fraud

The US Treasury is using AI (a vehicle for fraud) to detect fraud
18 Oct

The US Treasury is using AI (a vehicle for fraud) to detect fraud

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AI has been used to defraud people through everything from calling voters to faking celebrity giveaways. Now, the US Treasury Department claims machine learning AI has played a critical part in its enhanced fraud detection processes over the past year — if a broken clock can be right twice a day, maybe AI can do something good one time?In a new release, the Treasury states it prevented and recovered "fraud and improper payments" worth over $4 billion over the last fiscal year (October 2023 to September 2024). This number represents a tremendous increase from the previous year, which reached just…
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Sam Altman’s Worldcoin startup is dropping the coin and doubling down on Orbs
18 Oct

Sam Altman’s Worldcoin startup is dropping the coin and doubling down on Orbs

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Sam Altman’s Worldcoin is going to need some new business cards printed up because it’s dropping the “coin” in its name. The OpenAI CEO’s startup is shifting from cryptocurrency to focus more on its identification technology and it just unveiled a new version of its signature gadget. reported that the new company called (wait for it) World will focus its eye scanning tech on confirming identities, something that could come in handy in a world of deep fake videos popping up all over the internet.Co-founder and CEO Alex Blania introduced the World’s newest device called Orb, a biometric eye scanner…
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FTX advisor and Alameda CEO Caroline Ellison gets two years in prison
25 Sep

FTX advisor and Alameda CEO Caroline Ellison gets two years in prison

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A US district court judge sentenced Caroline Ellison, the former advisor and ex-girlfriend to the convicted crypto fraudster and FTX founder Sam Bankman-Fried, to two years in prison. reported Ellison’s sentence for her role in the $8 billion in fraud committed by the FTX crypto exchange that sent for 25 years back in March. Ellison will also have to serve three years of supervised release once she’s finished her prison sentence.Ellison pled guilty at the end of 2022 to just as Bankman-Fried was being extradited to the US from the Bahamas. US Securities and Exchange Commission (SEC) Director of Enforcement…
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Former MoviePass CEO reportedly pleads guilty to securities fraud
16 Sep

Former MoviePass CEO reportedly pleads guilty to securities fraud

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Mitch Lowe, one of two MoviePass leaders indicted by the Justice Department in 2022, has pleaded guilty to securities fraud charges. The former CEO admitted to conspiring to deceive the public and investors about the service’s sustainability. Variety reports that the details of Lowe’s plea agreement haven’t been made public.Prosecutors claim Lowe knew from the start that the company’s $9.95 “unlimited” plan was a short-term gimmick to attract subscribers and inflate stock. He’s also accused of making false statements in press releases, interviews and SEC filings about MoviePass’ long-term viability.Those statements included allegedly lying about the company’s ability to become…
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British tech billionaire Mike Lynch confirmed dead after yacht sinking
22 Aug

British tech billionaire Mike Lynch confirmed dead after yacht sinking

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UK tech entrepreneur Mike Lynch, 59, has been confirmed dead after multiple days of search and rescue efforts, multiple news agencies report. The 183-foot super-yacht, Bayesian, capsized off the coast of Sicily around 5 AM local time on Monday morning during a violent storm. Lynch was one of 22 individuals on board, including passengers and crew, with 15 individuals rescued and one body found immediately following the events. Five more bodies, including Lynch's, have since been recovered. At this time, his daughter is the only person still missing, Reuters reports, citing sources close to the rescue operation.Lynch co-founded tech companies…
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Boeing agrees to plead guilty to conspiracy to defraud the US government
08 Jul

Boeing agrees to plead guilty to conspiracy to defraud the US government

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The US Department of Justice and Boeing have reached an agreement that the latter will plead guilty to a conspiracy to defraud the US government charge stemming from two fatal crashes that killed 346 people in 2018 and 2019, the New York Times reports.In May, the DOJ announced that Boeing violated its 2021 deal to pay penalties and compensation, as well as implement major safety changes — just four months prior, a cabin panel blew off an Alaska Airlines flight while it was at 16,000 feet in the air. The DOJ offered the company a plea deal on June 30,…
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