White collar crime prosecutions are turning toward trade and import issues in New York and across the country. Criminal cases linked to importers have grown by 900 percent over the past 16 years, and researchers say that trade fraud is costing millions of dollars of lost taxes, fees and other revenues. The authors of one study noted that the volume of imports is so massive that it is difficult for customs inspectors to serve as a strong bulwark.
The president and CEO of a credit union in New York has been charged in relation to embezzlement from that company. The embezzling went on from at least 2013 to 2018 and involved millions of dollars.
A former employee of the Centers for Medicare and Medicaid Services is on trial in Manhattan for allegedly engaging in insider trading. After leaving public service, the man subsequently consulted for hedge funds.
On Jan. 12, a 36-year-old man was sentenced to five years in a New York prison for his role in a text message scheme. The scheme worked by signing up customers for paid text messaging services without their knowledge. The charges had included wire fraud, money laundering, conspiracy and identity theft. The defendant was the former senior vice president of Mobile Messenger.
On Nov. 27, a well-known New York landlord pleaded guilty to multiple charges related to mortgage fraud. The defendant was also found guilty of attempting to illegally evict tenants from one of his properties earlier in the year.
New York residents may be interested to learn that, on Sept. 30, it was reported that Paul Manafort, President Trump's former campaign chairman, was accused of laundering more than $18 million by placing the funds in offshore accounts. It was believed that he used these funds to purchase numerous multi-million dollar properties and other luxury goods and services.
While many New York residents may have enjoyed Leonardo DiCaprio's performance in "The Wolf of Wall Street", few will be aware that the Oscar-winning actor is in some ways connected to a federal money laundering investigation over his involvement in the project. DiCaprio released a statement in October 2016 revealing that he has assisted investigators who are tracking about $3.5 billion that was allegedly misappropriated from a Malaysian sovereign wealth fund.
New York residents may be interested to learn that a New Jersey-based management firm along with its CEO have agreed to pay more than $4 million in order to settle charges after they were accused of being involved in a Ponzi scheme. According to the Securities and Exchange Commission, the firm used new investor money to pay earlier investors.
A former administrator of the school of professional services at the City University of New York has been charged with allegedly embezzling an undisclosed amount from the university while he was employed there. The 43-year-old man was taken into custody in Los Angeles on April 7.
A New York town councilman was taken into custody on March 31 and charged with tax evasion, wire fraud, failing to file a return or pay tax and making and subscribing to false corporate tax returns. Allegedly the man owes $250,000 in taxes and diverted $800,000 of an employer's revenue.