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Tricked investors out of $64.8 billion through the largest Ponzi scheme in history. Investors were paid returns out of their own money or that of other investors rather than from profits. Bernie Madoff told his sons about his scheme and they reported him to the SEC. He was arrested the next day. $64.8 billion Bankwest: Australia: 2008: Banking
S. SafeMoon; Salad oil scandal; Sampoong Department Store collapse; Saradha Group financial scandal; Robert Schuyler; ScotiaMocatta; Seongsu Bridge disaster
New York v. Trump is a civil investigation and lawsuit by the office of the New York Attorney General (AG) alleging that individuals and business entities within the Trump Organization engaged in financial fraud by presenting vastly disparate property values to potential lenders and tax officials, in violation of New York Executive Law § 63(12).
Around 2014, Charles C. Liu and Xin Wang, a married couple and U.S. citizens in California, sought out investments from several Chinese companies while claiming that they were going to use the money to build a cancer treatment center, through which they would later establish a means for investors to obtain an EB-5 visa.
Securities Fraud Deterrence and Investor Restitution Act; Shaw v. United States; Sitcomm Arbitration Association; Sky Capital fraud case; Smith v. Bolles; SSA impersonation scam; State Farm Fire & Casualty Co. v. United States ex rel. Rigsby; Statement on Auditing Standards No. 99: Consideration of Fraud; Swampland in Florida
The New York Attorney General's investigation led to a $1.6 billion fine for AIG and criminal charges for some of its executives. [120] CEO Maurice R. "Hank" Greenberg was forced to step down and fought fraud charges until 2017, when the 91-year-old reached a $9.9 million settlement.
Fraud and financial crime patterns have become more digital and faster changing, leveraging the underlying characteristics of the underlying digital payments infrastructures. This caused traditional rule based systems to be ineffective and led the way to machine learning and AI-based fraud detection techniques.
John Spano, struggling businessman who faked massive success in an attempt to buy out the New York Islanders of the NHL in 1996; [54] ran an advance-fee for loans fraud after release from prison, sent to prison again, returned to fraud after serving that sentence, again sent to prison. [55]