Nigeria's Economic and Financial Crimes Commission.
kfab.iheart.com
· 2025-12-08
Nigerian national Abiola Kayode, a former FBI Most Wanted Cyber Criminal, was extradited to Nebraska to face charges for defrauding more than $6 million from Nebraska businesses through business email compromise schemes in which he and co-conspirators posed as company executives to direct wire transfers. The scheme utilized bank accounts from romance scam victims to launder stolen funds, with several co-conspirators already convicted and sentenced to federal prison with restitution orders totaling over $3 million, while other members remain at large.
justice.gov
· 2025-12-08
Terrance Alonzo Pruitt, 47, of Bessemer, Alabama was convicted of two counts of wire fraud for defrauding an elderly family member with dementia of $550,000 between September and December 2023. Pruitt illegally obtained power of attorney, became a joint account holder, changed account addresses, altered beneficiary designations, and transferred the victim's funds to his personal accounts, later moving $500,000 to an account excluding the victim. The case was investigated by the FBI and prosecuted by the U.S. Attorney's Office for the Northern District of Alabama.
abc3340.com
· 2025-12-08
Terrance Alonzo Pruitt, 47, of Bessemer was convicted of two counts of wire fraud for executing a fraudulent Power of Attorney over an elderly family member with dementia without consent and transferring $550,000 from the victim's bank accounts to his own between September and December 2023. Pruitt became a joint account holder, altered account addresses and beneficiaries, and moved $500,000 to an account in his name alone before providing inconsistent explanations when confronted. The FBI investigated the case, and the National Elder Fraud Hotline (1-833-372-8311) is available for victims age 60 and older.
yahoo.com
· 2025-12-08
A 78-year-old North Bay woman lost $20,000 to scammers impersonating Redwood Credit Union and Federal Reserve System employees who convinced her they were protecting her finances and instructed her to withdraw cash and hand it to a fake federal marshal. When the scammers attempted to collect an additional $20,000 the next day, law enforcement was conducting a sting operation and arrested 20-year-old Yung-Wen Kuan, believed to be a courier for an organized fraud ring, on charges of grand theft, elder financial abuse, and conspiracy.
justice.gov
· 2025-12-08
Former Pigeon Township Trustee Mariama Wilson and contractor Terrance Hardiman were sentenced for operating a kickback scheme from February 2020 to May 2022 that defrauded taxpayers of $38,000. Wilson and Hardiman conspired to inflate invoices for homeless shelter and food pantry projects, with Hardiman submitting inflated bids and then paying Wilson and co-defendant William Payne kickbacks of $1,000-$2,000 per project, which they received in cash delivered by hand. Wilson received three years of probation, Hardiman received six months in federal prison plus two years of supervised release, and both were
paymentsjournal.com
· 2025-12-08
The Consumer Financial Protection Bureau has proposed new rules to protect victims of domestic violence and elder abuse from coerced debt, where abusers manipulate victims into taking out loans or credit cards in their names or make unauthorized purchases on their accounts. Financial abuse significantly impacts survivors—nearly three-quarters of domestic violence victims stay in abusive relationships longer because of coerced debt, and clearing this debt can improve credit scores by over 20 points, enabling survivors to rebuild their financial lives. The CFPB is seeking public input on the effects of coerced debt and barriers to aid, with particular focus on vulnerable groups including older Americans, who are less likely to report abuse.
indiatodayne.in
· 2025-12-08
A victim from Guwahati lost Rs 15,00,000 to a fake online investment scam, and Guwahati Police's Cyber Crime Police Station successfully recovered Rs 2,35,310 back to the victim's bank account. The investigation is ongoing to recover the remaining funds and apprehend the perpetrators, while authorities urge citizens to verify the authenticity of online investment platforms.
etsn.fm
· 2025-12-08
Saint Jovite Youngblood of Manor, Texas was sentenced to 40 years in prison for wire fraud and money laundering after impersonating a U.S. Army Delta Force officer and falsely warning 32 victims that Mexican drug cartels would harm them unless they paid for protection. Youngblood defrauded his victims of over $12.7 million, which he subsequently gambled away in Las Vegas casinos, and was ordered to pay full restitution to the victims.
bankingjournal.aba.com
· 2025-12-08
"Fraud as a service" is a growing criminal business model where perpetrators offer tools and infrastructure to commit fraud, recruiting unwitting "money mules" to transfer funds through their bank accounts. Financial losses from fraud targeting seniors over 60 have surged from $500 million in 2018 to $3.5 billion in 2023, with schemes also prevalent on social media platforms targeting younger demographics and even infants through synthetic identity fraud. Banks have a critical 72-hour window to recover fraudulent funds before money leaves accounts, and implementing name-matching verification and monitoring for suspicious transaction patterns like unusual velocity or peer-to-peer transfers can help prevent fraud.
news9.com
· 2025-12-08
Cleveland County Court Clerk's Office warned residents of a jury duty scam involving fraudsters using fake arrest warrants and demanding payment via phone, email, or in-person visits, with at least one reported case where scammers appeared at someone's door with a fake warrant demanding payment in gift cards. The court clarified that legitimate jury duty communications are only sent by U.S. mail and never request payment, and that no Cleveland County resident has been fined or jailed for missing jury duty under the current clerk. Residents are advised to call 911 if approached in person by suspected scammers and to alert vulnerable loved ones, especially during the holiday season.
thefranklinnewspost.com
· 2025-12-08
This educational article discusses common holiday shopping scams and protection strategies. Key scams include phishing emails impersonating delivery services or retailers like Amazon, fake websites mimicking legitimate retailers, fraudulent Google ads leading to counterfeit products, and third-party seller scams on platforms like Walmart and Target. The article advises consumers to verify unexpected delivery notifications by visiting original websites directly, avoid clicking suspicious links in texts or emails, scrutinize sponsored ads and seller reviews, and shop only on legitimate sites rather than clicking unvetted links.
wmur.com
· 2025-12-08
New Hampshire's Assistant Attorney General Alexandra Sosnowski warns consumers about holiday shopping scams, particularly those occurring online during the Christmas season. Key recommendations include verifying retailer URLs and checking reviews on trusted sources like the Better Business Bureau before purchasing, monitoring package deliveries to prevent porch theft, avoiding clicking links in unsolicited text messages claiming delivery issues, and purchasing gift cards directly from retailers to avoid tampered cards. The alert emphasizes taking extra time to verify sources and using tracking information directly from retailers rather than through suspicious links.
cbsnews.com
· 2025-12-08
The FBI warns that holiday shopping season increases risk of common scams including non-delivery fraud, non-payment scams, gift card fraud, and fraudulent text messages—with the latter particularly targeting older individuals. A Philadelphia UPS store owner recommends verifying suspicious texts with local businesses and utilizing package holding and secure mailbox services to prevent theft. The FBI advises using strong passwords, verifying website legitimacy, and preferring credit cards over debit cards for online purchases.
bigcountrynewsconnection.com
· 2025-12-08
Franklin Ikechukwu Nwadialo, a 40-year-old Nigerian national, was arrested in Texas in December 2023 on 14 counts of wire fraud for operating a romance scam that defrauded victims of over $3.3 million. Using fake profiles under variations of the name "Giovanni" on dating websites like Match and Christian Café, Nwadialo posed as a deployed military officer and convinced victims to send money for various false expenses, including military fines, funeral costs, and investment schemes; individual victims lost between $270,000 and $2.4 million.
scrolla.africa
· 2025-12-08
Three people—Ugandans Derrick Nsubuga and Nassazi Joan, and South African Mmakgomo Doris Ngcobo—were denied bail after being accused of operating romance scams that defrauded victims of millions of South African rands. The scammers used dating apps to meet victims and posed as healers and businesspeople, convincing them to withdraw loans and transfer funds under the pretense of "blessings" for business ventures, with at least one victim losing R253,000 across multiple transfers. The accused faced additional charges including passport fraud and pending fraud cases, with their trial scheduled to resume in February.
citizen.co.za
· 2025-12-08
A Ghanaian national posing as a boyfriend scammed a former South African teacher out of R1.8 million in a romance fraud scheme, convincing her to invest in a trucking business in October 2023 before disappearing. The Hawks arrested 33-year-old Mohoto Mangwejana, into whose account the stolen funds were deposited, though the primary perpetrator remains at large. The case highlights the ongoing threat of dating scams and the importance of recognizing red flags such as unsolicited business proposals and reluctance to meet in public or provide identification.
wsbtv.com
· 2025-12-08
**Summary:**
Xiao Kun Cheung, a 58-year-old deported Chinese national, was indicted in September for his role in a multi-state elder fraud conspiracy targeting seniors in Georgia, Florida, and Tennessee. The scheme involved fraudsters contacting elderly victims via phone or pop-up messages claiming their accounts were compromised, then convincing them to withdraw cash, purchase gift cards, or buy gold bars for "safekeeping"; Cheung was arrested in March attempting to collect $132,000 in gold bars from a victim in Pooler, Georgia. According to the FBI, seniors lost over $3.5 billion to fraud in 2023, with Georgia victims alone losing
yahoo.com
· 2025-12-08
A 58-year-old man, Xiao Kun Cheung, was indicted for his role in a multi-state scheme that defrauded elderly victims out of more than $1 million, targeting seniors in Georgia, Florida, and Tennessee through phone calls and pop-up messages falsely claiming their computers or financial accounts were compromised. Cheung convinced victims to withdraw cash, purchase gift cards, or buy gold bars for "safekeeping," and was arrested in March attempting to collect $132,000 in gold bars from a victim in Pooler, Georgia. He faces up to 20 years in prison and financial penalties upon conviction, reflecting a broader crisis where seniors lost over $3
autoremarketing.com
· 2025-12-08
Five federal financial regulatory agencies and FinCEN issued guidance to banks, credit unions, and auto finance companies on combatting elder financial exploitation, noting that a FinCEN analysis found approximately $27 billion in suspicious activity linked to elder financial exploitation over a one-year period ending June 2023. The statement recommends risk management practices including employee training, transaction monitoring, establishing trusted contact designations, filing suspicious activity reports, and coordinating with law enforcement and elder fraud prevention networks to identify and prevent exploitation of older adults.