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.
The Securities and Exchange Commission has filed a settled action against Oklahoma resident Krish Kumar, alleging he raised approximately $7.8 million from investors through two funds and then diverted nearly $7 million for personal use. The case centers on two entities, Future Fractal Investments LLC and Arcane Resonance Fund, LLC, which Kumar used to solicit…
Federal prosecutors charged a board-certified cardiologist with running an $89 million fraud scheme that sent mobile testing teams into schools across the country, ordered heart scans on student athletes, and billed insurers for tests that were medically unnecessary. Jason Finkelstein, licensed in 48 states and serving as medical director for the operation, allegedly approved results…
Federal prosecutors charged the former CEO and CFO of iLearningEngines, a Nasdaq-listed AI company once valued at $1.4 billion, with running a years-long scheme that fabricated virtually all of the firm’s reported customers. Puthugramam “Harish” Chidambaran and Sayyed Farhan Ali “Farhan” Naqvi face counts including operating a continuing financial crimes enterprise, securities fraud, and wire…
Tens of thousands of gig workers who cleaned homes and assembled furniture through the Handy platform are about to receive checks from the federal government. The Federal Trade Commission is mailing more than $2.7 million to 62,893 people who worked for Handy Technologies between January 2019 and November 2024, resolving allegations that the company lured…
Federal prosecutors across multiple states have charged couriers who collected gold bars from elderly victims after posing as FBI agents, Social Security officials, and bank representatives. The cases span from 2023 through early 2026, with the FBI documenting at least 1,737 courier pickup incidents nationwide and tens of millions of dollars in confirmed losses. The…
Christopher Alexander Delgado, a 34-year-old crypto executive from Apopka, Florida, pleaded guilty to running a Ponzi scheme through his company Goliath Ventures that raised at least $328 million from more than 1,000 investors. The scheme, which operated from January 2023 through January 2026, promised monthly returns from cryptocurrency liquidity pools while actually funneling new investor…
Patrick James, founder and former CEO of First Brands, the parent company of Fram oil filters, and his brother Edward James, a former senior executive, face federal fraud charges after prosecutors allege they ran a scheme that left the company with more than $9 billion in liabilities and just $12 million in cash. First Brands…
Parents whose children downloaded or used apps from Google Play before turning 13 may be entitled to a share of an $8,250,000 settlement fund, but they must file a claim by September 14, 2026. The case, filed in the Northern District of California, alleges that Google unlawfully collected, used, and disclosed personal information from children…
Nearly 63,000 gig workers who cleaned homes and assembled furniture through the Handy platform are receiving checks from the federal government after regulators found the company advertised pay rates most workers never actually earned. The Federal Trade Commission is distributing more than $2.7 million to 62,893 people who worked for Handy Technologies between January 2019…
Federal authorities across multiple agencies are warning that a coordinated fraud operation is draining the retirement savings of older Americans by directing them to transfer money into a fictitious “Federal Reserve account.” The scheme, which the FBI calls the “Phantom Hacker” scam, has already produced federal prosecutions, prison sentences, and documented six-figure losses from individual…