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Fraud gangs ‘stealing billions’ from music industry via ‘fake’ streams | Science & Tech News
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Fraud groups take billions of dollars a year out of the music industry through fake streams, a streaming technology company has warned. At least 10% of all song streams are fraudulent, and this takes between $2bn and $3bn (£1.6bn and £2.4bn) out of the global music industry each year according to Beatdapp, the streaming fraud…
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CFO of Epoch Times arrested over accusations he laundered $67m in unemployment benefits and other fraud | News UK Video News
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The chief financial officer of global news outlet The Epoch Times has been arrested and accused of laundering $67m. Weidong ‘Bill’ Guan, 61, of New Jersey appeared before a judge in New York on Monday on money laundering and bank fraud charges after being arrested on Sunday. He pleaded not guilty. Prosecutors said members of…
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UK to launch an Online Fraud Charter with 11 major tech companies including TikTok, Snapchat and YouTube | Politics News
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The UK is to launch an Online Fraud Charter with 11 major tech companies in a “world-first” initiative to combat scams, fake adverts and romance fraud. Home Secretary James Cleverly will host representatives from several leading tech companies – including Facebook, TikTok, Snapchat and YouTube – to sign the pledge to tackle internet fraud on…
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Sam Bankman-Fried: FTX boss testifies in fraud trial – after jury sent home | Business News
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Former crypto tycoon Sam Bankman-Fried has taken the stand in his fraud trial – after the jury in the case was sent home for the day. US District Judge Lewis Kaplan said he wanted to hear the 31-year-old’s evidence first, without jurors, on Thursday before deciding which portions would be admissible. The surprise move was…
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Sam Bankman-Fried: Fallen crypto king wanted to be US president, star witness Caroline Ellison tells fraud trial | Science & Tech News
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A star witness has given evidence at the trial of fallen crypto entrepreneur Sam Bankman-Fried – telling the court he directed her to commit fraud. Caroline Ellison was the CEO of Alameda Research – a hedge fund linked to the doomed FTX exchange – and used to be the one-time billionaire’s girlfriend. She told the…
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Who is Sam Bankman-Fried, the former ‘King of Crypto’ on trial for fraud? | Science & Tech News
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Sam Bankman-Fried, also known by the initials SBF, has tumbled from crypto king to courtroom defendant. The trial of the founder of the FTX cryptocurrency exchange is due to start on Tuesday 3 October. The fraud charges against him – which he denies – stem from the November 2022 collapse of his now-bankrupt business. But…
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Bank chiefs tell Sunak to make big tech bear cost of fraud ‘pandemic’ | Business News
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The bosses of Britain’s biggest banks have told Rishi Sunak that technology companies must contribute to the cost of an online fraud “pandemic” that is undermining international investor confidence in the UK economy. Sky News has obtained a letter to the prime minister signed by the chief executives of nine lenders, including Barclays, NatWest and…
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Boeing sued for alleged fraud, theft of tool designs and leaking fluid | Science & Tech News
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The world’s largest aerospace company has been accused of “brazenly stealing and misusing” intellectual property, causing leaks on the International Space Station and putting the lives of astronauts at risk. According to a US Federal lawsuit filed by Wilson Aerospace, and seen by Sky News, Boeing engaged in fraud and subsequent cover-up over many years…
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British investor who lost £1m in FTX collapse among 13 people to make fraud reports to police | UK News
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A British investor said to have lost £1m in the collapse of cryptocurrency trading platform FTX is among 13 people to have made fraud reports to UK police. FTX filed for bankruptcy on 11 November after it was alleged the then chief executive Sam Bankman-Fried, 30, had illegally diverted massive sums of customer money from…
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Disgraced FTX founder Sam Bankman-Fried pleads not guilty to fraud | Science & Tech News
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Disgraced FTX founder Sam Bankman-Fried has pleaded not guilty to stealing billions of dollars of customer money in his first court appearance since he was released on a record $250m pretrial bail. Bankman-Fried, 30, entered his plea before US district judge Lewis Kaplan at a court in Manhattan, after spending the Christmas period under house…