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.
Hundreds of thousands of gig workers who delivered groceries and packages through Walmart’s Spark Driver app will share up to $79 million after the company agreed to a $100 million judgment resolving federal and state charges that it inflated the pay figures drivers saw before accepting delivery offers. The settlement, entered on March 3, 2026,…
Tyler Bossetti, a Columbus, Ohio social media influencer, received a 72-month federal prison sentence for running a Ponzi scheme through his company Boss Lifestyle LLC that raised more than $23 million between 2019 and 2023. Dozens of victims lost more than $11 million after Bossetti promised returns often exceeding 30 percent on what he marketed…
Rathnakishore Giri of New Albany, Ohio, who promoted himself as an expert Bitcoin-derivatives trader and promised investors guaranteed monthly returns with no risk, was sentenced to nine years in federal prison for running a Ponzi scheme that collected over $12,000,000 and at least 10 bitcoin from more than 150 customers. The sentence, which also includes…
Evan Tangeman, a 22-year-old from Newport Beach, California, pleaded guilty to RICO conspiracy for his role in a social-engineering operation that stole approximately 4,100 bitcoin, valued at about $263 million at the time of the theft. The case, filed in U.S. District Court in Washington, D.C., has now produced multiple guilty pleas and a superseding…
Anyone who spots securities fraud and reports it to the U.S. Securities and Exchange Commission stands to collect between 10% and 30% of the money the agency recovers, provided sanctions in the case exceed $1 million. That financial incentive, written into federal law more than a decade ago, turns employees, investors, and analysts into potential…
Federal authorities restrained $701,962,392.15 in cryptocurrency tied to Southeast Asian scam compounds that targeted American investors, while the Treasury Department sanctioned Cambodian Senator Kok An for his role in a network of fraud operations. The coordinated strike shut down nine scam centers and drew a $10 million State Department reward offer for information on additional…
Federal regulators and prosecutors allege that a Chicago-based investment adviser raised roughly $4 million from about 28 investors, most of them his own family members, friends, and acquaintances, then funneled new money to earlier investors in a classic Ponzi-style cycle. John Sterling Myers, along with his firms Sterling Capital, LLC and Sterling Capital Management, LLC,…
The U.S. government has filed its largest civil forfeiture action ever against cryptocurrency confidence scams, targeting more than $225.3 million in digital assets stolen from over 430 suspected victims worldwide. The complaint, docketed as Civil Action No. 25-cv-1907 in the U.S. District Court for the District of Columbia, names approximately 225,364,961 USDT as the defendant…
Fraud cost Americans roughly $16 billion in 2025, a record sum that jumped about 25% from the prior year even as the total number of reports rose more modestly. The Federal Trade Commission logged about 3 million fraud complaints for the year, up from 2.6 million in 2024, with imposter scams alone draining $3.5 billion…
Millions of Americans who use electronic toll roads received an unwelcome surprise over the past year: text messages claiming they owed unpaid tolls, complete with links designed to steal payment details and personal information. Reports of government-impersonation scams rose 40 percent, with fake toll notices identified as a key driver of the increase. Total reported…