Articles about money laundering

Ex-Netflix veep allegedly banked payola for tech deals with web TV giant

A former vice-president at Netflix has been indicted for allegedly taking illegal kickbacks while making multimillion-dollar deals with the streaming giant's tech providers. The US Attorney's Office for Northern California, in the US, said Michael Kail, formerly the VP of Internet Technology at the online telly goliath, took …
Shaun Nichols, 2 May 2018
Money laundering

Barclays bank bod in the cooler for aiding Dridex money launderers

An employee of Barclays Bank who laundered thousands of pounds on behalf of Moldovan cybercriminals was yesterday sentenced to six years and four months behind bars in Blighty. According to the Crown Prosecution Service, Jinal Pethad, 29, from Edgware, London, UK, set up more than a hundred false accounts to launder money and …
Richard Priday, 13 Dec 2017

Commonwealth Bank: Buggy software made us miss money laundering

Australia's Commonwealth Bank has blamed a software update for a money laundering scam that saw criminals send over AU$70m (US$55m, £42.5m) offshore after depositing cash into automatic teller machines. News of the Bank's involvement in the laundering scam broke last week, when Australia's financial intelligence agency AUSTRAC …
fail

'Hacker' accused of idiotic plan to defraud bank out of $1.5 million

A newly unsealed indictment has detailed accusations of what appears to be one of the most inept pieces of computer crime in recent history. Dwayne Cartouche Hans Jr, 27, from Richland, Washington, is charged with computer and wire fraud, as well as money laundering charges, and accused of stealing $134,000 from a bank and …
Iain Thomson, 28 Oct 2016
Money laundering

'Fake CEO' Chinese chap cuffed in $54m fraud probe

Police in Hong Kong have arrested a Chinese man on charges of laundering the proceeds of an online robbery that netted millions of dollars. In January, Austrian engineering firm FACC – which makes aircraft parts for the likes of Boeing and Airbus – admitted that it had lost up to €50m ($54m) after someone impersonating the CEO …
Iain Thomson, 26 Aug 2016
Benson mug shot

UK's 'Sir King Cash' card fraudster ordered to cough up £560,000

A South London chap has been ordered to pay back more than half a million pounds he stole via hacked payment card numbers. Sean "Sir King Cash" Benson, 26, has already been sentenced to seven years behind bars on fraud charges, and now he will have to pay £554,000 ($732,700) in reimbursement to his victims, thanks to an order …
Shaun Nichols, 30 Jul 2016
A businessman in handcuffs

IT boss 'set up fake companies to charge his employers $2.4m'

A former lead systems engineer with a US software development company has been accused of laundering $2.4m (£1.8m) in an IT consulting scheme. The office of the Texas Attorney General has filed 11 counts of fraud and money laundering against Albert Shih-Der Chang, who worked at One Technologies, a Dallas-based firm that …
Shaun Nichols, 22 Jul 2016
prison

Cyber-moolah boss gets 20 years' porridge for money laundering

The boss of virtual currency exchange Liberty Reserve has been sentenced to 20 years in prison and fined $500,000 after pleading guilty to money laundering. Ten years ago, Arthur Budovsky, now 42, set up Liberty Reserve in Costa Rica to exchange virtual currencies for dollars and euros, taking a one per cent transaction fee …
Iain Thomson, 9 May 2016

PBX phone system hacking nets crooks $50 million over four years

A bloke has admitted laundering millions of dollars for hackers who ripped off US companies by hacking into their telephone systems. Miscreants in Bangkok and Pakistan wormed their way into American organizations' PBX systems and identified phone extensions that weren't assigned to a user but were still live. These were then …
Iain Thomson, 12 Feb 2016

Wells Fargo gathers bank 'n' gov bigwigs to discuss Bitcoin 'rules'

America's biggest bank, Wells Fargo, has called together finance execs, virtual currency experts and US government officials to talk about the "rules of engagement" when it comes to virtual money Bitcoin. The bank's anti-money laundering chief, Jim Richards, has started a group to investigate potential Bitcoin services or …
gavel_judgment_channel

Former QiComm CEO cleared in money-laundering case

The founder and former owner of telco integrator QiComm has been acquitted of money-laundering charges brought by HMRC - but said this came too late in the day to keep his biz afloat. Thuraisamy Pathmanabhan, also known as Pat Nabahm, was charged with conspiracy to conceal, disguise, convert, transfer or remove criminal …
Paul Kunert, 14 Jun 2013
The Register breaking news

'$6bn money-laundering website' Liberty Reserve kingpin cuffed in Spain

Shadowy online money exchange Liberty Reserve has been shut down by the US feds, its dotcom website seized - and its founder arrested. He and six others are accused of running a $6bn global money-laundering operation, the biggest of its kind, according to prosecutors. In a string of dramatic events, On Friday, cops in Costa …
John Leyden, 28 May 2013
The Register breaking news

Five in slammer over iTunes/eBay card-laundry caper

Five UK residents were jailed on Friday over a conspiracy to launder money using iTunes gift vouchers. The gang used stolen credit card details to buy vouchers which they sold at a discount via eBay and other auction sites. Suhail Tufail, 35, of Rochdale, Lancashire, masterminded the scheme which was estimated to have …
John Leyden, 17 May 2010
The Register breaking news

e-gold directors avoid jail

Three directors of digital currency firm e-gold avoided a spell behind bars on Thursday after earlier pleading guilty to offences for money laundering and running an unlicensed money transfer business. The three directors, along with the e-gold company itself and parent firm Gold & Silver Reserve, were charged in April 2007 …
John Leyden, 21 Nov 2008
The Register breaking news

Cybercrooks launch DDoS assault on anti-fraud site

Updated Unidentified miscreants have launched a denial of service attack on a UK-based anti-fraud website. Bobbear.co.uk, which fights money laundering by warning about groups attempting to recruit mules, was left unreachable on Monday after coming under a distributed denial of service attack. Net security firm Sophos reports that the …
John Leyden, 17 Nov 2008
Gavel

Inside man in failed £72m electronic heist jailed

A former HSBC worker who tried to steal £72m ($141m) from the bank through an audacious electronic heist has been jailed for nine years. Jagmeet Channa, of Church Road, Ilford, was sentenced to 90 months for conspiracy to defraud and nine years for money laundering at a sentencing at Southwark Crown Court on Monday, after …
John Leyden, 7 Jul 2008
The Register breaking news

Stunned commuter finds more secret papers on train

Whitehall was left combing its season ticket loan records this weekend as another set of top secret papers did the rounds of the 5.45pm from Waterloo. Just days after a Cabinet Office worker left a stack of top secret anti-terrorist papers – including an analysis of Al Qaeda - on a train to Surrey, it emerged that a second set …
Joe Fay, 16 Jun 2008
The Register breaking news

Six in California indicted for online bank fraud

Six California men accused of breaking in to online bank accounts and funneling out the proceeds have been indicted for bank and wire fraud and money laundering. The 53-count indictment could carry a sentence of as much as 30 years in prison and a fine of $1m. The defendants, all from Fresno, allegedly netted $383,000 in the …
Dan Goodin, 9 May 2007

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