Romance Scams | FinTelegram News

Category: Romance Scams

April 24, 2024

Florida Man Sentenced to 48 Months for Laundering Money from Nigerian Scams Via Crypto!

Scams need money laundering services to be successful. Such a money launderer in Florida has now been convicted and sentenced. Niselio Barros Garcia Jr., a 50-year-old Florida resident, has been sentenced to 48 months in federal prison for his involvement in laundering money from romance and business email compromise scams. These fraudulent schemes primarily targeted American consumers and businesses, with the illicit proceeds transferred to co-conspirators in Nigeria.

Romance Scams

February 14, 2024

U.S. Banks Call for Action as Romance Scams Cost Americans Billions

The alarming rise in online romance scams has caught the attention of the U.S. banking industry, prompting calls for a collaborative effort from the federal government and social media platforms to stem the tide of financial devastation. Organized criminal gangs, primarily based in Southeast Asia, have been exploiting the emotional vulnerabilities of Americans, leading to billions of dollars in losses annually.

January 20, 2024

CFTC Charges Scam Crypto Broker Platform with Fraud and Misappropriation in an Online Romance Scam

The U.S. Commodity Futures Trading Commission (CFTC) announced a civil enforcement action against Debiex, a digital asset platform, accusing it of conducting a romance scam. The CFTC alleges that Debiex deceived about five victims, primarily targeting Asian Americans, leading to a loss of $2.3 million. The scheme involved establishing romantic or friendly relationships to build trust and then luring victims into opening and funding Debiex trading accounts.

November 23, 2023

The Misogenic And Exploiting ChampLife Scheme And Its Payment Facilitators!

Research by STRG_F and Y-Kollektiv comprehensively unveils the unsettling realities of the German-run ChampLife scheme. This scheme sinisterly capitalizes on pushing women onto OnlyFans, exploiting them in a disturbingly orchestrated manner. Touted to offer self-discipline and success coaching, ChampLife insidiously entangles its male members in practices of female domination and exploitation, echoing the notorious ideologies of the globally infamous misogynist Andrew Tate.

May 31, 2023

Urgent Warning: Don’t Be A Pig! Don’t Get Butchered! Do Not Fall For Tinder Trading Scams!

Anyone looking for love on the Internet can quickly become the focus of criminals. In Bavaria, Germany, alone, at least €20 million has been scammed via single exchanges and social networks, according to the Zentralstelle Cybercrime. Investigators call the rapidly spreading fraud method "Tinder Trading Scams." Scammers try to contact potential victims via dating portals such as Tinder or social networks such as LinkedIn.

February 10, 2023

Romance Scams And Sextortion With Crypto Payments On The Rise!

The U.S. Federal Trade Commission (FTC) recently released a report on the status of romance scams. In the U.S. alone, reported losses to victims in 2022 were $1.3 billion. Unreported losses are likely to be many times that amount. Sextortion has risen particularly sharply. Victims of romance scams are blackmailed with explicit photos that they have carelessly submitted to the scammers. The payment to romance scammers is increasingly made via crypto, the FTC report concludes.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.