3 Individuals Arrested for Alleged $10 Million Theft and Money Laundering Using Crypto


19 Nov 2023 10:15 PM

Three men filed fraudulent reports with banks concerning unauthorized wire transactions, thereby stealing $10 million....

  • Three individuals have been arrested by United States prosecutors for allegedly stealing $10 million from financial institutions and laundering the stolen funds using cryptocurrency exchanges.
  • The individuals hired foreign nationals to open bank accounts, which they controlled and used to deposit and transfer funds before reporting unauthorized wire transfers to prompt the banks to credit their accounts.
  • After receiving the credited money, the individuals either made withdrawals or converted the funds to cryptocurrency and transferred them to exchanges overseas before the banks discovered the fraudulent activity.
  • The fraud scheme took place between 2018 and 2022, affecting nearly a dozen banks and financial institutions.
  • If found guilty, each individual could face a maximum jail term of over 80 years.

The article describes the arrest of individuals involved in a significant fraud scheme, highlighting the severity of their alleged crimes. The sentiment is negative, focusing on the criminal activities and the potential consequences for the accused.

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You May Ask

Who were the individuals arrested for stealing $10 million from financial institutions?How did the individuals launder the stolen funds?What was the timeframe of the fraudulent activity?How many banks and financial institutions were affected by the theft?What are the potential jail terms the individuals could face if found guilty?

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