Financial Fraud News Update

Offices of the United States Attorneys   You are subscribed to Financial Fraud news updates. This information has recently been updated, and is now available. Real Estate Executive Charged In Thirty-Million-Dollar Bank Fraud Scheme 02/13/2025 07:00 AM EST Danielle Sassoon, the United States Attorney for the Southern District of New York, and James E. Dennehy, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation ("FBI"), announced today the arrest of KEVIN FENG GAO.  Founder of Purported Artificial Intelligence-Driven Hedge Fund Pleads Guilty to Investment Adviser Fraud 02/13/2025 07:00 AM EST "The defendant preyed on the Egyptian-American Coptic Christian community by falsely promising that his purported artificial intelligence-driven hedge fund would earn guaranteed annual returns of 30% or more, and taking advantage of their trust for his own personal gain," stated United States Attorney Durham.  "This Office has prioritized protecting and seeking justice for individual investors in our District and beyond."  Two Estonian Nationals Plead Guilty in $577M Cryptocurrency Fraud Scheme 02/13/2025 07:00 AM EST Two Estonian nationals pleaded guilty yesterday for their operation of a massive, multi-faceted cryptocurrency Ponzi scheme that victimized hundreds of thousands of people from across the world, including in the United States. As part of the defendants' guilty pleas, they agreed to forfeit assets valued over $400 million obtained during the conspiracy. You have received this e-mail because you have asked to be notified of changes to the Offices of the United States Attorneys website. GovDelivery is providing this service on behalf of the Executive Office for United States Attorneys, Department of Justice, 950 Pennsylvania Ave., NW · Washington, DC 20530 · 202-514-2000 and may not use your subscription information for any other purposes. Manage your Subscriptions | Department of Justice Privacy Policy  | GovDelivery Privacy Policy Follow the Offices of the United States Attorneys on Twitter: @USAttorneys