Discussion

Please cite and describe a well-known court case where internet fraud and/or embezzlement occurred, resulting in the loss of millions of dollars by the victims.

Reply 1:-

The Federal Bureau of Investigation (FBI) investigates matters relating to fraud, theft, or embezzlement occurring within or against the national and international financial community. These crimes are characterized by deceit, concealment, or violation of trust and are not dependent upon the application or threat of physical force or violence. Such acts are committed by individuals and organizations to obtain personal or business advantage. The FBI focuses its financial crimes investigations on such criminal activities as corporate fraud, securities, and commodities fraud, health care fraud, financial institution fraud, mortgage fraud, insurance fraud, mass marketing fraud, and money laundering. These are the identified priority crime problem areas of the Financial Crimes Section (FCS) of the FBI.

As the lead agency investigating corporate fraud, the FBI has focused its efforts on cases which involve accounting schemes, self-dealing by corporate executives, and obstruction of justice. The majority of corporate fraud cases pursued by the FBI involve accounting schemes designed to deceive investors, auditors, and analysts about the true financial condition of a corporation or business entity. Through the manipulation of financial data, the share price, or other valuation measurements of a corporation, financial performance may remain artificially inflated based on fictitious performance indicators provided to the investing public. In addition to significant financial losses to investors, corporate fraud has the potential to cause immeasurable damage to the U.S. economy and investor confidence.

While the number of cases involving the falsification of financial information remains relatively stable, the FBI has observed an increase in the number of insider trading cases. Insider trading has been a continuous threat to the fair and orderly operation of the U.S. financial markets and has robbed the investing public of some degree of trust that markets operate fairly. The dissemination of material, non-public information, commonly referred to as insider information, has also caused irreparable harm to victim institutions whose employees illegally pass privileged corporate information. The FBI has worked extensively with the U.S. Securities and Exchange Commission (SEC) to target the widespread problem of insider trading which has plagued the fair and orderly operation of the securities markets.

Additionally, corporate fraud matters involving self-dealing by corporate executives, particularly utilizing companies to perpetrate large-scale, high-yield fraud schemes, continue to be an issue of concern. Traditionally, Ponzi schemes were perpetrated by individuals or small groups within a community environment. However, the current financial crisis resulted in the exposure of several large Ponzi schemes (e.g. Petters Worldwide investigation) perpetrated not on an individual community level, but on a corporate national level by executives of what was once considered legitimate companies.

Reply 2:-

Court case on internet fraud

Internet fraud is common in these days. A federal court of the United States undertaking the cases related to online fraud. Mainly eight people are accused of a different type of frauds such as computer intrusion, identity theft, digital money laundering, and fraud with the digital advertising programs. The eight people are collectively involved in these fraud activities. Among these, six belong to Russia country and the remaining two belong to Kazakhstan. They caused online fraud that has a worth of greater than $30 million (Department of Justice, 2018). Individual warrants are issues to arrest the defendants for causing financial loss of the millions of dollars. FBI conducted an investigation on this case to know more details and Federal court undertook this case to make justice to the income losers.

The individual people involved in the digital fraud used the effective tools to cause fraud including the computer infrastructure and programming to determine the vulnerabilities presented to the digital advertising agency. The defendants used two scheme for fraud and the first scheme includes 1900 computers and 5000 fake domains from 2014 to 2016 and leased more than 650000 IP addresses to create fake advertising for many business organizations. With this, they gained over $7 million in income. The second scheme involved in the use of computers infected with malware and created fake ad schemes without taking any consent from the users (Swant, 2018). It occurred during the period 2015 to 2018 and they reached to greater than 1.7 million computers and generated income of $29 million creating the fake advertisements. In this way, the defendants collected funds from the businesses by performing online fraud by causing a lot of financial loss to the victims.

Note:-

Hi

Its a Discussion and two replies each of 150 words for above question

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