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.
Banks filed thousands of reports flagging suspected health care fraud over the past year, and one category of provider showed up in them more than any other. Treasury’s Financial Crimes Enforcement Network, known as FinCEN, analyzed the reports and found home health care businesses named as the suspected fraudulent provider in 20% of them, the…
The federal health insurance marketplace just went through its largest fraud-driven cleanup of the year. On Aug. 31, 2026, the Centers for Medicare & Medicaid Services canceled roughly 315,000 enrollments covering more than 760,000 people, and the agency now expects to recover about $2.2 billion in subsidy payments that should never have gone out. The…
U.S. Treasury officials have sanctioned a Chinese online marketplace it says processed more than $24 billion in digital assets and cash for scam networks operating across Southeast Asia, one of the largest dollar figures the department’s sanctions office has attached to a single scam-facilitation case. The designation, announced through the Office of Foreign Assets Control,…
The Securities and Exchange Commission has charged a Port St. Lucie, Florida man and his firm, CMI Capital, with running an investment scheme that raised about $860,000 from at least 18 investors, most of them current or retired South Florida law enforcement officers. The SEC alleges Michael D. Williams used cropped screenshots of trading platforms…
Siddharth Jawahar, 38, will spend 11 years in federal prison for running a Ponzi scheme through his firm, Swiftarc Capital, that collected more than $35 million from investors while actually investing only about $10 million of it. The court, in the Eastern District of Missouri, also ordered Jawahar to pay $31.35 million in restitution. Prosecutors…
A Miami woman has pleaded guilty to running a Paycheck Protection Program scheme that federal prosecutors say cost about $4.8 million, one case among more than 160 defendants swept up in a nationwide pandemic-fraud enforcement push disclosed this month. Tanya Pierre’s guilty plea, entered in August, covers not only the PPP losses but a second,…
A federal court in South Carolina has ordered a Mount Pleasant man to pay back more than $1.1 million after he used a pandemic-era disaster loan meant to keep a small business afloat to build a house and buy a truck instead. The Justice Department disclosed the restitution order this month as part of a…
North Carolina’s Medicaid Fraud Control Unit recovered $98,507,530 over three fiscal years even while working understaffed, according to a federal watchdog inspection. The finding comes from the Department of Health and Human Services Office of Inspector General, which reviewed the unit’s staffing, caseload and outcomes for fiscal years 2022 through 2024 as part of a…
A federal guilty plea entered in Kansas City this month traces a fraud that federal investigators say stretched back decades. James Lyon, 80, of Independence, Missouri, told the U.S. District Court for the Western District of Missouri that he fabricated a combat record — including two medals he never earned — to draw disability payments…
A Brooklyn adult day care operator was sentenced to 76 months in prison for leading a Medicaid billing scheme that took in tens of millions of dollars meant for elderly and disabled program participants. Zakia Khan, 55, must pay $56 million in restitution and forfeit $5 million in proceeds, including two properties, cash and gold…