The financial news that actually matters
Covers financial scams, fraud cases, regulatory enforcement actions, and government crackdowns on illegal financial activity. It educates readers on financial safety and risk prevention.
Americans lost $373 million to fraud on Zelle and similar instant-payment apps last year, and banks reimbursed less than half of those losses, according to Senate investigators who obtained internal data from the country’s largest financial institutions. The Consumer Financial Protection Bureau sued JPMorgan Chase, Bank of America, and Wells Fargo, alleging the banks let…
Americans handed over a record $920 million to scammers pretending to be government officials in 2025, up from $789 million the year before. The figures, released by the Federal Trade Commission, sit inside a broader $3.5 billion wave of imposter-scam losses reported last year. That jump arrived even after the agency finalized a rule in…
Blue Cross Blue Shield plans have reached a settlement of roughly $100 million with Walgreens to resolve allegations that the pharmacy chain submitted inflated prescription prices when seeking reimbursement. The deal adds to a string of federal enforcement actions targeting Walgreens over billing practices, including a separate $106.8 million payout tied to claims the company…
Devin Ward Elder, the founder and CEO of a San Antonio investment firm, pleaded guilty to wire fraud for running a scheme that raised about $69.5 million from roughly 345 investors between January 2023 and March 2025. The plea, entered in U.S. District Court for the Western District of Texas, caps a federal investigation into…
Investment fraud stripped more money from older Americans than any other category of scam in 2025, according to the FBI’s Internet Crime Complaint Center. The bureau recorded over 201,000 elder-fraud complaints totaling more than $7.7 billion in losses, with investment schemes alone accounting for more than $3.5 billion of that figure. At least 12,400 victims,…
Federal investigators seized more than $580 million in cryptocurrency and arrested at least 276 people in a coordinated strike against pig-butchering scam operations. The action dismantled at least nine scam centers that ran fraudulent crypto investment schemes from compounds in Southeast Asia, with charges filed against alleged managers and recruiters in San Diego. Why $580…
Federal agents have stripped Ho Wan Kwok, also known as Miles Guo, of a custom-built Bugatti valued at approximately $4.4 million, a Lamborghini, and a $26.5 million New Jersey mansion after charging him with running a fraud conspiracy that drained more than $1 billion from investors. The seizures, backed by judicially authorized warrants, also pulled…
Christopher Alexander Delgado, the CEO of a crypto operation called Goliath Ventures, pleaded guilty to wire fraud and money laundering in a scheme that prosecutors say drained hundreds of millions of dollars from more than a thousand investors. Under the terms of a plea agreement filed June 23, 2026, Delgado agreed to forfeit luxury watches,…
Nearly half a million people who lost money to a credit-repair pyramid scheme are now receiving refund checks from the Federal Trade Commission. The agency has begun mailing more than $10.9 million to 443,048 consumers who paid Financial Education Services between May 2019 and May 2022. The checks represent a fraction of the more than…
Jon Patrick Kubler, a 52-year-old Redondo Beach, California, resident who held no investment adviser license, has been charged with defrauding roughly 30 elderly and disabled investors of more than $4 million between December 2017 and April 2023. Federal prosecutors in the Western District of North Carolina allege Kubler promised safe investments but instead ran a…