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.
A single tip to the Securities and Exchange Commission can earn a whistleblower between 10% and 30% of the money the agency collects in sanctions, provided the enforcement action yields more than $1 million. One recent award exceeded $37 million. The program, created by the Dodd-Frank Wall Street Reform Act, draws its payouts from a…
Hackers gained unauthorized access to the Canvas learning management system, stealing usernames, email addresses, course names, enrollment details and private messages from students and faculty across the country. The attackers claimed nearly 9,000 schools and 275 million individuals were affected, and they defaced institutional systems with ransom demands. Instructure, the company that operates Canvas, said…
Americans lost $789 million to government impersonation scams in 2024, a $171 million increase over the prior year, as fraudsters flooded phones with text messages posing as toll agencies and demanding payment for fictitious unpaid fees. The Federal Trade Commission released those figures alongside a broader finding that total reported fraud losses reached $12.5 billion…
Rathnakishore Giri, a 31-year-old from New Albany, Ohio, was sentenced to nine years in federal prison for running a cryptocurrency Ponzi scheme that raised more than $10 million from over 150 investors. Giri marketed himself as an expert Bitcoin-derivatives trader through two entities, SR Private Equity, LLC and NBD Eidetic Capital, LLC, while promising guaranteed…
Herbert Leon Kimble, a fugitive named on the FBI’s Most Wanted Fraudsters list, was taken into custody in Pasig City, Philippines, after fleeing a federal indictment tied to a previously charged $1.2 billion telemedicine fraud scheme. His capture came during the same week that the Justice Department announced a sweeping national health care fraud enforcement…
The Securities and Exchange Commission filed charges against seven entities for allegedly running fake crypto trading platforms and AI-themed investment clubs that defrauded retail investors of roughly $14 million. The defendants, which include Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., Cirkor Inc., AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation Ltd., and…
Federal prosecutors and the Securities and Exchange Commission have charged JianQing Li, a Manhattan-based investment analyst also known as “JQ,” with insider trading that allegedly generated roughly $320,000 in profits across trades in 12 health-care companies. Li obtained material nonpublic information about upcoming securities offerings, private placements, and clinical drug trial data while working at…
Federal prosecutors allege that a mergers-and-acquisitions lawyer spent roughly a decade funneling his own clients’ deal secrets to a network of traders, generating tens of millions of dollars in illegal profits across nearly 30 transactions. The indictment in United States v. Nourafchan et al., filed April 28, 2026, in the District of Massachusetts, names the…
Americans lost more money to imposter scams in 2025 than in any prior year on record. According to new Federal Trade Commission data, consumers filed more than one million complaints about these schemes, with total reported losses reaching $3.5 billion. Business impersonation alone accounted for roughly $1 billion of that figure. For the ninth consecutive…
Federal prosecutors in the Southern District of Florida have charged Ibrahim Khaldoon Hilmi with running what they describe as a $3.76 billion Medicare fraud built on two companies that never delivered a single medical product. The indictment alleges Hilmi used ABRH Care, Inc. and Sunshine Senior Solutions, LLC as shell durable medical equipment suppliers to…