Financial Crime Online

Rosemont Finance Corp is a Miami based Money Services Business (MSB) that acts as a clearing house for casa de cambios in Venezuela. Rosemont controls a bank account with Bank of America widely used for unofficial foreign exchange transactions; US dollar versus Venezuelan bolivars. Rosemont’s account was frozen by US authorities after is was linked [...]

To a total loss of $265 million in 2008.  Americans filed 275,284 reports claiming to be ripped off on the Internet, the highest number reported since the National Internet Crime Center (www.nw3c.org) began keeping statistics in 2000. The top three most frequent complaints were about merchandise that wasn’t delivered or payment that wasn’t received, Internet [...]

A lot of people feel that sentences for white collar criminals are much more lenient than sentences for other types of crime. Perhaps with the recent economic downturn and the massive anger with greedy bankers and financial wizards, that is about to change. The NY Times reports that nearly seven years after National Century Financial Enterprises [...]

Moneylaundering.com shares an interesting insight. US Federal regulators that uncover anti-money laundering lapses at banks could face an unusual challenge this year: how to penalize an institution that has been propped up with government money. Financial regulators, including the U.S. Treasury Department, the Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve, could be forced [...]

Ghandi himself mentioned that “When I despair, I remember that all through history the way of truth and love has always won. There have been tyrants and murderers and for a time they seem invincible, but in the end, they always fall.. think of it, always.” Two judges in Pennsylvania plead guilty to fraud in [...]