A fraud risk management summit featuring officials from the Federal Bureau of Investigation, the Securities and Exchange Commission and the Department of Justice took place in New York. The event was staged by the Association of Certified Fraud Examiners. According to the chief of the Financial Crimes Section of the FBI, a big priority for his unit is stemming the flow of prescription narcotics and drugs by means of opioid diversion.
A New York man is facing charges that he embezzled $3.5 million from a real estate firm where he was chief financial officer. Allegedly, the theft began in December 2015.
New York football fans may know Mychal Kendricks of the Cleveland Browns for his performance on the field. However, the linebacker may longer play in the NFL as he was charged with insider trading on Aug. 29. Federal prosecutors allege that the football player made almost $1.2 million in profits on four investments in 2012 on the basis of illegal insider information. After the indictment, Kendricks was released by the team, which had signed him to a one-year contract in June.
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.