Silk Road owner arrested over money laundering charges and allegations of ordering hit on man from Canada

Ross Ulbricht, allegedly the ‘Dread Pirate Roberts’ and owner of the website Silk Road, was arrested by the FBI in San Francisco today at a public library and his popular website was shut down. Silk Road was an Internet-based website that accepted Bitcoin. Ulbricht was charged with money laundering conspiracy, computer hacking conspiracy and drug trafficking. […]

SEC charges Texas man with securities fraud for allegedly running Ponzi scheme involving bitcoin investments

Alleged Ponzi scheme involving bitcoin The U.S. Securities & Exchange Commission announced today that it has charged Texas resident, Trendon Shavers, and an entity he ran called Bitcoin Savings and Trust (“BTCST“), with defrauding investors through the operation of a Ponzi scheme involving bitcoin. Bitcoin is a popular virtual currency. The charges have nothing to […]

Canada still a “major money laundering country” in 2013 International Narcotics Control Strategy Report on AML

The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets and […]

Bitcoin and other digital currency transactions subject to Bank Secrecy Act in U.S.

The US Financial Crimes Enforcement Network (“FinCEN“) has issued its interpretive guidance on the applicability of digital (or virtual) currencies, the most popular of which is Bitcoin, to the Bank Secrecy Act (“BSA“). Pursuant to the Guidance, a person or entity that: (1) exchanges; or (2) administers digital currency or Bitcoin, is a money services […]

How cell phones, tweets & Internet banking are used by cyber criminals to steal your money

The cyber crime problem As more consumers use the Internet to complete financial transactions, the threat of various forms of cyber crime is  likewise increasing. Those forms include  identity theft,  bank account hijacks, ATM skimming, POS data thefts, and credit/debit card account theft. Victims of financial cyber crime are often financially wiped out and in […]

Bodog indicted in U.S. for money laundering

The U.S. Attorney for the District of Maryland, Rod J. Rosenstein, today announced that Bodog Entertainment Group S.A. has been indicted for money laundering conspiracy and operating an illegal gambling business that provided services to U.S. customers in the U.S. Also indicted were Calvin Ayre, James Philip, David Ferguson and Derrick Maloney, all apparently from […]

Uncertainty over recovery of seized funds from PokerStars, Absolute Poker and Full Tilt Poker

The news on Friday that the U.S. had indicted 11 individuals associated with the operation of the Internet gambling sites PokerStars, Full Tilt Poker and Absolute Poker for violations of U.S. gambling and anti-money laundering laws and bank fraud, has raised questions about the future of the funds held by those entities on behalf of […]

U.S. charges 3 Canadians affiliated with PokerStars, Full Tilt Poker and Absolute Poker with money laundering in US$3 billion indictment

The U.S. Attorney and the FBI today unsealed an indictment today charging 3 Canadians with money laundering, bank fraud and illegal gambling in connection with the operation of Internet gambling websites that provide online gambling services to U.S. residents. Eight other individuals, mostly residents of the U.S., were also indicted. The defendants include the founders […]

Prepaid access and stored value cards used for money laundering

  According to the most recent information available, stored value cards (or prepaid access) are often used for money laundering and terrorist financing activities. Stored value cards can be used like currency except that they have certain characteristics that make them attractive to criminals – they are: accepted worldwide; reusable and re-loadable; essentially anonymous; untraceable; […]