Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt

Ring Leader

Mathew Piercey, a Ponzi scheme leader who defrauded $35 million for crypto mining and other investments, has been arrested after a flee attempt. Piercey tried to flee on a sea scooter from the FBI. 

Authorities have apprehended the suspect for operating fraudulent companies that make millions of money from the people to apparently invest in cryptocurrency and life insurance and various other assets. 

Now multiple charges are looking at Piercey including mail fraud, wire fraud, money laundering, etc. in regards to the two investment firms, Family Wealth Legacy and Zolla Financial that illegally operated. Both firms have taken $35 million from various investors since 2015. Wealthy investors and different investment firms were targetted by the firms to invest in cryptocurrency mining, health care investment, and securities. 

According to the Prosecutors, around $8.8 million of the funds were given to the previous investors to show them that the profits are being generated: “Of the remaining net investment of approximately $26 million, few if any liquid assets remain to repay investors.”

If found guilty, Piercey can face a life sentence. This incident shows that wealthy investors can be scammed into investing money in the non-existent crypto investing opportunities. A business verification should be used by major investors and investment firms before dealing with such Ponzi organizations. It is a way of verifying that the businesses are legit and not an illusion trying to take money from people under false pretense.

Related Posts

News

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

News

Canada loses millions in online scams

According to CBC News, 6492 incidents of fraud were reported to Edmonton Police last year, result...

Canada loses millions in online scams Explore More

News

Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure

The gambling operator, Resorts World Sentosa (RWS), was fined by Singapore’s Gambling Regulatory ...

Singapore’s Regulatory Authority Fines US$1.7M to Resorts World Sentosa for Due Diligence Failure Explore More

News

US Treasury Department Introduces Beneficial Ownership Reporting Form to Enhance AML Measures

The US Treasury Department designed a beneficial ownership report form to strengthen the security...

US Treasury Department Introduces Beneficial Ownership Reporting Form to Enhance AML Measures Explore More

News

BSP Seeking to Mandate e-KYC For Financial Institutions

The draft circular suggests obligatory e-KYC processes, including identity verification and custo...

BSP Seeking to Mandate e-KYC For Financial Institutions Explore More

News

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes

Sarah Pritchard, the FCA executive director of markets, spoke at the Financial Crime Summit in Lo...

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes Explore More

News

Singapore Scammers Launder Money Through Online Gambling

Singapore police seized US $736 million worth of cryptocurrencies and virtual assets from money l...

Singapore Scammers Launder Money Through Online Gambling Explore More

News

Money Laundering to Remain a Significant Challenge with Spike in Online Crime

Senior officers of Garda have indicated the rapidly rising problem of money laundering as the big...

Money Laundering to Remain a Significant Challenge with Spike in Online Crime Explore More

News

Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each

Black Friday shoppers have been advised to strengthen their cybersecurity as NFIB revealed that v...

Black Friday Shoppers Alert: Digital Scam Victims Lose an Average of £1,000 Each Explore More

News

UAE Issues Updated Targeted Financial Sanctions Guidance

The UAE has shifted from the multilateral United Nations Security Council (UNSC) sanctions to uni...

UAE Issues Updated Targeted Financial Sanctions Guidance Explore More

News

Anonymous Report Reveals Indian Indiscriminate Targeting Against NGOs

According to the shadow report, India has been indiscriminately targeting non-governmental organi...

Anonymous Report Reveals Indian Indiscriminate Targeting Against NGOs Explore More

News

China’s Financial Watchdogs All Set to Regulate FinTech Sector

China’s four years regime to clear all risks from the financial system have been extended to the ...

China’s Financial Watchdogs All Set to Regulate FinTech Sector Explore More

News

Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges

The governor of the Lebanese central bank appeared in the first court hearing on the premise of s...

Lebanon Central Bank Denies Money Laundering Allegations and Embezzlement Charges Explore More

News

The number of Bitcoin ATMs has increased to 8,000

The total number of Bitcoin ATMs across the world have crossed 8,000. The United States has more...

The number of Bitcoin ATMs has increased to 8,000 Explore More

News

US Regulators to Sharpen AML Expectations For Crypto Sector

The US regulators are increasing the AML compliance expectations within the crypto sector to ensu...

US Regulators to Sharpen AML Expectations For Crypto Sector Explore More

News

South Africa’s Addition to FATF Gray List Causes Unforeseen Repercussions on Tax Law Implementation

Tax Consulting SA’s report has revealed that greylisting has caused disquietude surrounding...

South Africa’s Addition to FATF Gray List Causes Unforeseen Repercussions on Tax Law Implementation Explore More

News

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

News

A European Money-Laundering Network Captured by French National Gendarmerie

A money-laundering network in France was under investigation for 18 months by French National Gra...

A European Money-Laundering Network Captured by French National Gendarmerie Explore More

News

Brazilian Police Block Crypto Assets Due to Suspected Fraud

Brazilian police have requested the court to block the virtual assets of suspected digital tradin...

Brazilian Police Block Crypto Assets Due to Suspected Fraud Explore More

News

Latvia Struggles with Flow of Illicit Money Despite Regulatory Crackdown

Latvia continues to face illicit financial flow despite the regulatory crackdown that shut down t...

Latvia Struggles with Flow of Illicit Money Despite Regulatory Crackdown Explore More

News

USAA Fined $140 Million for Inadequate Anti-Money Laundering Measures

Two federal regulatory authorities have fined USAA a collective $140 million for failure to imple...

USAA Fined $140 Million for Inadequate Anti-Money Laundering Measures Explore More

News

Binance revokes Upbit hackers’ attempt to launder stolen funds

At just after 16:00 UTC Wednesday, bot Twitter account Whale Alert notified Binance – which has e...

Binance revokes Upbit hackers’ attempt to launder stolen funds Explore More

News

CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion

CTFC charges a South African pool operator Steynberg for the largest fraud case in the region inv...

CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion Explore More

News

Garmin Online Services Reportedly Hit With Ransomware Attack in demand for $10 Million

Ransomware attacks are on the rise, and Garmin is the latest big name to take a hit. A hacker gro...

Garmin Online Services Reportedly Hit With Ransomware Attack in demand for $10 Million Explore More

News

Australian Law Council Reports Reveals Risks in Legal Attorney’s AML Measures

The Australian Law Council revealed a report that shows loopholes in attorneys’ compliance ...

Australian Law Council Reports Reveals Risks in Legal Attorney’s AML Measures Explore More

News

Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden

The Swedish financial supervisory authority (FSA) allowed Binance to operate in the country, whic...

Binance Expands Footprint in Europe as it Acquires License to Operate in Sweden Explore More

News

Swiss Watchdog FINMA Mandates AML Policies on Crypto

The new legislation is trying to combat money-laundering following a series of major scandals in ...

Swiss Watchdog FINMA Mandates AML Policies on Crypto Explore More

News

Mega Bank Fined $10 Million in Fake Mortgage Case

Due to poor internal controls, 28 fraudulent mortgage applications went undetected.  The Financia...

Mega Bank Fined $10 Million in Fake Mortgage Case Explore More

News

PayPal is hiring crypto engineers amid rumors of Bitcoin integration

Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

News

Central Valley Towns Become the Hot Spot of Identity Theft

A new report identifies a small number of Central Valley towns with the highest incidence of iden...

Central Valley Towns Become the Hot Spot of Identity Theft Explore More

News

15 Billion Stolen Logins From 100,000 Breaches – Reveals New Dark Web Audit

15 billion – a figure published demonstrates the stolen logins came about through the 18 mo...

15 Billion Stolen Logins From 100,000 Breaches – Reveals New Dark Web Audit Explore More

News

US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations

The U.S financial regulators are to work collectively to develop modalities for explicit crypto r...

US to Form ‘Digital Asset Working Group’ to Clarify Crypto Regulations Explore More

News

China Tackles Money Laundering in Wild Species Trade

China’s Wildlife Protection Department, TRAFFIC organised training sessions for the anti-money la...

China Tackles Money Laundering in Wild Species Trade Explore More

News

Shufti Crosses One More Milestone With Its New Ukraine Office

May 2021 – As part of our plan for global expansion, Shufti is thrilled to announce the...

Shufti Crosses One More Milestone With Its New Ukraine Office Explore More

News

NAB and CBA Exposed Over PNG Money Laundering Case

NAB and CBA have been given a “formal warning” instead of criminal charges, as the PNG regulator ...

NAB and CBA Exposed Over PNG Money Laundering Case Explore More

News

The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets

EU implements unified crypto-asset regulations, MiCA, and incorporates Travel Rule to secure cryp...

The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets Explore More

News

Morgan Stanley, Interactive Brokers Under Money Laundering Probe

The FBI, SEC, and other state agencies are now investigating why Morgan Stanley took on Rodriguez...

Morgan Stanley, Interactive Brokers Under Money Laundering Probe Explore More

News

Action Fraud Fund Report Exposes Billion-dollar Cryptocurrency Scams

The Action Fraud Fund report exposes the extent of cryptocurrency fraud and Ponzi schemes circula...

Action Fraud Fund Report Exposes Billion-dollar Cryptocurrency Scams Explore More

News

BNM Issues New Policy For Remote Corporate Customer Onboarding

BNM has issued a new policy document that permits MSBs to onboard customers remotely in the corpo...

BNM Issues New Policy For Remote Corporate Customer Onboarding Explore More

News

US State joins international task force targeting COVID-19 investment scams

The Oregon Division of Financial Regulation has recently joined an international enforcement task...

US State joins international task force targeting COVID-19 investment scams Explore More

News

EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon

France, Germany, and Luxembourg have seized the properties and frozen assets worth $130 million l...

EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon Explore More

News

‘Businesses need to brace for Iranian Cyberattacks’ – warns Homeland Security

The news of the assassination of Iranian military commander, Qaem Soleimani, is all over the medi...

‘Businesses need to brace for Iranian Cyberattacks’ – warns Homeland Security Explore More

News

Guyana Strengthens Judicial Officers Ability to Combat Financial Crime

Guyana’s government started asset recovery training for the judicial officers to boost their capa...

Guyana Strengthens Judicial Officers Ability to Combat Financial Crime Explore More

News

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins

CoinDesk has received a leaked draft of the money laundering bill, disclosing plans of the Europe...

Leaked Draft: EU Plans to Ban Privacy Enhancing Crypto Coins Explore More

News

Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users

As digital currencies are entering different regions of the world, financial giants are introduci...

Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users Explore More

News

Iranian Banks in Bahrain to be Prosecuted for Breaching AML Sanctions

Bahrain’s public prosecutor declared that the 13 Iranian banks, including the Central Bank of Ira...

Iranian Banks in Bahrain to be Prosecuted for Breaching AML Sanctions Explore More

News

Vietnam Collaborates with UK to Enhance AML Law Enforcement

The Vietnam Ministry of Public Security delegation, led by Deputy Minister Lieutenant General, Le...

Vietnam Collaborates with UK to Enhance AML Law Enforcement Explore More

News

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

News

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams

Singapore authorities have decided to amend laws for prosecuting money mules facilitating financi...

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams Explore More

News

UAE to Demonstrate Effective Financial Crime Prevention to be Removed From FATF Gray List

The economic secretary of the UK recently stated (April 25th, 2023) that the United Arab Emirates...

UAE to Demonstrate Effective Financial Crime Prevention to be Removed From FATF Gray List Explore More

News

FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations

A Texas community bank was fined by the Financial Crimes Enforcement Network (FinCEN) and the Off...

FinCEN and OCC Fine Texas Bank $9 Million for BSA-AML Violations Explore More

News

France to Implement Stringent Regulations on Cryptocurrency

France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

France to Implement Stringent Regulations on Cryptocurrency Explore More

News

Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures

Anti-fraud experts are reporting concerns regarding the Liberals’ newly announced Canada Financia...

Canada Financial Crimes Agency Questioned on Effectiveness of Anti-Fraud Measures Explore More

News

WHO launches blockchain platform to fight COVID-19

On March 28 the World Health Organization (WHO) collaborated with major blockchain and technology...

WHO launches blockchain platform to fight COVID-19 Explore More

News

Ledger Owners Scammed worth 1.1 Million XRP

Earlier this year Legsdger customers faced a leak of email and personal information. Now they are...

Ledger Owners Scammed worth 1.1 Million XRP Explore More

News

The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024

The Anti-Money Laundering (AML) Whistleblower Program is projected to be a leading U.S. anti-corr...

The Anti-Money Laundering (AML) Whistleblower Program is Set to Fortify US Anti-Corruption Efforts in 2024 Explore More

News

Amended Secrecy Law to Help Philippines Exit the Grey-List

The Philippines has proposed amendments to the Banking Secrecy Law to regulate financial accounts...

Amended Secrecy Law to Help Philippines Exit the Grey-List Explore More

News

NSW Gambling Laws Increase Risks of Money Laundering, Says the State’s Crime Commission

The New South Wales Crime Commission says that some of the state’s gambling laws have increased t...

NSW Gambling Laws Increase Risks of Money Laundering, Says the State’s Crime Commission Explore More

News

Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’

The Kinahan Cartel is under great pressure after the European Union (EU) places the UAE on the ‘b...

Kinahan Cartel Under Pressure as European Union Places UAE on ‘Blacklist’ Explore More

News

Fintech Requires Tight Controls to Mitigate Data Privacy Risks, Treasury Report

As per the new report by the U.S. Department of the Treasury, Fintech requires tight controls to ...

Fintech Requires Tight Controls to Mitigate Data Privacy Risks, Treasury Report Explore More

News

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country ...

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs Explore More

News

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering

Colombia’s Financial Crimes Unit has detected $20 billion in financial operations that are potent...

Colombian Financial Crime Unit Detects $20 Billion Potentially Linked to Money Laundering Explore More

News

IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira

The IMF has warned the Central Bank of Nigeria (CBN) about the risks of money laundering and terr...

IMF Warns Nigeria on Risks Arising from Central Digital Currency eNaira Explore More

News

EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs

Members of the European Parliament have proposed a new bill to increase scrutiny of the NFT and D...

EU Lawmakers Propose New Bill to Combat Money Laundering through NFTs Explore More

News

Online fraudsters steal £17m over COVID-19 lockdown

About £17 million have been lost due to online fraud over the Coronavirus lockdown period with yo...

Online fraudsters steal £17m over COVID-19 lockdown Explore More

News

MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols

Over 100 companies were either turned down or had to withdraw their applications for a license to...

MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols Explore More

News

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks

A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through...

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks Explore More

News

JFSC Penalizes Jersey Firms £700,000 for Violating AML Regulation

Three jersey based firms have been forced to pay a fine of more than £700,000 for breaching anti-...

JFSC Penalizes Jersey Firms £700,000 for Violating AML Regulation Explore More

News

New York man charged with trafficking credit card details

According to a federal indictment, Vitalii Antonenko, 28, was alleged in the U.S District Court f...

New York man charged with trafficking credit card details Explore More

News

Social Media Firms May Face Parallel Regulation – Says Data Protection Authority

Social media platforms approached the I&B ministry citing apprehension that they may face par...

Social Media Firms May Face Parallel Regulation – Says Data Protection Authority Explore More

News

Research for Implications of CBDC on the Rise in Australia

As of the November 2 announcement of the Reserve Bank of Australia, the country has partnered wit...

Research for Implications of CBDC on the Rise in Australia Explore More

News

The UK’s largest mobile operator EE has announced its Digital Identity platform

EE, the UK’s largest mobile operator has announced its new Digital Identity platform to protect c...

The UK’s largest mobile operator EE has announced its Digital Identity platform Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started